Relevant bibliographies by topics / Real money balances (M1 or M2)

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Academic literature on the topic 'Real money balances (M1 or M2)'

Author: Grafiati
Published: 11 December 2022
Last updated: 25 January 2023

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Journal articles on the topic "Real money balances (M1 or M2)"

1

Afangideh, Udoma Johnson, Tuwe Soro Garbobiya, Farida Bello Umar, Nuruddeen Usman, Victor Unekwu Ocheni, and Sanusi Muhammad Yakubu. "Asymmetric effects of exchange rate on money demand in Nigeria: evidence from the new broad money aggregate (M3)." African Journal of Economic and Management Studies 12, no. 3 (July 16, 2021): 470–85. http://dx.doi.org/10.1108/ajems-02-2021-0080.

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PurposeThis paper is focused on determining the asymmetric effects of exchange rate on money demand function in Nigeria.Design/methodology/approachIt employs the empirical model of Baumol–Tobin. Baumol (1952), which was founded on the opportunity and transaction cost of holding money. Monetary aggregates, M1, M2 and M3, are used for the real money balances based on the nonlinear Autoregressive Distributed Lag bound testing procedure.FindingsThe results indicate that the positive and negative partial sum of exchange rate changes differ in magnitude and size, supporting the hypothesis of asymmetric effects of exchange rate changes on the demand for money in Nigeria.Originality/valueThis is the first paper to consider the new broad money aggregate (M3).
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Tasseven, Ozlem. "Modeling seasonality: An extension of the HEGY approach in the presence of two structural breaks." Panoeconomicus 55, no. 4 (2008): 465–84. http://dx.doi.org/10.2298/pan0804465t.

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In this paper the HEGY testing procedure (Hylleberg et al. 1990) of analyzing seasonal unit roots is tried to be re-examined by allowing for seasonal mean shifts with exogenous break points. Using some Monte Carlo experiments the distribution of the HEGY and the extended HEGY tests for seasonal unit roots subject to mean shifts and the small sample behavior of the test statistics have been investigated. Based on an empirical analysis upon the conventional money demand relationships in the Turkish economy, our results indicate that seasonal unit roots appear for the GDP deflator, real M2 and the expected inflation variables while seasonal unit roots at annual frequency seem to be disappear for the real M1 balances when the possible structural changes in one or more seasons at 1994 and 2001 crisis years have been taken into account. .
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3

Freeman, Scott, and Finn E. Kydland. "Monetary Aggregates and Output." American Economic Review 90, no. 5 (December 1, 2000): 1125–35. http://dx.doi.org/10.1257/aer.90.5.1125.

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We ask whether the following observations may result from endogenously determined fluctuations in the money multiplier rather than a causal influence of money on output: (i) M1 is positively correlated with real output; (ii) the money multiplier and deposit-to-currency ratio are positively correlated with output; (iii) the price level is negatively correlated with output; (iv) the correlation of M1 with contemporaneous prices is substantially weaker than the correlation of M1 with real output; (v) correlations among real variables are essentially unchanged under different monetary-policy regimes; and (vi) real money balances are smoother than money-demand equations would predict. (JEL E300, E510)
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Anggraini, Dewi, and Dewi Rahayu. "Jumlah Uang Beredar di Indonesia (Periode 2011Q1 – 2019Q4)." JIEP: Jurnal Ilmu Ekonomi dan Pembangunan 5, no. 1 (May 31, 2022): 246. http://dx.doi.org/10.20527/jiep.v5i1.5526.

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It is prominent to note that supply for money has become the most saturated literature amongst researchers. Therefore, our study is designed to investigate the money supply in Indonesia.We use five variables in our models: real GDP as a proxy of output, 3-month interbank interest rate, exchange rate, and two measures of money supply: narrow money (M1) and broad money (M2). We compile our data from Indonesia's economic and financial statistics, published by Bank Indonesia, and incorporate quarterly data, encompassing the 2011:1 to 2019:4 period of time. The multiple linear regression method is deployed to assess the effect of real GDP, interest rate, and exchange rate on M1 and M2 money supply. The estimation is executed separately following two proxies of the money supply.Our results imply that real GDP and exchange rate positively affect both M1 and M2 Money supply, while interest rate generates a negative effect. These results consider that Keynes's liquidity preferences theory is suitable to examine the money supply behavior of Indonesia, in addition to the exchange rate
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5

Adil, Masudul Hasan, Neeraj Hatekar, Sana Fatima, Ibrahim Nurudeen, and Shan Mohammad. "Money Demand Function: A Not-So-Fond Farewell in the Light of Financial Development." Journal of Economic Integration 37, no. 1 (March 15, 2022): 93–120. http://dx.doi.org/10.11130/jei.2022.37.1.93.

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This study investigates the stability issues of real money balances considering financial development. We estimate real narrow (M1) and broad (M3) money demand in India during the post-financial reform, from 1996:Q2 to 2016:Q3. To check the short- and long-run relationships, this study uses the autoregressive distributed lag model of cointegration and other various time series techniques. After incorporating financial development into money demand, we determined short- and long-run relationships and a well-defined open-economy stable money demand specification (M1 and M3) in India. Having established money demand function, the policymaker and central bankers can use monetary aggregates as an indicator or information variable to predict output gaps and inflationary expectations under the inflation-targeting framework.
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Sun’an, Muammil, and Amran Husen. "THE TESTING OF MONEY NEUTRALITY IN ECONOMIC GROWTH OF INDONESIA." Management and Economics Journal (MEC-J) 1, no. 1 (December 24, 2017): 12. http://dx.doi.org/10.18860/mec-j.v1i1.4575.

