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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
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dc.contributor.author | Khan, Muhammad Arshad | en |
dc.date.accessioned | 2010-06-17 | - |
dc.date.accessioned | 2010-12-16T15:55:24Z | - |
dc.date.available | 2010-12-16T15:55:24Z | - |
dc.date.issued | 2010 | - |
dc.identifier.uri | http://hdl.handle.net/10419/43423 | - |
dc.description.abstract | This paper tests the constancy and stationarity of mechanic version of the money multiplier model for Pakistan using monthly data over the period 1972M1-2009M2. We split the data into pre-liberalization (1972M1-1990M12) and post-liberalization (1991M1-2009M2) periods to examine the impact of financial sector reforms. We first examine the constancy and stationarity of the money multiplier and the results suggest the money multiplier remains non-stationary for the entire sample period and sub-periods. We then tested cointegration between money supply and monetary base and find the evidence of cointegration between two variables for the entire period and two sub-periods. The coefficient restrictions are satisfied only for the post-liberalization period. Two-way long-run causality between money supply and monetary base is found for the entire period and post-liberalization. For the post-liberalization period the evidence of short-run causality running from monetary base to money supply is also identified. On the whole, the results suggest that money multiplier model can serve as framework for conducting short-run monetary policy in Pakistan. However, the monetary authority may consider the co-movements between money supply and reserve money at the time of conducting monetary policy. | en |
dc.language.iso | eng | en |
dc.publisher | |aColegio de Economistas de A Coruña |cA Coruña | en |
dc.relation.ispartofseries | |aEconomic Analysis Working Papers |x2010,2 | en |
dc.subject.jel | E51 | en |
dc.subject.jel | E52 | en |
dc.subject.jel | E58 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Money Multiplier | en |
dc.subject.keyword | Reserve Money | en |
dc.subject.keyword | Monetary Policy | en |
dc.subject.stw | Geldschöpfung | en |
dc.subject.stw | Pakistan | en |
dc.title | Testing of money multiplier model for Pakistan: Does monetary base carry any information? | - |
dc.type | |aWorking Paper | en |
dc.identifier.ppn | 629463646 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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