GRIPS 政策研究センター Policy Research Center


2010/9/1 Report No:10-14

The Determinants and Stability of Real Money Demand in Vietnam, 1999-2009

  • Pfau Wade政策研究大学院大学
  • NGUYEN Huyen DiuEconomic Research Division, Monetary Policy Department, The State Bank of Vietnam
分野 経済学
言語 英語

Understanding the money demand function is highly important for monetary policy implementation, especially in a monetary targeting framework. The paper uses cointegration analysis and a reduced-form short-run error correction model to investigate the demand for money in Vietnam between 1999 and 2009. We find evidence for a cointegrating relationship between the real money demand, income, the foreign interest rate, and the real stock price. More importantly, statistical tests show that real money demand in Vietnam is stable in this period.

キーワード money demand, Vietnam, error correction model
添付ファイル 10-14.pdf