Uncertainty and Money Demand Function in Developing Countries
Main Article Content
Abstract
As monetary policy authorities influence many macroeconomic variables by determining monetary aggregates, their relationships with other macroeconomic variables are critical in setting the most appropriate monetary policy rules. Identifying the variables affecting money demand and having a stable money demand function is essential for monetary policy. This paper examines the stability of the money demand function for 12 developing countries over the sample 2006.Q1-2023.Q3. We employ the Autoregressive Distributed Lag Model and the Cross-Sectionally Autoregressive Distributed Lag Model because of the different degrees of integration of the selected variables. According to the results, there is a stable long-run relation in the money demand function for selected developing countries. The uncertainty variable, which is the study’s primary objective, affects money demand negatively in the long run; it does not temporarily affect the demand for money. The findings also indicate that the real GDP (inflation) positively (negatively) impacts demand for real monetary aggregates as expected. The real interest rate measuring the opportunity cost of holding money does not significantly affect money demand. Although the effect of the exchange rate is positive in the short run, it turns negative as time passes and in the long run. This finding supports the ‘wealth effect’ in developing countries.
JEL Codes: C23, E41, E52
Keywords: Money demand, Developing countries, ARDL model, Cointegration
Downloads
Download data is not yet available.
Article Details
How to Cite
Aşık, B. (2024) “Uncertainty and Money Demand Function in Developing Countries”, World Journal of Applied Economics, 10(2), pp. 111-136. doi: 10.22440/wjae.10.2.5.
Section
Research Articles
All published articles are licensed under Creative Commons Attribution-NonCommercial-NoDerivs 4.0 Licence. Please visit Copyright Page for details.
References
Abdulkheir, A. Y. (2013). An Analytical Study of the Demand for Money in Saudi Arabia. International Journal of Economics and Finance, 5 (4), 31-38. doi:10.5539/ijef.v5n4p31
Abdullah, H., Ali, J., & Matahir, H. (2010). Re-Examining the Demand for Money in Asean-5 Countries. Asian Social Science, 6 (7), 146-155.
Adil, M. H., Hatekar, N., & Sahoo, P. (2020). The Impact of Financial Innovation on the Money Demand Function: An Empirical Verification in India. Margin: The Journal of Applied Economic Research, 14 (1), 28-61. doi:10.1177/0973801019886479
Ahir, H., Bloom, N., & Furceri, D. (2022). The World Uncertainty Index (Working Paper No. 29763). National Bureau of Economic Research (NBER). doi:10.3386/w29763
Albulescu, C. T., & Pepin, D. (2018). Monetary Integration, Money-Demand Stability, and the Role of Monetary Overhang in Forecasting Inflation in CEE Countries. Journal of Economics, 33 (4), 841-879. doi:10.11130/jei.2018.33.4.841.hal-01720319
Algan, N., & Gencer, S. (2011). Turkiye’de Para Talebi Fonksiyonunun Modellenmesi. C.U. Sosyal Bilimler Enstitusu Dergisi , 20 (1), 195-212.
Anusic, Z. (1994). The determinants of money demand in Croatia and simulation of the post-stabilization period. Croatian Economic Survey, 85–120.
Arango, S., & Nadiri, M. I. (1981). Demand for Money in Open Economies. Journal of Monetary Economics, 7 (1), 69-83. doi:10.1016/0304-3932(81)90052-0
Arize, A. C. (1994). An Econometric Analysis of Money Demand in Taiwan, 1950-1989. The American Economist, 38 (1), 27–35. doi:10.1177/056943459403800104
Arize, A. C., & Nam, K. (2012). The Demand for Money in Asia: Some Further Evidence. International Journal of Economics and Finance, 4 (8), 59–71. doi:10.5539/ijef.v4n8p59
Arnold, J., Bassanini, A., & Scarpetta, S. (2011). Solow or Lucas? Testing Speed of Convergence on a Panel of OECD Countries. Research in Economics, 65 (2), 110-123. doi:10.1016/j.rie.2010.11.005
Avouyi-Dovi, S., Drumetz, F., & Sahuc, J.-G. (2012). The Money Demand Function for the Euro Area: Some Empirical Evidence. Bulletin of Economic Research, 64 (3), 377-392. doi:10.1111/j.1467-8586.2010.00388.x
Azimi, M. N. (2023). Re-examining Money Demand Function for South Asian Economies. Social Sciences and Humanities Open, 8 (1), 100546. doi:10.1016/j.ssaho.2023.100546
Bae, Y., Kakkar, V., & Ogaki, M. (2006). Money Demand in Japan and Nonlinear Cointegration. Journal of Money, Credit, and Banking, 38 (6), 1659-1667. doi:10.1353/mcb.2006.0076
Bahmani, S. (2013). Exchange Rate Volatility and Demand for Money in Less Developed Countries. Journal of Economics and Finance, 37 , 442-452. doi:10.1007/s12197-011-9190-y
Bahmani-Oskooee, M. (1991). The Demand for Money in an Open Economy: the United Kingdom. Applied Economics, 23 (6), 1037-1042. doi:10.1080/00036849100000006
Bahmani-Oskooee, M., & Baek, J. (2017). Do Exchange Rate Changes Have Symmetric or Asymmetric Effects on the Demand for Money in Korea? Review of Economic Analysis, 9 (2), 155-168. doi:10.15353/rea.v9i2.1439
Bahmani-Oskooee, M., Bahmani, S., Kones, A., & Kutan, A. M. (2015). Policy Uncertainty and the Demand for Money in the United Kingdom. Applied Economics, 47 (11), 1151-1157. doi:10.1080/00036846.2014.993138
Bahmani-Oskooee, M., Bahmani, S., Kutan, A., & Xi, D. (2019). On the Asymmetric Effects of Exchange Rate Changes on the Demand for Money: Evidence from Emerging Economies. Journal of Emerging Market Finance, 18 (1), 1-22. doi:10.1177/0972652719831523
Bahmani-Oskooee, M., & Bohl, M. T. (2000). German Monetary Unification and the Stability of the German M3 Money Demand Function. Economics Letters, 66 (2), 203-208. doi:10.1016/S0165-1765(99)00223-2
