Money Demand in a Dollarized Economy: Evidence from Laos PDR

被引：0

作者：

Kyophilavong, Phouphet ^{[1
]}

Uddin, Gazi Salah ^{[2
]}

Shahbaz, Muhammad ^{[3
]}

Harvie, Charles ^{[4
]}

Charoenrat, Teerawat ^{[5
]}

机构：

[1] Natl Univ Laos, Fac Econ & Business Management, FEB, NUoL, PBOX 7322, Dongdok, Vientiane, Laos

[2] Linkoping Univ, Dept Management & Engn, Econ Div, S-58183 Linkoping, Sweden

[3] Montpellier Business Sch, Energy & Sustainable Dev, F-34185 Montpellier, France

[4] Univ Wollongong, Fac Business, Bldg 40,Room 223, Wollongong, NSW 2522, Australia

[5] Khon Kaen Univ, Ctr Entrepreneurship Innovat & SME Dev ASEAN Reg, Nong Khai Campus, Khon Kaen 43000, Thailand

来源：

ASIAN ECONOMIC PAPERS | 2019年 / 18卷 / 01期

关键词：

EXCHANGE-RATE SENSITIVITY; CURRENCY SUBSTITUTION; MONETARY-POLICY; COINTEGRATION; COUNTRIES; JAPAN; TESTS; VIEW;

D O I：

10.1162/asep_a_00663

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper uses a time series perspective to examine the determinants and stability of the money demand function in the case of Laos PDR. An autoregressive distributed lag bounds testing approach to cointegration in the presence of structural breaks and Granger causality in a vector error correction method framework are applied to data covering the period 1992:Q1 to 2013:Q4. The results indicate that the money demand function is stable when exchange rate fluctuations are incorporated, and the causality analysis reveals that there is a feedback effect between money demand and the exchange rate in the long run. This implies that the exchange rate plays an important role in influencing money demand in the case of a dollarized economy such as that of Laos.

引用

页码：99 / 115

页数：17

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