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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:On the Dynamic Specification of Money Demand in Kenya
Author:Adam, ChristopherISNI
Year:1992
Periodical:Journal of African Economies
Volume:1
Issue:2
Period:August
Pages:233-270
Language:English
Geographic term:Kenya
Subjects:money demand
Economics and Trade
External link:https://jae.oxfordjournals.org/content/1/2/233.full.pdf
Abstract:This paper applies recent developments in the theory of dynamic specification to the estimation of the demand for money in Kenya from 1973 to 1989. The author first provides an overview of the literature on the demand for money in developing countries and discusses the nature of money demand for a small open economy where the nonbank private sector faces regulated official domestic asset markets, capital controls and informal asset markets. In addition, he considers the use of Divisia monetary aggregates as an alternative measure of the demand for money. After a discussion of data problems and characteristics, the author reports the results of the cointegration analysis, extends the model to examine its short-run dynamics, and compares the results with existing work. He concludes by drawing together the main policy implications. App., bibliogr., notes, ref., sum.
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