Bahmani-Oskooee, M., & Gelan, A. (2009). How Stable is the Demand for Money in African Countries? Studies in Economics and Finance, 36 (3), 216-235. doi:10.1108/01443580910983825
Bahmani-Oskooee, M., & Karacal, M. (2006). The Demand for Money in Turkey and Currency Substitution. Applied Economics Letters, 13 (10), 635-642. doi:10.1080/13504850500358819
Bahmani-Oskooee, M., Kutan, A. M., & Xi, D. (2013). The Impact of Economic and Monetary Uncertainty on the Demand for Money in Emerging Economies. Applied Economics, 45 (23), 3278-3287. doi:10.1080/00036846.2012.705430
Bahmani-Oskooee, M., & Nayeri, M. M. (2018). Policy Uncertainty and the Demand for Money in Australia: An Asymmetry Analysis. Australian Economic Papers, 57 (4), 456-469. doi:10.1111/1467-8454.12127
Bahmani-Oskooee, M., & Nayeri, M. M. (2020). Policy Uncertainty and the Demand for Money in Japan. Review of Economic Analysis, 12 (1), 73-87. doi:10.15353/rea.v12i1.1692
Bahmani-Oskooee, M., & Pourheydarian, M. (1990). Exchange Rate Sensitivity of the Demand for Money and Effectiveness of Fiscal and Monetary Policies. Applied Economics, 22 (7), 917–925. doi:10.1080/00036849000000029
Bahmani-Oskooee, M., & Rehman, H. (2005). Stability of the Money Demand Function in Asian Developing Countries. Applied Economics, 37 (7), 773-792. doi:10.1080/0003684042000337424
Bahmani-Oskooee, M., & Shabsigh, G. (1996). The Demand for Money in Japan: Evidence from Cointegration Analysis. Japan and the World Economy, 8 (1), 1-10. doi:10.1016/0922-1425(95)00002-X
Bahmani-Oskooee, M., & Xi, D. (2011). Economic Uncertainty, Monetary Uncertainty and the Demand for Money in Australia. Australian Economic Papers, 50 (4), 115-128. doi:10.1111/j.1467-8454.2011.00417.x
Bahmani-Oskooee, M., & Xi, D. (2014). Economic Uncertainty, Monetary Uncertainty, and the Demand for Money: Evidence from Asian Countries. Australian Economic Papers, 53 (1-2), 16-28. doi:10.1111/1467-8454.12018
Bahmani-Oskooee, M., Xi, D., & Bahman, S. (2016). Asymmetric Effects of Exchange Rate Changes on the Demand for Money in China. Applied Economics Letters, 23 (5), 1104-1109. doi:10.1080/13504851.2015.1137540
Bahmani-Oskooee, M., Xi, D., & Wang, Y. (2012). Economic and Monetary Uncertainty and the Demand for Money in China. The Chinese Economy, 45 (6), 26-37. doi:10.2753/CES1097-1475450602
Baidoo, S. T., & Yusif, H. (2019). Does Interest Rate Influence Demand for Money? An Empirical Evidence from Ghana. Economics Literature, 1 (1), 24–36. doi:10.22440/elit.1.1.2
Baker, S. R., Bloom, N., & Davis, S. J. (2015). Measuring Economic Policy Uncertainty (Working Paper No. 21633). National Bureau of Economic Research (NBER). doi:10.3386/w21633
Benchimol, J., & Qureshi, I. (2020). Time-Varying Money Demand and Real Balance Effects. Economic Modelling, 87 , 197-211. doi:10.1016/j.econmod.2019.07.020
Ben-Salha, O., & Jaidi, Z. (2014). Some New Evidence on the Determinants of Money Demand in Developing Countries: A Case of Tunisia. The Journal of Economic Asymmetries, 11, 30-45. doi:10.1016/j.jeca.2014.06.001
Brand, C., & Cassola, N. (2000). A Money Demand System for Euro Area M3 (Working Paper Series, No. 39). European Central Bank (ECB). https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp039.pdf.
Breusch, T. S., & Pagan, A. R. (1980). The Lagrange Multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47 (1), 239-253. doi:10.2307/2297111
Brissimis, S. N., Hondroyiannis, G., Swamy, P., & Tavlas, G. S. (2003). Empirical Modelling of Money Demand in Periods of Structural Change: The Case of Greece (Working Paper, No. 1). Bank of Greece. doi:10.2139/ssrn.4161529
Carstensen, K. (2006). Stock Market Downswing and the Stability of European Monetary Union Money Demand. Journal of Business & Economic Statistics, 24 (4), 395-402. doi:10.1198/073500106000000369
Chaisrisawatsuk, S., Sharma, S. C., & Chowdhury, A. R. (2004). Money Demand Stability under Currency Substitution: Some Recent Evidence. Applied Financial Economics, 14 (1), 19-27. doi:10.1080/0960310042000164194
Choi, W. G., & Cook, D. (2007). Financial Market Risk and U.S. Money Demand (Working Paper, No. WP/07/89). IMF. https://www.imf.org/external/pubs/ft/wp/2007/wp0789.pdf.
Choi, W. G., & Oh, S. (2003). A Money Demand Function with Output Uncertainty, Monetary Uncertainty, and Financial Innovations. Journal of Money, Credit and Banking, 35 (5), 685-709. doi:10.1353/mcb.2003.0034
Chudik, A., Mohaddes, K., Pesaran, M. H., & Raissi, M. (2016). Long-Run Effects in Large Heterogeneous Panel Data Models with Cross-Sectionally Correlated Errors. In G. GonzAlez-Rivera, R. C. Hill, & T.-H. Lee (Eds.), Advances in Econometrics, Essays in Honor of Aman Ullah (Vol. 36, p. 85-135). Emerald Publishing. doi:10.1108/S0731-905320160000036013
Chudik, A., & Pesaran, M. H. (2015). Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors. Journal of Econometrics, 188 (2), 393-420. doi:10.1016/j.jeconom.2015.03.007
Coenen, D., & Vega, J. L. (2001). The Demand for M3 in the Euro Area. Journal of Applied Econometrics, 16 (6), 727-748. doi:10.1002/jae.629
Daniele, V., Foresti, P., & Napolitano, O. (2017). The Stability of Money Demand in the Long-Run: Italy 1861-2011. Cliometrica, 11 , 217-244. doi:10.1007/s11698-016-0143-8
Dobnik, F. (2013). Long-Run Money Demand in OECD Countries: What Role do Common Factors Play? Empirical Economies, 277 , 89-113. doi:10.1007/s00181-012-0600-6
Dogru, B. (2014). Turkiye’de Para Talebinin Uzun ve Kisa Donem Dengesinin ARDL ve VEC Yaklasimlari ile Analiz Edilmesi. Ekonomik ve Sosyal Arastirmalar Dergisi , 10 (10), 19-31.
