English, Article edition: TESTS OF FUNCTIONAL FORMS, CURRENCY SUBSTITUTION, AND CAPITAL MOBILITY OF CZECH MONEY DEMAND FUNCTION Yu Hsing

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Physical Description
  • article
Language
  • English

Edition details

Title
  • TESTS OF FUNCTIONAL FORMS, CURRENCY SUBSTITUTION, AND CAPITAL MOBILITY OF CZECH MONEY DEMAND FUNCTION
Author
  • Yu Hsing
Physical Description
  • article
Notes
  • Box-Cox transformation, currency substitution, wealth effect, capital mobility effect, cost of borrowing effect, stability tests
  • The demand for real M2 in the Czech Republic is positively influenced by real output and negatively associated with the deposit rate, the koruna/​euro exchange rate, and the euro interest rate. The coefficient of real output for the demand for real M1 is insignificant. Hence, depreciation of the koruna or a higher euro interest rate would help raise Czech real output. The Box-Cox transformation test shows that the log-linear form for real M1 and M2 demand cannot be rejected at the 5% level while the linear form for real M1 and M2 demand can be rejected at the 5% level. The CUSUM and CUSUMSQ tests show that parameters in the demand for both real M1 and M2 demand are stable. In comparison, real M2 is a better monetary aggregate.
  • wealth effect, stability tests, currency substitution, cost of borrowing effect, capital mobility effect, Box-Cox transformation
  • RePEc:prg:jnlpep:v:2006:y:2006:i:4:id:289:p:291-299
Language
  • English
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