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- W3140156368 abstract "In this paper, a reserve money demand model is constructed for the Turkish economy. Base on the contemporaneous multivariate co-integration estimation methodology, our findings indicate that the main alternative costs to hold reserve money balances in hand are the expected exchange rate depreciation representing ongoing currency substitution phenomenon in the economy and the equity prices. The semi-elasticity of domestic inflation reveals high degree of substitutability between real monetary balances and durable commodities. Furthermore, there exists evidence in favor of the effects of financial development on the money demand function in the sense that diversification of financial tools held in hand against demand for money balances is a necessary condition for the determination of long-run course of the monetary policy." @default.
- W3140156368 created "2021-04-13" @default.
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- W3140156368 date "2008-01-01" @default.
- W3140156368 modified "2023-09-28" @default.
- W3140156368 title "Determinants of reserve money demand: a multivariate co-integrating approach" @default.
- W3140156368 hasPublicationYear "2008" @default.
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