DEMAND FOR MONEY AND IT'S STABILITY IN IRAN

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SHAHRESTANI H.; SHARIFI RENANI H.

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Journal: Journal of Economic Research Year:2008 | Volume:43 | Issue:83 Page(s): 89-114

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Information Journal Paper

Title

DEMAND FOR MONEY AND IT'S STABILITY IN IRAN

Author(s)

SHAHRESTANI H. | SHARIFI RENANI H. | Issue Writer Certificate

Keywords

MONEY DEMANDQ3

INFLATIONQ3

ARDLQ2

STABILITY TESTSQ3

IRANQ3

Abstract

The objective of this study is to estimate the demand for money in IRAN using the autoregressive distributed lag (ARDL) approach to cointegration analysis. The empirical results show that there is a unique cointegrated and stable long-run relationship among M1 monetary aggregate, income, INFLATION and exchange rate. We find that the income elasticity and exchange rate coefficients are positive while the INFLATION elasticity is negative. This indicates that depreciation of domestic currency increases the demand for money, supporting the wealth effect argument and people prefer to substitute physical assets for money balances that are supporting our theoretical expectation. Our results also after incorporating the CUSUM and CUSUMSQ tests reveal that the M1 MONEY DEMAND function is stable between 1985 and 2006.

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APA: Copy

SHAHRESTANI, H., & SHARIFI RENANI, H.. (2008). DEMAND FOR MONEY AND IT'S STABILITY IN IRAN. TAHGHIGHAT-E-EGHTESADI, 43(83), 89-114. SID. https://sid.ir/paper/12135/en

Vancouver: Copy

SHAHRESTANI H., SHARIFI RENANI H.. DEMAND FOR MONEY AND IT'S STABILITY IN IRAN. TAHGHIGHAT-E-EGHTESADI[Internet]. 2008;43(83):89-114. Available from: https://sid.ir/paper/12135/en

IEEE: Copy

H. SHAHRESTANI, and H. SHARIFI RENANI, “DEMAND FOR MONEY AND IT'S STABILITY IN IRAN,” TAHGHIGHAT-E-EGHTESADI, vol. 43, no. 83, pp. 89–114, 2008, [Online]. Available: https://sid.ir/paper/12135/en

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