Money demand during hyperinflation and stabilization: Bulgaria 1991-2000

Applied Economics

Volumn 35, Issue 11, 2003, Pages 1303-1316

  Slavova, Stefka ^a  

^a LONDON SCHOOL OF ECONOMICS   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

CURRENCY MARKET; INFLATION; MARKET CONDITIONS; STABILIZATION;

BULGARIA;

EID: 0041932514     PISSN: 00036846     EISSN: None     Source Type: Journal    
DOI: 10.1080/003684032000095398     Document Type: Article

References (42)

1. Abel, A., Dornbusch, R., Huizinga, J. and Marcus, A. (1979) Money demand during hyperinflation, Journal of Monetary Economics, 5, 97-104.
2. Ahumada, H. (1992) A dynamic model of the demand for currency: Argentina 1977-1988, Journal of Policy Modeling, 14, 335-61.
3. Asilis, C. M., Honohan, P. and McNelis, P. D. (1993) Money demand during hyperinflation and stabilization: Bolivia, 1980-1988, Economic Inquiry, 31, 262-73.
4. Baba, Y., Hendry, D. F. and Starr, R. M. (1992) The demand for MI in the USA, 1960-1988, Review of Economic Studies, 59, 25-61.
5. Bahmani-Oskooee, M. and Barry, M. P. (2000) Stability of the demand for money in an unstable country: Russia, Journal of Post Keynesian Economics, 22, 619-29.
6. Budina, N., Hanousek, J. and Tuma, Z. (1995), Money demand and seigniorage in transition, in The Czech Republic and Economic Transition in Eastern Europe (Ed.) J. Svejnar, Academic Press.
7. Cagan, P. (1956) The monetary dynamics of hyperinflation, in Studies in the Quantity Theory of Money (Ed.) M. Friedman, University of Chicago Press, Chicago.
8. Carlson, J. A. and Valev, N. T. (2001) Credibility of a new monetary regime: The Currency Board in Bulgaria, Journal of Monetary Economics, 47, 581-94.
9. Choudhry, T. (1995) High Inflation Rates and the Long-Run Money Demand Function: Evidence from Cointegration Tests, Journal of Macroeconomics, 17, 77-91.
10. Choudhry, T. (1998) Another visit to the Cagan model of money demand: the latest Russian experience, Journal of International Money and Finance, 17, 355-76.
11. Dickey, D. A. and Fuller, W. (1979) Distribution of the estimators for autoregressive time series with a unit root, Journal of the American Statistical Association, 74, 366: 427-31.
12. Dickey, D. A., and Fuller, W. (1981) Likelihood ratio statistics for autoregressive time series with unit roots, Econometrica, 49, 1057-72.
13. Dickey, D. A., Jansen, D. W. and Thornton, D. L. (1991) A primer on cointegration with an application to money and income, Federal Reserve Bank of St. Louis Review, March-April.
14. Dolado, J. J., Jenkinson, T. and Sosvilla-Rivero, S. (1990) Cointegration and unit roots, Journal of Economic Surveys, 4, 249-73.
15. Engle, R. F. and Granger, C. W. J. (1987) Co-integration and error correction: representation, estimation, and testing, Econometrica, 55, 251-76.
16. Engsted, T. (1993) Cointegration and Cagan's model of hyperinflation under rational expectations, Journal of Money, Credit and Banking, 25, Part 1, 350-60.
17. Engsted, T. (1998) Money demand during hyperinflation: cointegration, rational expectations, and the importance of money demand shocks, Journal of Macroeconomics, 20, 533-52.
18. Frenkel, J. A. (1977) The forward exchange rate, expectations, and the demand for money: the German hyperinflation, The American Economic Review, 67, 653-70.
19. Frenkel, J. A. and Taylor, M. P. (1993) Money demand and inflation in Yugoslavia, 1980-1989', Journal of Macroeconomics, 15, 455-81.
20. Goodhart, C. A. E. (1989) Money, Information and Uncertainty, MIT Press, Cambridge, MA.
