Since the early 1980's, a major focus in researching for the economic variables such as interest rate, income, exchange rates and inflation rates gained importance in the literature of demand for money. The present book estimates a stable long-run equilibrium relationship between money demand and its explanatory variables in South Africa over the period of 1990 to 2007 using cointegration and error correction methods. The results indicate that monetary policy is effective but for its efficiency it does not have a quick effect; it needs at least three quarters (nine months) from the day it is made in order to make a difference. In other words, there are difficulties of implementing monetary policy in emergence situation. Therefore, monetary authorities in South Africa should take in consideration that their policy decisions need three quarters to achieve their aim. Hence, monetary policies have to be ahead. Thus, interest rates have to be set based on what inflation might be over the coming three quarters.
Since the early 1980's, a major focus in researching for the economic variables such as interest rate, income, exchange rates and inflation rates gained importance in the literature of demand for money. The present book estimates a stable long-run equilibrium relationship between money demand and its explanatory variables in South Africa over the period of 1990 to 2007 using cointegration and error correction methods. The results indicate that monetary policy is effective but for its efficiency it does not have a quick effect; it needs at least three quarters (nine months) from the day it is made in order to make a difference. In other words, there are difficulties of implementing monetary policy in emergence situation. Therefore, monetary authorities in South Africa should take in consideration that their policy decisions need three quarters to achieve their aim. Hence, monetary policies have to be ahead. Thus, interest rates have to be set based on what inflation might be over the coming three quarters.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and...
The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a...
This book presents empirical evidence that supports and facilitates a practical, integrated approach to how bank regulatory and selected macro-prudential tools interact with monetary policy to...
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