204
Views
5
CrossRef citations to date
0
Altmetric
Articles

Investigating long-run demand for broad money in the Gulf Arab countries

&
Pages 199-214 | Received 17 Oct 2013, Accepted 26 Sep 2014, Published online: 04 Nov 2014

References

  • AlKholifey, A., & Alreshan, A. (2010). GCC monetary union. IFC Bulletin No. 32, Bank of International Settlements, 17–51.
  • Basher, S. A., & Elsamadisy, E. M. (2012). Country heterogeneity and long-run determinants of inflation in the Gulf Arab States. OPEC Energy Review, 36, 170–203. doi:10.1111/j.1753-0237.2011.00208.x
  • Basher, S. A., & Fachin, S. (2012). Investigating long-run demand for broad money in the Gulf Arab countries. DSS Empirical Economics and Econometrics Working Papers Series No. 2012/6. Retrieved from http://ideas.repec.org/p/sas/wpaper/20126.html
  • Buiter, W. M. (2008). Economic, political, and institutional prerequisites for monetary union among the members of the gulf cooperation council. CEPR discussion paper no. 6639. Centre for Economic Policy Research, London.
  • Chang, Y., & Nguyen, C. M. (2012). Residual based tests for cointegration in dependent panels. Journal of Econometrics, 167, 504–520.
  • Crockett, A. D., & Evans, O. J. (1980). Demand for money in Middle Eastern countries. IMF Staff Papers, 27(3), 543–577.
  • Darrat, A. F. (1986). The demand for money in some major OPEC members: Regression estimates and stability result. Applied Economics, 18(2), 127–142.
  • Darrat, A. F., & Al-Sowaidi, S. S. (2009). Financial progress and the stability of long-run money demand: Implications for the conduct of monetary policy in emerging economies. Review of Financial Economics, 18(3), 124–131.
  • Di Iorio, F., & Fachin, S. (2012). A note on the estimation of long-run relationships in panel equations with cross-section linkages. Economics: The Open-Access, Open-Assessment E-Journal, 6, 2012–2020. Retrieved from http://dx.doi.org/10.5018/economics-ejournal.ja.2012-20
  • Di Iorio, F., & Fachin, S. (2014). Savings and investments in the OECD: A panel cointegration study with a new bootstrap test. Empirical Economics, 46, 1271–1300.
  • Dreger, C., Reimers, H., & Roffia, B. (2007). Long-run money demand in the new EU member states with exchange rate effects. Eastern European Economics, 45(2), 75–94.
  • Elliott, G., Rothenberg, T. J., & Stock, J. H. (1996). Efficient tests for an autoregressive unit root. Econometrica, 64, 813–836.
  • Elsamadisy, E. M., Alkhater, K. R., & Basher, S. A. (2014). Pre-versus post-crisis central banking in Qatar. Journal of Policy Modeling, 36, 330–352.
  • Engle, R. F., & Granger, C. W. J. (1987). Co-integration and error correction: Representation, estimation and testing. Econometrica, 55, 251–276.
  • Espinoza, R., & Prasad, A. (2012). Monetary policy transmission in the GCC countries. IMF working paper no. 12/132. International Monetary Fund, Washington, DC.
  • Fadil, F. (1985). Money demand in Saudi Arabia: An exchange of views: GNP as a variable for the demand for money in small oil economies: A comment. Journal of Economic Studies, 12(5), 62–64.
  • Fidrmuc, J. (2009). Money demand and disinflation in selected CEECs during the accession to the EU. Applied Economics, 41, 1259–1267.
  • Franses, P. H., & Haldrup, N. (1994). The effects of additive outliers on tests for unit roots and cointegration. Journal of Business & Economic Statistics, 12, 471–478.
  • Friedman, M., & Schwartz, A. J. (1963). A monetary history of the United States, 1867-1960. Princeton: Princeton University Press.
  • Goldfeld, S. M., & Sichel, D. E. (1990). The demand for money. In B. Friedman & F. Hahn (Eds.), Handbook of monetary economics (vol. I, pp. 299–356). Amsterdam: North-Holland.
  • Gómez, V., & Maravall, A. (2001). Automatic modeling methods for univariate series. Chapter 7 in D. Peña, G. C. Tiao, & R. S. Tsay (Eds.), A course in time series analysis (pp. 171 –201). New York, NY: John Wiley and Sons.
  • Hamori, S. (2008). Empirical analysis of the money demand function in Sub-Saharan Africa. Economics Bulletin, 15, 1–15.
  • Hamori, S., & Hamori, N. (2008). Demand for money in the Euro area. Economic Systems, 32, 274–284.
  • Harb, N. (2004). Money demand function: A heterogenous panel application. Applied Economics Letters, 11, 551–555.
  • International Monetary Fund (IMF). (2009). Global financial stability report. Washington, DC: Author.
  • Ireland, P. (1994). Economic growth, financial evolution, and the long-run behavior of velocity. Journal of Economic Dynamics and Control, 18(3–4), 815–848.
  • Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2–3), 231–254.
  • Khan, M. S. (2009). The GCC monetary union: Choice of exchange rate regime. Working Paper no. 09-1. Peterson Institute for International Economics, Washington, DC.
  • Lee, C.-C., Chang, C.-P., & Chen, P.-F. (2008). Money demand function versus monetary integration: Revisiting panel cointegration among GCC countries. Mathematics and Computers in Simulation, 79(1), 85–93.
  • MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of Applied Econometrics, 11, 601–618.
  • Maravall, A., & Peña, D. (1992). Missing observations and additive outliers in time series models. Working paper 92/97, European University Institute, Department of Economics, Florence.
  • McKinsey Global Institute. (2013). QE and ultra-low interest rates: Distributional effects and risks. Discussion Paper, McKinsey Global Institute.
  • Metz, H. C. (ed.). (1993). Persian Gulf states: A country study. Washington, DC: GPO for the Library of Congress. Retrieved from http://countrystudies.us/persian-gulf-states/
  • Narayan, P., Narayan, S., & Mishra, V. (2009). Estimating money demand functions for South Asian countries. Empirical Economics, 36, 685–696.
  • Ng, S., & Perron, P. (2001). Lag length selection and the construction of unit root tests with good size and power. Econometrica, 69, 1519–1554.
  • Pedroni, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20, 597–625.
  • Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94, 621–634.
  • Pesaran, M. H., Shin, Y., & Smith, R. P. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16, 289–326.
  • Rodríguez, G., & Rowe, N. (2007). Why U.S. money does not cause U.S. output, but does cause Hong Kong output. Journal of International Money and Finance, 26, 1174–1186.
  • Sbeiti, W., & Haddad, A. E. (2011). Stock markets’ dynamics in oil-dependent economies: Evidence from the GCC countries. International Research Journal of Applied Finance, 2, 205–250.
  • Tahir, J. (1995). Recent developments in demand for money issues: Survey of theory & evidence with reference to Arab Countries. Working paper 9530, Economic Research Forum, Cairo.
  • Tas, B. K. O., & Togay, S. (2012). A direct test of the endogeneity of money: Implications for Gulf Cooperation Council (GCC) countries. Economic Modelling, 29, 577–585.
  • Valadkhani, A. (2008). Long- and short-run determinants of the demand for money in the Asian-Pacific Countries: An empirical panel investigation. Annals of Economics and Finance, 9, 77–90.
  • Westerlund, J., & Basher, S. A. (2008). Mixed signals among tests for panel cointegration. Economic Modelling, 25(1), 128–136.
  • Zaidi, I. (1990). Monetary coordination among the Gulf Cooperation Council countries. World Development, 18, 759–768.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.