21. Gulde, A. (1999) The role of the Currency Board in Bulgaria's stabilization. IMF Policy Discussion Paper, PDP/99/3, Washington DC.
22. Hendry, D. F., and Ericsson, N. R. (1991) An econometric analysis of U.K. money demand in monetary trends in the United States and the United Kingdom by Milton Friedman and Anna J. Schwartz, The American Economic Review, 81, 8-38.
23. Hendry, D. F. and Ericsson, N. R. (1991) Modeling the demand for narrow money in the United Kingdom and the United States, European Economic Review, 35, 833-86.
24. Johansen, S. (1988) Statistical analysis of cointegration vectors, Journal of Economic Dynamics and Control, 12, 231-54.
25. Johansen, S. and Juselius, K. (1990) Maximum likelihood estimation and inference on cointegration - with applications to the demand for money, Oxford Bulletin of Economics and Statistics, 52, 169-210.
26. Kalra, S. (1999) Inflation and money demand in Albania, Russian and East European Finance and Trade, 35, 82-105.
27. Kiguel, M. A. and Neumeyer, P. A. (1995) Seigniorage and inflation: the case of Argentina, Journal of Money, Credit and Banking, 27, 672-82.
28. MacKinnon, J. G. (1991) Critical values for cointegration tests, in Long-Run Economic Relationships: Readings in Cointegration (Ed.) R. F. Engle and C. W. J. Granger, Oxford University Press, Oxford.
29. McNown, R. and Wallace M. S. (1994) Cointegration tests of the monetary exchange rate model for three high-inflation economies, Journal of Money, Credit and Banking, 26, 396-411.
30. Melnick, R. (1990) The demand for money in Argentina 1978-1987: before and after the Astral Program, Journal of Business and Economic Statistics 8, 427-34.
31. Michael, P., Nobay, A. R. and Peel, D. A. (1994) The German hyperinflation and the demand for money revisited, International Economic Review, 35, 1-22.
32. Mihov, I. (2001) Bulgaria: ten years of economic transition, in Ten Years of Transition: What Have We Learned and What Lies Ahead, (Ed.), MIT Press, Cambridge MA.
33. Miller, J. B. (2001) The Bulgarian Currency Board, Comparative Economic Studies, 43, 53-74.
34. Nenovsky, N. and Hristov, K. (2000) Currency circulation after Currency Board introduction in Bulgaria (Transactions Demand, Hoarding, Shadow Economy), Bulgarian National Bank Discussion Paper No. 13, DP/13/2000, Sofia.
35. Petrovic, P., Bogetic Z. and Vujosevic Z. (1999) The Yugoslav hyperinflation of 1992-1994: causes, dynamics, and money supply process, Journal of Comparative Economics, 27, 335-53.
36. Petrovic, P. and Mladenovic, Z. (2000) Money demand and exchange rate determination under hyperinflation: conceptual issues and evidence from Yugoslavia, Journal of Money, Credit and Banking, 32, 785-806.
37. Phillips, P. C. B. and Perron, P. (1987) Testing for a unit root in time series regression, Yale Cowles Foundation Discussion Paper 795-R, New Haven.
38. Phillips, P. C. B. and Perron, P. (1988) Testing for a unit root in time series regression, Biometrica, 75, 335-46.
39. Phylaktis, K. and Taylor, M. P. (1992) The monetary dynamics of sustained high inflation: Taiwan, 1945-1949, Southern Economic Journal, 58, 610-22.
40. Phylaktis, K. and Taylor, M. P. (1993) Money demand, the Cagan model and the inflation tax: Some Latin American evidence, The Review of Economics and Statistics, 75, 32-7.
41. Sriram, S. S. (1999) Survery of literature on demand for money: theoretical and empirical work with special reference to error-correction models, IMF Working Paper 99/64, Washington International Monetary Fund.
42. Taylor, M. P. (1991) The hyperinflation model of money demand revisited, Journal of Money, Credit and Banking 23, 327-51. .