Dogru, B., & Recepoglu, M. (2013). Dynamic Analysis of Money Demand Function in Turkey. International Journal of Economics and Finance, 5 (9), 20-27. doi:10.5539/ijef.v5n9p20
Dreger, C., Reimers, H.-E., & Roffia, B. (2006). Long-Run Money Demand in the New EU Member States with Exchange Rate Effects (Working Paper Series, No. 628). European Central Bank (ECB). https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp628.pdf.
Dreger, C., &Wolters, J. (2010). Investigating M3 Money Demand in the Euro Area. Journal of International Money and Finance, 29, 111-122. doi:10.1016/j.jimonfin.2009.02.002
Ericsson, N. R. (1998). Empirical Modelling of Money Demand. Empirical Modelling, 23, 295-315. doi:10.1007/bf01294409
Fagan, G., & Henry, J. (1998). Long-run Money Demand in the EU: Evidence for Area-Wide Aggregates. Empirical Economics, 23, 483-506. doi:10.1007/BF01294419
Fair, R. C. (1987). International Evidence on the Demand for Money. The Review of Economics and Statistics, 69 (3), 473-480. doi:10.2307/1925535
Federal Reserve Bank of St. Louis (FRED). (2024). Economic Data. https://fred.stlouisfed.org/.
Friedman, M. (1984). Lessons from the 1979-82 Monetary Policy Experiment. The American Economic Review, 62, 397-400.
Gan, P.-T. (2019). Economic Uncertainty, Precautionary Motive and the Augmented form of Money Demand Function. Evolutionary and Institutional Economics Review, 16 (2), 397-423. doi:10.1007/s40844-019-00125-5
Gan, P.-T., Yee, K.-J., Jalil, N. A., & Rambeli, N. (2021). The Economic Uncertainty with Money Demand: Empirical Evidence for Selected Developed and Developing Countries. Turkish Journal of Computer and Mathematics Education, 12 (3), 286-306.
Gencer, S., & Arisoy, I. (2013). Turkiye’de Uzun Donem Genis Para (M2Y) Talebinin Tahmini: Zamanla Degisen Katsayilar Yonteminden Bulgular. Ege Akademik Bakis, 13 (4), 515-526.
Greiber, C., & Lemke, W. (2005). Money Demand and Macroeconomic Uncertainty (Discussion Papers, No. 26/2005). Deustche Bundesbank. https://www.bundesbank.de/resource/blob/703246/3ea617be668e93a1ff3226ffa6482b11/mL/2005-08-11-dkp-26-data.pdf.
Hafer, R. W., & Jansen, D. W. (1991). The Demand for Money in the United States: Evidence from Cointegration Tests. Journal of Money, Credit and Banking, 23 (2), 155-168. doi:10.2307/1992774
Hamburger, M. J. (1977). The Demand for Money in an Open Economy: Germany and the United Kingdom. Journal of Monetary Economics, 3 (1), 25-40. doi:10.1016/0304-3932(77)90003-4
Hamdi, H., Said, A., & Sbia, R. (2015). Empirical Evidence on the Long-Run Money Demand Function in the Gulf Cooperation Council Countries. International Journal of Economics and Financial Issues, 5 (2), 603-612. doi:https://www.econjournals.com/index.php/ijefi/article/view/1158
Hassler, U., &Wolters, J. (2006). Autoregressive Distributed Lag Models and Cointegration. Allgemeines Statistisches Arch, 90, 59-74. doi:10.1007/s10182-006-0221-5
Holtemoller, O. (2004). A Monetary Vector Error Correction Model of the Euro Area and Implications for Monetary Policy. Empirical Economics, 29, 553-574. doi:10.1007/s00181-004-0198-4
Hossain, A. A. (2007). The Narrow Money Demand Behaviour in Indonesia, 1970-2005. ASEAN Economic Bulletin, 24 (3), 320-338.
Hossain, A. A., & Arwatchanakarn, P. (2020). The Effect of Economic Uncertainty on Narrow Money Demand and Its Stability in New Zealand: An Empirical Investigation. Economic Analysis and Policy, 68, 88-100. doi:10.1016/j.eap.2020.09.002
Hubrich, K., & Vlaar, P. (2000). Germany and the Euro Area: Differences in the Transmission Process of Monetary Policy (Research Memorandum, No. 613). De Nederlandsche Bank. http://fmwww.bc.edu/RePEc/es2000/1802.pdf.
Hueng, C. J. (1998). The Demand for Money in an Open Economy: Some Evidence for Canada. The North American Journal of Economics and Finance, 9 (1), 15–31. doi:10.1016/S1062-9408(99)80078-3
IMF. (2023). World Economic Outlook-A Rocky Recovery. https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023.
International Financial Statistics. (2024). IMF Data-Access to Macroeconomic and Financial Data. https://data.imf.org/?sk=4c514d48-b6ba-49ed-8ab9-52b0c1a0179b.
Ivanovski, K., & Churchill, S. A. (2019). Economic Policy Uncertainty and Demand for Money in Australia. Applied Economics, 51 (41), 4516-4526. doi:10.1080/00036846.2019.1593936
Jiranyakul, K., & Opiela, T. P. (2014). Instability of Money Demand: Recent Evidence for Thailand. Modern Economy,5 , 907-913. doi:10.4236/me.2014.58083
Jonah, J. N., Egbe, I. S., & Richard, E. B. (2020). Financial Innovation and Demand for Money in Nigeria. International Journal of Economics and Financial Research, 6 (12), 257-268. doi:10.32861/ijefr.612.257.268
Khan, R. E., & Hye, Q. M. (2013). Financial Liberalization and Demand for Money: A Case of Pakistan. The Journal of Developing Areas, 47 (2), 175-198.
