Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/204984
Authors: 
Asongu, Simplice
Folarin, Oludele E.
Biekpe, Nicholas
Year of Publication: 
2018
Series/Report no.: 
AGDI Working Paper WP/18/052
Abstract: 
This study examines the stability of money demand in the proposed West African Monetary Union (WAMU). The study uses annual data for the period 1981 to 2015 from thirteen of the fifteen countries making-up the Economic Community of West African States (ECOWAS). A standard money demand function is designed and estimated using a bounds testing approach to co-integration and error-correction modeling. The findings show divergence across ECOWAS member states in the stability of money demand. This divergence is informed by differences in cointegration, stability, short run and long term determinants, and error correction in event of a shock.
Subjects: 
Stable
demand for money
bounds test
JEL: 
E41
C22
Document Type: 
Working Paper

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