Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/212681
Authors: 
Mehrotra, Aaron
Ponomarenko, Alexey
Year of Publication: 
2010
Series/Report no.: 
BOFIT Discussion Papers 13/2010
Abstract: 
We examine wealth effects for Russian money demand in a cointegrated vector autoregressive framework. We find that an aggregate wealth variable, as well as the components housing and equity prices included separately, significantly enter the long-run money demand relationship. There are feedback effects from money to wealth. However, the remonetization process lead to high income elasticities even when wealth is included in the model. System instability coincides with the arrival of the global financial crisis in late 2008.
Persistent Identifier of the first edition: 
ISBN: 
978-952-462-688-0
Document Type: 
Working Paper

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