Kjosevski, J. (2013). The Determinants and Stability of Money Demand in the Republic of Macedonia. Journal of Economics and Business, 31 (1), 35-54.
Korap, L. (2011). A Closer Look at the Money Multipliers for the Turkish Economy: Is There a Stable Relationship? (Working Paper, No. 40778). MPRA-Munich Personal RePeC Archive. https://mpra.ub.uni-muenchen.de/40778/.
Kripfganz, S., & Schneider, D. C. (2023). ardl: Estimating autoregressive distributed lag and equilibrium correction models. The Stata Journal, 23 (4), 983-1019. doi:10.1177/1536867X231212434
Kumar, S., Chowdhury, M. B., & Rao, B. B. (2013). Demand for Money in the Selected OECD Countries: a Time Series Panel Data Approach and Structural Breaks. Applied Economics, 45 (14), 1767-1776. doi:10.1080/00036846.2011.637897
Kurihara, Y. (2016). Demand for Money Under Low ˙Interest Rates in Japan. Journal of Economic & Financial Studies, 4 (4), 12-19. doi:10.18533/jefs.v4i04.247
Leong, C.-M., Puah, C.-H., Lau, E., & Shazali, A. M. (2019). Asymmetric Effects of Exchange Rate Changes on the Demand for Divisia Money in Malaysia. Journal of International Studies, 12 (4), 52-62. doi:10.14254/2071-8330.2019/12-4/4
Li, Z., & Ingham, H. (2020). Financial Development, Economic Performance and Democracy: Methodological Issues and New Estimates (Economics Working Paper Series, No. 003). Lanchester University Management School. https://www.lancaster.ac.uk/media/lancaster-university/content-assets/documents/lums/economics/working-papers/LancasterWP2020_003.pdf.
Lutkephol, H. (1993). The Sources of the U.S. Money Demand Instability. Empirical Economics, 18, 729-743. doi:10.1007/BF01205418
Maddala, G. S., & Wu, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics, 61 (S1), 631-652. doi:10.1111/1468-0084.0610s1631
Mera, V.-I., Silaghi, M., & Turcu, C. (2020). Economic Sentiments and Money Demand Stability in the CEECs. Open Economies Review, 31, 343-369. doi:10.1007/s11079-019-09558-2
Miyao, R. (1996). Long-Run Effects of Real, Monetary and Exchange Rate Disturbances The Case of Japan (Discussion Paper Series, No. 60). Research Institute for Economics & Business Administration, Kobe University. https://EconPapers.repec.org/RePEc:kob:dpaper:60.
Mundell, R. A. (1963). Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates. The Canadian Journal of Economics and Political Science, 29 (4), 475-485. doi:10.2307/139336
Narayan, P. K. (2010). Modelling Money Demand for a Panel of Eight Transitional Economies. Applied Economics, 42 (25), 3293-3305. doi:10.1080/00036840802112323
Narayan, P. K., Narayan, S., & Mishra, V. (2009). Estimating Money Demand Functions for South Asian Countries. Economics Literature, 36 , 685-696. doi:10.1007/s00181-008-0219-9
Nepal, R., & Paija, N. (2020). Stability of Money Demand Function in the SAARC Region: A Panel Co-Integration Approach. Journal of Economic Integration, 35 (1), 111-128. doi:10.11130/jei.2020.35.1.111
Nusair, S. A., Olson, D., & Al-Khasawneh, J. (2024). Asymmetric Effects of Economic Policy Uncertainty on Demand for Money in Developed Countries. The Journal of Economic Asymmetries, 29, e00350. doi:10.1016/j.jeca.2023.e00350
Odularu, G. O., & Okunrinboye, O. A. (2009). Modeling the Impact of Financial Innovation on the Demand for Money in Nigeria. African Journal of Business Management, 3 (2), 39-51.
Organisation for Economic Co-operation and Development. (2024). Data-Indicators. https://www.oecd.org/en/data/indicators.html?orderBy=mostRelevant&page=0.
Oxley, T. L. (1983). Functional and Structural Breaks in the UK Demand for Money Function: 1963–1979. Journal of Economic Studies, 10 (3), 22-41. doi:10.1108/eb002562
Ozcan, B., & Ari, A. (2013). Para Talebinin Belirleyenleri ve Istikrari Uzerine Bir Uygulama: Turkiye Ornegi. Yonetim ve Ekonomi , 20 (2), 105-120.
Ozdemir, K. A., & Saygili, M. (2010). Economic Uncertainty and Money Demand Stability in Turkey (Working Paper Series, No. 10/15). Central Bank of the Republic of Turkey. https://tcmb.gov.tr/wps/wcm/connect/719db7b5-a1d6-49f7-a022-85f60e6df7a/WP1015.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-719db7b5-a1d6-49f7-a022-085f60e6df7a-m3fB8WQ.
Perez, A. S. (2014). Cointegration Analysis of Money Demand in the Euro Area. https://addi.ehu.es/bitstream/handle/10810/14503/TFG_Salazar.pdf?sequence=2.
Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels (Discussion Paper No. 1240). The Institute for the Study of Labor (IZA). https://docs.iza.org/dp1240.pdf.
Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22 (2), 265-312. doi:10.1002/jae.951
Pesaran, M. H. (2015). Time series and panel data econometrics. Oxford University Press.
Pesaran, M. H., & Shin, Y. (1998). An Autoregressive Distributed-Lag Modelling Approach to Cointegration Analysis. In S. Strom (Ed.), Econometrics and Economic Theory in the 20th Century (p. 371-418). Cambridge University Press, Cambridge. doi:10.1017/CCOL521633230.011
Pesaran, M. H., Shin, Y., & Smith, R. J. (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association, 94 (446), 621-634. doi:10.1080/01621459.1999.10474156
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal of Applied Econometrics, 16 (3), 289-326. doi:10.1002/jae.616
Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. The Econometrics Journal, 11 (1), 105-127. doi:10.1111/j.1368-423X.2007.00227.x
Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142 (1), 50-93. doi:10.1016/j.jeconom.2007.05.010
Phillips, P. C., & Sul, D. (2003). Dynamic Panel Estimation and Homogeneity Testing under Cross Section Dependence. The Econometrics Journal, 6 (1), 217-259. doi:10.1111/1368-423X.00108
Rao, B., & Kumar, S. (2009). Is the US Demand for Money Unstable? (Working Paper, No. 15715). Munich Personal RePEc Archive (MPRA). https://mpra.ub.uni-muenchen.de/15715/.