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<p>This study aim is to test the money neutrality in a narrow sense (M1) and a broad sense (M2) to the growth of output (GDP) in Indonesia, both in short term and long term. This research uses quarterly time series data at 2010 - 2016 periods. The analysis tool used is Error Correction Model (ECM). The results show that short-term money supply (M1 and M2) affect on output growth. However, in the long term, only money circulation in a broad sense (M2) affects on output growth, which also means that money is not neutral because it affects the real sector (GDP).</p><p> <strong>Keywords:</strong> M1, M2, Population, Capital, and Economic Growth.</p>
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7

Ghumro, Niaz, and Karim Abd. "The role of remittances in the stability of money demand in Pakistan: A cointegration analysis." Ekonomski anali 62, no. 213 (2017): 45–65. http://dx.doi.org/10.2298/eka1713045g.

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The paper examines the dynamic relationship between the series of monetary aggregates M1 and M2 for the period 1972-2014. M1 and M2 are the dependent variables, while the explanatory variables are real income, discount rate, inflation rate, real exchange rate, and remittances. The ARDL bounds testing approach to cointegration is used to investigate the existence of long-run and short-run effects of remittances on monetary aggregates. The results show that remittances exert only positive effects on real narrow money demand in the end, suggesting that in Pakistan remittances are used for the purpose of consumption. Both money demand functions are stable in Pakistan, but the longrun effect of M1 remittances is a faster speed of adjustment to equilibrium (26.2%) than M2 remittances (21.3%). It is recommended that M1 be used as a monetary tool in Pakistan.
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8

Qayyum, Abdul. "Sectoral Analysis of the Demand for Real Money Balances in Pakistan." Pakistan Development Review 40, no. 4II (December 1, 2001): 953–66. http://dx.doi.org/10.30541/v40i4iipp.953-966.

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The main objective of monetary policy in Pakistan, as in other countries, is to achieve price stability. In order to achieve the objective of stable prices, the State Bank of Pakistan is using M2 definition of money supply as an intermediate target variable to conduct the monetary policy. This choice of target variable is based on the long understanding that only the demand for M2 monetary aggregate is stable in Pakistan. The definition of money aggregates two main sectors of the economy that is business sector and household sector. Theories such as quantity theory, Keynesian and transactions, state that both sectors have diversified behaviour. Money demand behaviour of these sectors largely depends on the different sets of variables. Therefore the aggregation of these sectors is rather poor.
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9

Arintoko, Arintoko. "LONG-RUN MONEY AND INFLATION NEUTRALITY TEST IN INDONESIA." Buletin Ekonomi Moneter dan Perbankan 14, no. 1 (December 7, 2011): 75–99. http://dx.doi.org/10.21098/bemp.v14i1.79.

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This paper investigates long-run neutrality of money and inflation in Indonesia, with due consideration to the order of integration, exogeneity, and cointegration of the money stock-real output and the money stock-price, using annual time-series data. The Fisher-Seater methodology is used to do the task in this research. The empirical results indicate that evidence rejected the long-run neutrality of money (both defined as M1 and M2) with respect to real GDP, showing that it is inconsistent with the classical and neoclassical economics. However, the positive link between the money and price in long run holds for money defined as M1 rather than M2, which consistent with these theories. In particular, besides the positive effect to long-run inflation, monetary expansions have long-run positive effect on real output in the Indonesian economy.JEL Classification: C32, E31, E51Keywords: long-run neutrality of money, inflation, unit root, exogeneity, cointegration
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Arintoko, Arintoko. "PENGUJIAN NETRALITAS UANG DAN INFLASI JANGKA PANJANG DI INDONESIA." Buletin Ekonomi Moneter dan Perbankan 14, no. 1 (December 7, 2011): 79–118. http://dx.doi.org/10.21098/bemp.v14i1.457.

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This paper investigates long-run neutrality of money and inflation in Indonesia, with due consideration to the order of integration, exogeneity, and cointegration of the money stock-real output and the money stock-price, using annual time-series data. The Fisher-Seater methodology is used to do the task in this research. The empirical results indicate that evidence rejected the long-run neutrality of money (both defined as M1 and M2) with respect to real GDP, showing that it is inconsistent with the classical and neoclassical economics. However, the positive link between the money and price in long run holds for money defined as M1 rather than M2, which consistent with these theories. In particular, besides the positive effect to long-run inflation, monetary expansions have long-run positive effect on real output in the Indonesian economy. JEL Classification: C32, E31, E51Keywords: long-run neutrality of money, inflation, unit root, exogeneity, cointegration
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Dissertations / Theses on the topic "Real money balances (M1 or M2)"

1

Raksong, Saranya. "The stability of money demand and monetary transmission mechanism in Thailand." Thesis, Curtin University, 2010. http://hdl.handle.net/20.500.11937/612.

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The major objective of this thesis is to investigate whether there exists a stable long run and short run equilibrium relationship between real money balances (M1 or M2) and their determinants in Thailand. A cointegration analysis and the Vector Error Correction Model (VECM) are conducted on quarterly data over two data set periods, 1980Q1 to 2007Q1 and 1993Q1 to 2007Q1. The results indicate that there exists a long run equilibrium relationship between real money demand (both M1 and M2) and its determinants: real income, price level, exchange rates, and external interest rates.The thesis also used the Vector Autoregression model (VAR) to test the monetary transmission mechanism in Thailand in three different channels of monetary policy: the interest rate channel, the credit channel, and the exchange rate channel. The results find that a change in the M1 money demand has more effect on economic growth while a change in M2 has a stronger effect on the price level. In addition, the results also show that the M1 money demand is responsive to the transmission mechanism in all channels tested in the thesis.
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Journal articles
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