Teza de masterat - Money Demand in Romania - ID:02234 - Volum 48 pagini
Categoria : Finante si Banci
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1. INTRODUCTION...........5
2. THE ROLE OF THE DEMAND FOR MONEY IN THE TRANSMISSION MECHANISM OF MONETARY POLICY......6
3. BASIC THEORETICAL APPROACHES TO EXAMINATION OF THE DEMAND FOR MONEY.....6
3.1 Quantity theory ...................................................................................................6
3.2 Keynesian theory.................................................................................................7
3.2 Neo-Keynesian theory of money demand ..............................................................8
3.3 Post-Keynesian theories of money demand ...........................................................9
3.4 Modern monetarist approach .............................................................................11
4. MONEY DEMAND ESTIMATES IN EASTERN EUROPE.....12
5. MONEY DEMAND FOR ROMANIA.....................................13
5.1 Background....................................................................13
5.2 Money demand modeling in Romania ................................16
5.3 Estimation results.............................................................21
5.3.1 Discussion on estimated coefficients................................24
5.3.2 Weak-exogeneity tests.................................................. 26
5.3.3 The stability of parameters in the long run equilibrium.......28
5.3.4 Short run error correction model (ECM)...........................31
5.3.5 Forecasting ability..........................................................35
5.4 A state space model for the money demand in Romania........37
6. CONCLUSIONS ..................................................................40
REFERENCES..........................................................................42
APPENDIX I ..........................................................................45
APPENDIX II..........................................................................47
2. THE ROLE OF THE DEMAND FOR MONEY IN THE TRANSMISSION MECHANISM OF MONETARY POLICY......6
3. BASIC THEORETICAL APPROACHES TO EXAMINATION OF THE DEMAND FOR MONEY.....6
3.1 Quantity theory ...................................................................................................6
3.2 Keynesian theory.................................................................................................7
3.2 Neo-Keynesian theory of money demand ..............................................................8
3.3 Post-Keynesian theories of money demand ...........................................................9
3.4 Modern monetarist approach .............................................................................11
4. MONEY DEMAND ESTIMATES IN EASTERN EUROPE.....12
5. MONEY DEMAND FOR ROMANIA.....................................13
5.1 Background....................................................................13
5.2 Money demand modeling in Romania ................................16
5.3 Estimation results.............................................................21
5.3.1 Discussion on estimated coefficients................................24
5.3.2 Weak-exogeneity tests.................................................. 26
5.3.3 The stability of parameters in the long run equilibrium.......28
5.3.4 Short run error correction model (ECM)...........................31
5.3.5 Forecasting ability..........................................................35
5.4 A state space model for the money demand in Romania........37
6. CONCLUSIONS ..................................................................40
REFERENCES..........................................................................42
APPENDIX I ..........................................................................45
APPENDIX II..........................................................................47