Samargandi, N., Fidrmuc, J., & Ghosh, S. (2015). Is the Relationship Between Financial Development and Economic Growth Monotonic? Evidence from a Sample of Middle-Income Countries. World Development, 68, 66-81. doi:10.1016/j.worlddev.2014.11.010
Sarwar, H., Sarwar, M., & Waqas, M. (2013). Stability of Money Demand Function in Pakistan. Economic and Business Review, 15 (3), 197-212. doi:10.15458/2335-4216.1194
Scheiblecker, M. (2017). Modelling Short-run Money Demand for the US. Applied Economics and Finance, 4 (5), 9-20. doi:10.11114/aef.v4i5.2575
Talas, E., Kaplan, F., & Celik, A. K. (2013). Model Stability Test of Money Demand by Monthly Time Series Using CUSUM and MOSUM Tests: Evidence from Turkey. Research in World Economy, 4 (2), 36-42. doi:10.5430/rwe.v4n2p36
Tan, W.-H., Puah, C.-H., Wong, S. S.-L., & Chong, M.-T. (2020). Economic Uncertainty and the Demand for Broad Money in South Africa. Business and Economic Research, 10 (2), 123-135. doi:10.5296/ber.v10i2.16577
Tang, T. C. (2007). Money Demand Function for Southeast Asian Countries: An Empirical View from Expenditure Components. Journal of Economic Studies, 34 (6), 476-496. doi:10.1108/01443580710830952
Tatoglu, F. Y. (2020). Panel Zaman Serileri Analizi. Beta Yayincilik, Istanbul.
Tumturk, O. (2017). Stability of Money Demand Function in Turkey. Business and Economics Research Journal, 8 (1), 35-48. doi:10.20409/berj.2017126243
Usta, A. (2022). Modelling Asymmetric Cointegration of Money Demand in Turkiye: Bounds Testing Approach. Anatolian Journal of Economics and Business, 6 (2), 87-103.
Vlaar, P., & Schuberth, H. (1999). Monetary Transmission and Controllability of Money in Europe: a Structural Vector Error Correction Approach (Research Memorandum, No. 36). De Nederlandsche Bank. https://library.centralbankmalta.org/cgi-bin/koha/opac-detail.pl?biblionumber=30289.
WUI. (2023). World Uncertainty Index. https://worlduncertaintyindex.com/data/.
Yu, H. (2022). Impact of the Exchange Rate and the Foreign Interest Rate on the Argentina Money Demand Function. Applied Economics Letters, 15 (1), 35-39. doi:10.1080/13504850600706685
Zouhar, Y., & Kacemi, A. (2008). Financial Liberalization and Money Demand in Morocco (Working Paper Series, No. 389). Economic Research Forum. https://erf.org.eg/publications/financial-liberalization-and-money-demand-in-morocco/.
Zuo, H., & Park, S. Y. (2011). Money Demand in China and Time-Varying Cointegration. China Economic Review, 22, 330-343. doi:10.1016/j.chieco.2011.04.001
Abdullah, H., Ali, J., & Matahir, H. (2010). Re-Examining the Demand for Money in Asean-5 Countries. Asian Social Science, 6 (7), 146-155.
Adil, M. H., Hatekar, N., & Sahoo, P. (2020). The Impact of Financial Innovation on the Money Demand Function: An Empirical Verification in India. Margin: The Journal of Applied Economic Research, 14 (1), 28-61. doi:10.1177/0973801019886479
Ahir, H., Bloom, N., & Furceri, D. (2022). The World Uncertainty Index (Working Paper No. 29763). National Bureau of Economic Research (NBER). doi:10.3386/w29763
Albulescu, C. T., & Pepin, D. (2018). Monetary Integration, Money-Demand Stability, and the Role of Monetary Overhang in Forecasting Inflation in CEE Countries. Journal of Economics, 33 (4), 841-879. doi:10.11130/jei.2018.33.4.841.hal-01720319
Algan, N., & Gencer, S. (2011). Turkiye’de Para Talebi Fonksiyonunun Modellenmesi. C.U. Sosyal Bilimler Enstitusu Dergisi , 20 (1), 195-212.
Anusic, Z. (1994). The determinants of money demand in Croatia and simulation of the post-stabilization period. Croatian Economic Survey, 85–120.
