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    题名: Money Demand and seasonal Cointegration: The Case of Taiwan
    作者: 沈中華;黃台心
    日期: 1995-08
    上传时间: 2008-11-06 10:13:26 (UTC+8)
    摘要: This paper employs a seasonal error correction modes (SECM) to examine the Stability of Taiwan` narrow and broad money demand functions. With the exception of the short term interest rate, these two monetary aggregates and their determinants are found to have strong seasonal unit roots at various frequencies. The demand functions for both narrow and broad money are cointegrated with real GNP and export at the annual frequency, whereas the demand for broad money is cointegrated with real GNP at the biannual frequency. Furthermore, both money aggregates are cointegrated with real GNP, exports and he interest rate at the zero frequency. A SECM is then constructed for the respective narrow and broad money demand Functions, of which the latter is found to be stable.
    關聯: International Economic Journal , vol. 13, no. 3, pp. 97-123
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1080/10168739900000008
    DOI: 10.1080/10168739900000008
    显示于类别:[金融學系] 期刊論文

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