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Money Demand and Disinflation in Selected CEECs during the Accession to the EU

[Zeitschriftenartikel]

Fidrmuc, Jarko

Zitationshinweis

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Abstract A panel data set for six countries (Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia) is used to estimate money demand with panel cointegration methods over the recent disinflation period. The basic money demand model is able to convincingly explain the long-run dynamics of M2 in the selected countries. However, money demand is found to have been significantly determined by the euro area interest rates and the exchange rate against the euro, which indicates possible instability of money demand functions in the CEECs. Therefore, direct inflation targeting is an appropriate monetary regime before the eventual adoption of the euro.
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 1259-1267
Zeitschriftentitel Applied Economics, 41 (2009) 10
DOI http://dx.doi.org/10.1080/00036840601019323
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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