Arango, S., & Nadiri, M. I. (1981). Demand for Money in Open Economies. Journal of Monetary Economics, 7 (1), 69-83. doi:10.1016/0304-3932(81)90052-0
Arize, A. C. (1994). An Econometric Analysis of Money Demand in Taiwan, 1950-1989. The American Economist, 38 (1), 27–35. doi:10.1177/056943459403800104
Arize, A. C., & Nam, K. (2012). The Demand for Money in Asia: Some Further Evidence. International Journal of Economics and Finance, 4 (8), 59–71. doi:10.5539/ijef.v4n8p59
Arnold, J., Bassanini, A., & Scarpetta, S. (2011). Solow or Lucas? Testing Speed of Convergence on a Panel of OECD Countries. Research in Economics, 65 (2), 110-123. doi:10.1016/j.rie.2010.11.005
Avouyi-Dovi, S., Drumetz, F., & Sahuc, J.-G. (2012). The Money Demand Function for the Euro Area: Some Empirical Evidence. Bulletin of Economic Research, 64 (3), 377-392. doi:10.1111/j.1467-8586.2010.00388.x
Azimi, M. N. (2023). Re-examining Money Demand Function for South Asian Economies. Social Sciences and Humanities Open, 8 (1), 100546. doi:10.1016/j.ssaho.2023.100546
Bae, Y., Kakkar, V., & Ogaki, M. (2006). Money Demand in Japan and Nonlinear Cointegration. Journal of Money, Credit, and Banking, 38 (6), 1659-1667. doi:10.1353/mcb.2006.0076
Bahmani, S. (2013). Exchange Rate Volatility and Demand for Money in Less Developed Countries. Journal of Economics and Finance, 37 , 442-452. doi:10.1007/s12197-011-9190-y
Bahmani-Oskooee, M. (1991). The Demand for Money in an Open Economy: the United Kingdom. Applied Economics, 23 (6), 1037-1042. doi:10.1080/00036849100000006
Bahmani-Oskooee, M., & Baek, J. (2017). Do Exchange Rate Changes Have Symmetric or Asymmetric Effects on the Demand for Money in Korea? Review of Economic Analysis, 9 (2), 155-168. doi:10.15353/rea.v9i2.1439
Bahmani-Oskooee, M., Bahmani, S., Kones, A., & Kutan, A. M. (2015). Policy Uncertainty and the Demand for Money in the United Kingdom. Applied Economics, 47 (11), 1151-1157. doi:10.1080/00036846.2014.993138
Bahmani-Oskooee, M., Bahmani, S., Kutan, A., & Xi, D. (2019). On the Asymmetric Effects of Exchange Rate Changes on the Demand for Money: Evidence from Emerging Economies. Journal of Emerging Market Finance, 18 (1), 1-22. doi:10.1177/0972652719831523
Bahmani-Oskooee, M., & Bohl, M. T. (2000). German Monetary Unification and the Stability of the German M3 Money Demand Function. Economics Letters, 66 (2), 203-208. doi:10.1016/S0165-1765(99)00223-2
Bahmani-Oskooee, M., & Gelan, A. (2009). How Stable is the Demand for Money in African Countries? Studies in Economics and Finance, 36 (3), 216-235. doi:10.1108/01443580910983825
Bahmani-Oskooee, M., & Karacal, M. (2006). The Demand for Money in Turkey and Currency Substitution. Applied Economics Letters, 13 (10), 635-642. doi:10.1080/13504850500358819
Bahmani-Oskooee, M., Kutan, A. M., & Xi, D. (2013). The Impact of Economic and Monetary Uncertainty on the Demand for Money in Emerging Economies. Applied Economics, 45 (23), 3278-3287. doi:10.1080/00036846.2012.705430
Bahmani-Oskooee, M., & Nayeri, M. M. (2018). Policy Uncertainty and the Demand for Money in Australia: An Asymmetry Analysis. Australian Economic Papers, 57 (4), 456-469. doi:10.1111/1467-8454.12127
Bahmani-Oskooee, M., & Nayeri, M. M. (2020). Policy Uncertainty and the Demand for Money in Japan. Review of Economic Analysis, 12 (1), 73-87. doi:10.15353/rea.v12i1.1692
Bahmani-Oskooee, M., & Pourheydarian, M. (1990). Exchange Rate Sensitivity of the Demand for Money and Effectiveness of Fiscal and Monetary Policies. Applied Economics, 22 (7), 917–925. doi:10.1080/00036849000000029
Bahmani-Oskooee, M., & Rehman, H. (2005). Stability of the Money Demand Function in Asian Developing Countries. Applied Economics, 37 (7), 773-792. doi:10.1080/0003684042000337424
Bahmani-Oskooee, M., & Shabsigh, G. (1996). The Demand for Money in Japan: Evidence from Cointegration Analysis. Japan and the World Economy, 8 (1), 1-10. doi:10.1016/0922-1425(95)00002-X
Bahmani-Oskooee, M., & Xi, D. (2011). Economic Uncertainty, Monetary Uncertainty and the Demand for Money in Australia. Australian Economic Papers, 50 (4), 115-128. doi:10.1111/j.1467-8454.2011.00417.x
Bahmani-Oskooee, M., & Xi, D. (2014). Economic Uncertainty, Monetary Uncertainty, and the Demand for Money: Evidence from Asian Countries. Australian Economic Papers, 53 (1-2), 16-28. doi:10.1111/1467-8454.12018
Bahmani-Oskooee, M., Xi, D., & Bahman, S. (2016). Asymmetric Effects of Exchange Rate Changes on the Demand for Money in China. Applied Economics Letters, 23 (5), 1104-1109. doi:10.1080/13504851.2015.1137540
Bahmani-Oskooee, M., Xi, D., & Wang, Y. (2012). Economic and Monetary Uncertainty and the Demand for Money in China. The Chinese Economy, 45 (6), 26-37. doi:10.2753/CES1097-1475450602
Baidoo, S. T., & Yusif, H. (2019). Does Interest Rate Influence Demand for Money? An Empirical Evidence from Ghana. Economics Literature, 1 (1), 24–36. doi:10.22440/elit.1.1.2
Baker, S. R., Bloom, N., & Davis, S. J. (2015). Measuring Economic Policy Uncertainty (Working Paper No. 21633). National Bureau of Economic Research (NBER). doi:10.3386/w21633
Benchimol, J., & Qureshi, I. (2020). Time-Varying Money Demand and Real Balance Effects. Economic Modelling, 87 , 197-211. doi:10.1016/j.econmod.2019.07.020
Ben-Salha, O., & Jaidi, Z. (2014). Some New Evidence on the Determinants of Money Demand in Developing Countries: A Case of Tunisia. The Journal of Economic Asymmetries, 11, 30-45. doi:10.1016/j.jeca.2014.06.001
Brand, C., & Cassola, N. (2000). A Money Demand System for Euro Area M3 (Working Paper Series, No. 39). European Central Bank (ECB). https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp039.pdf.
