1998
DOI: 10.1080/000368498325101
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Demand for money in Sri Lanka during the post-1977 period: a cointegration and error correction analysis

Abstract: This paper investigates the long-run demand for money and short-run dynamics of the long-run money demand function for Sri Lanka during the post-1977 period. While M1 is cointegrated with real income, nominal interest rate, short-term foreign interest rate, and real effective exchange rate, M2 is not. This suggests that monetary authorities should emphasize the narrow definition of money for monetary control. The one year fixed deposits rate is cointegrated with M1, indicating the opportunity cost of holding m… Show more

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Cited by 29 publications
(14 citation statements)
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“…The annual world output series (99bp.x) came from the International Financial Statistics Yearbook 1993 and 1999. The method of interpolation used to derive quarterly figures from the annual series is that of Goldstein and Khan (1976) as reported in Weliwita and Ekanayake (1998).…”
Section: The Modelmentioning
confidence: 99%
“…The annual world output series (99bp.x) came from the International Financial Statistics Yearbook 1993 and 1999. The method of interpolation used to derive quarterly figures from the annual series is that of Goldstein and Khan (1976) as reported in Weliwita and Ekanayake (1998).…”
Section: The Modelmentioning
confidence: 99%
“…6 We used the interpolation method in EVIEWS 7 for converting the annual data of the real GDP into quarterly data. This method was used by (Darrat and Al-Mutawaa, 1996;Weliwita and Ekanayake, 1998;Chaisrisawatsuket al2004;Samreth, 2008) for developing countries.…”
Section: Theoretical Framework and Empirical Modelmentioning
confidence: 99%
“…The quadratic interpolation method presented by Goldstein and Khan (1976) was used to convert annual series into the smoothed quarterly series. This method of interpolation has also been employed by a number of other studies including Goldstein and Khan (1978), Arize (1994) and Weliwita and Ekanayake (1998). After interpolation, the usable quarterly data series for Armenia range from 1994:Q4 to 2008:Q2, for Azerbaijan and Georgia the data span from 1996:Q1 to 2006:Q4, and 1994:Q1 to 2006:Q4 respectively, for Kazakhstan the data span from 1994Q1 to 2006Q4, and finally for Kyrgyzstan, the data series span is from 1995:Q1 to 2006:Q4.…”
Section: Data Sourcesmentioning
confidence: 95%