Exploring the Stability of Money Demand Function for GCC Countries
نویسندگان
چکیده
It is imperative to explore the stability of money demand function (MDF) due its effectiveness in strength monetary policy. This paper employs ARDL approach examine whether M3 MDF stable for Gulf Cooperation Council (GCC) consisting six Arabian countries. The also uses CUSUMSQ and CUSUM tests this purpose. Unit root test results indicate that variables have unit roots with varying degrees. reveal has a cointegration relation inflation real output, however, interest rate statistically insignificant most countries across period under study. However, unstable all GCC implies governments be very careful implementing policy achieve growth targets.
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ژورنال
عنوان ژورنال: Pakistan journal of humanities and social sciences
سال: 2022
ISSN: ['2415-007X', '2709-801X']
DOI: https://doi.org/10.52131/pjhss.2022.1002.0240