Breusch, T. S., & Pagan, A. R. (1980). The Lagrange Multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47 (1), 239-253. doi:10.2307/2297111
Brissimis, S. N., Hondroyiannis, G., Swamy, P., & Tavlas, G. S. (2003). Empirical Modelling of Money Demand in Periods of Structural Change: The Case of Greece (Working Paper, No. 1). Bank of Greece. doi:10.2139/ssrn.4161529
Carstensen, K. (2006). Stock Market Downswing and the Stability of European Monetary Union Money Demand. Journal of Business & Economic Statistics, 24 (4), 395-402. doi:10.1198/073500106000000369
Chaisrisawatsuk, S., Sharma, S. C., & Chowdhury, A. R. (2004). Money Demand Stability under Currency Substitution: Some Recent Evidence. Applied Financial Economics, 14 (1), 19-27. doi:10.1080/0960310042000164194
Choi, W. G., & Cook, D. (2007). Financial Market Risk and U.S. Money Demand (Working Paper, No. WP/07/89). IMF. https://www.imf.org/external/pubs/ft/wp/2007/wp0789.pdf.
Choi, W. G., & Oh, S. (2003). A Money Demand Function with Output Uncertainty, Monetary Uncertainty, and Financial Innovations. Journal of Money, Credit and Banking, 35 (5), 685-709. doi:10.1353/mcb.2003.0034
Chudik, A., Mohaddes, K., Pesaran, M. H., & Raissi, M. (2016). Long-Run Effects in Large Heterogeneous Panel Data Models with Cross-Sectionally Correlated Errors. In G. GonzAlez-Rivera, R. C. Hill, & T.-H. Lee (Eds.), Advances in Econometrics, Essays in Honor of Aman Ullah (Vol. 36, p. 85-135). Emerald Publishing. doi:10.1108/S0731-905320160000036013
Chudik, A., & Pesaran, M. H. (2015). Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors. Journal of Econometrics, 188 (2), 393-420. doi:10.1016/j.jeconom.2015.03.007
Coenen, D., & Vega, J. L. (2001). The Demand for M3 in the Euro Area. Journal of Applied Econometrics, 16 (6), 727-748. doi:10.1002/jae.629
Daniele, V., Foresti, P., & Napolitano, O. (2017). The Stability of Money Demand in the Long-Run: Italy 1861-2011. Cliometrica, 11 , 217-244. doi:10.1007/s11698-016-0143-8
Dobnik, F. (2013). Long-Run Money Demand in OECD Countries: What Role do Common Factors Play? Empirical Economies, 277 , 89-113. doi:10.1007/s00181-012-0600-6
Dogru, B. (2014). Turkiye’de Para Talebinin Uzun ve Kisa Donem Dengesinin ARDL ve VEC Yaklasimlari ile Analiz Edilmesi. Ekonomik ve Sosyal Arastirmalar Dergisi , 10 (10), 19-31.
Dogru, B., & Recepoglu, M. (2013). Dynamic Analysis of Money Demand Function in Turkey. International Journal of Economics and Finance, 5 (9), 20-27. doi:10.5539/ijef.v5n9p20
Dreger, C., Reimers, H.-E., & Roffia, B. (2006). Long-Run Money Demand in the New EU Member States with Exchange Rate Effects (Working Paper Series, No. 628). European Central Bank (ECB). https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp628.pdf.
Dreger, C., &Wolters, J. (2010). Investigating M3 Money Demand in the Euro Area. Journal of International Money and Finance, 29, 111-122. doi:10.1016/j.jimonfin.2009.02.002
Ericsson, N. R. (1998). Empirical Modelling of Money Demand. Empirical Modelling, 23, 295-315. doi:10.1007/bf01294409
Fagan, G., & Henry, J. (1998). Long-run Money Demand in the EU: Evidence for Area-Wide Aggregates. Empirical Economics, 23, 483-506. doi:10.1007/BF01294419
Fair, R. C. (1987). International Evidence on the Demand for Money. The Review of Economics and Statistics, 69 (3), 473-480. doi:10.2307/1925535
Federal Reserve Bank of St. Louis (FRED). (2024). Economic Data. https://fred.stlouisfed.org/.
Friedman, M. (1984). Lessons from the 1979-82 Monetary Policy Experiment. The American Economic Review, 62, 397-400.
Gan, P.-T. (2019). Economic Uncertainty, Precautionary Motive and the Augmented form of Money Demand Function. Evolutionary and Institutional Economics Review, 16 (2), 397-423. doi:10.1007/s40844-019-00125-5
Gan, P.-T., Yee, K.-J., Jalil, N. A., & Rambeli, N. (2021). The Economic Uncertainty with Money Demand: Empirical Evidence for Selected Developed and Developing Countries. Turkish Journal of Computer and Mathematics Education, 12 (3), 286-306.
Gencer, S., & Arisoy, I. (2013). Turkiye’de Uzun Donem Genis Para (M2Y) Talebinin Tahmini: Zamanla Degisen Katsayilar Yonteminden Bulgular. Ege Akademik Bakis, 13 (4), 515-526.
Greiber, C., & Lemke, W. (2005). Money Demand and Macroeconomic Uncertainty (Discussion Papers, No. 26/2005). Deustche Bundesbank. https://www.bundesbank.de/resource/blob/703246/3ea617be668e93a1ff3226ffa6482b11/mL/2005-08-11-dkp-26-data.pdf.
Hafer, R. W., & Jansen, D. W. (1991). The Demand for Money in the United States: Evidence from Cointegration Tests. Journal of Money, Credit and Banking, 23 (2), 155-168. doi:10.2307/1992774
Hamburger, M. J. (1977). The Demand for Money in an Open Economy: Germany and the United Kingdom. Journal of Monetary Economics, 3 (1), 25-40. doi:10.1016/0304-3932(77)90003-4
Hamdi, H., Said, A., & Sbia, R. (2015). Empirical Evidence on the Long-Run Money Demand Function in the Gulf Cooperation Council Countries. International Journal of Economics and Financial Issues, 5 (2), 603-612. doi:https://www.econjournals.com/index.php/ijefi/article/view/1158
Hassler, U., &Wolters, J. (2006). Autoregressive Distributed Lag Models and Cointegration. Allgemeines Statistisches Arch, 90, 59-74. doi:10.1007/s10182-006-0221-5
Holtemoller, O. (2004). A Monetary Vector Error Correction Model of the Euro Area and Implications for Monetary Policy. Empirical Economics, 29, 553-574. doi:10.1007/s00181-004-0198-4
Hossain, A. A. (2007). The Narrow Money Demand Behaviour in Indonesia, 1970-2005. ASEAN Economic Bulletin, 24 (3), 320-338.
Hossain, A. A., & Arwatchanakarn, P. (2020). The Effect of Economic Uncertainty on Narrow Money Demand and Its Stability in New Zealand: An Empirical Investigation. Economic Analysis and Policy, 68, 88-100. doi:10.1016/j.eap.2020.09.002
Hubrich, K., & Vlaar, P. (2000). Germany and the Euro Area: Differences in the Transmission Process of Monetary Policy (Research Memorandum, No. 613). De Nederlandsche Bank. http://fmwww.bc.edu/RePEc/es2000/1802.pdf.
Hueng, C. J. (1998). The Demand for Money in an Open Economy: Some Evidence for Canada. The North American Journal of Economics and Finance, 9 (1), 15–31. doi:10.1016/S1062-9408(99)80078-3
IMF. (2023). World Economic Outlook-A Rocky Recovery. https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023.
International Financial Statistics. (2024). IMF Data-Access to Macroeconomic and Financial Data. https://data.imf.org/?sk=4c514d48-b6ba-49ed-8ab9-52b0c1a0179b.
Ivanovski, K., & Churchill, S. A. (2019). Economic Policy Uncertainty and Demand for Money in Australia. Applied Economics, 51 (41), 4516-4526. doi:10.1080/00036846.2019.1593936
Jiranyakul, K., & Opiela, T. P. (2014). Instability of Money Demand: Recent Evidence for Thailand. Modern Economy,5 , 907-913. doi:10.4236/me.2014.58083
Jonah, J. N., Egbe, I. S., & Richard, E. B. (2020). Financial Innovation and Demand for Money in Nigeria. International Journal of Economics and Financial Research, 6 (12), 257-268. doi:10.32861/ijefr.612.257.268
Khan, R. E., & Hye, Q. M. (2013). Financial Liberalization and Demand for Money: A Case of Pakistan. The Journal of Developing Areas, 47 (2), 175-198.
Kjosevski, J. (2013). The Determinants and Stability of Money Demand in the Republic of Macedonia. Journal of Economics and Business, 31 (1), 35-54.
Korap, L. (2011). A Closer Look at the Money Multipliers for the Turkish Economy: Is There a Stable Relationship? (Working Paper, No. 40778). MPRA-Munich Personal RePeC Archive. https://mpra.ub.uni-muenchen.de/40778/.
Kripfganz, S., & Schneider, D. C. (2023). ardl: Estimating autoregressive distributed lag and equilibrium correction models. The Stata Journal, 23 (4), 983-1019. doi:10.1177/1536867X231212434
Kumar, S., Chowdhury, M. B., & Rao, B. B. (2013). Demand for Money in the Selected OECD Countries: a Time Series Panel Data Approach and Structural Breaks. Applied Economics, 45 (14), 1767-1776. doi:10.1080/00036846.2011.637897
Kurihara, Y. (2016). Demand for Money Under Low ˙Interest Rates in Japan. Journal of Economic & Financial Studies, 4 (4), 12-19. doi:10.18533/jefs.v4i04.247
Leong, C.-M., Puah, C.-H., Lau, E., & Shazali, A. M. (2019). Asymmetric Effects of Exchange Rate Changes on the Demand for Divisia Money in Malaysia. Journal of International Studies, 12 (4), 52-62. doi:10.14254/2071-8330.2019/12-4/4
Li, Z., & Ingham, H. (2020). Financial Development, Economic Performance and Democracy: Methodological Issues and New Estimates (Economics Working Paper Series, No. 003). Lanchester University Management School. https://www.lancaster.ac.uk/media/lancaster-university/content-assets/documents/lums/economics/working-papers/LancasterWP2020_003.pdf.
Lutkephol, H. (1993). The Sources of the U.S. Money Demand Instability. Empirical Economics, 18, 729-743. doi:10.1007/BF01205418
Maddala, G. S., & Wu, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics, 61 (S1), 631-652. doi:10.1111/1468-0084.0610s1631
Mera, V.-I., Silaghi, M., & Turcu, C. (2020). Economic Sentiments and Money Demand Stability in the CEECs. Open Economies Review, 31, 343-369. doi:10.1007/s11079-019-09558-2
Miyao, R. (1996). Long-Run Effects of Real, Monetary and Exchange Rate Disturbances The Case of Japan (Discussion Paper Series, No. 60). Research Institute for Economics & Business Administration, Kobe University. https://EconPapers.repec.org/RePEc:kob:dpaper:60.
Mundell, R. A. (1963). Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates. The Canadian Journal of Economics and Political Science, 29 (4), 475-485. doi:10.2307/139336
Narayan, P. K. (2010). Modelling Money Demand for a Panel of Eight Transitional Economies. Applied Economics, 42 (25), 3293-3305. doi:10.1080/00036840802112323
Narayan, P. K., Narayan, S., & Mishra, V. (2009). Estimating Money Demand Functions for South Asian Countries. Economics Literature, 36 , 685-696. doi:10.1007/s00181-008-0219-9
Nepal, R., & Paija, N. (2020). Stability of Money Demand Function in the SAARC Region: A Panel Co-Integration Approach. Journal of Economic Integration, 35 (1), 111-128. doi:10.11130/jei.2020.35.1.111
Nusair, S. A., Olson, D., & Al-Khasawneh, J. (2024). Asymmetric Effects of Economic Policy Uncertainty on Demand for Money in Developed Countries. The Journal of Economic Asymmetries, 29, e00350. doi:10.1016/j.jeca.2023.e00350
Odularu, G. O., & Okunrinboye, O. A. (2009). Modeling the Impact of Financial Innovation on the Demand for Money in Nigeria. African Journal of Business Management, 3 (2), 39-51.
Organisation for Economic Co-operation and Development. (2024). Data-Indicators. https://www.oecd.org/en/data/indicators.html?orderBy=mostRelevant&page=0.
Oxley, T. L. (1983). Functional and Structural Breaks in the UK Demand for Money Function: 1963–1979. Journal of Economic Studies, 10 (3), 22-41. doi:10.1108/eb002562
Ozcan, B., & Ari, A. (2013). Para Talebinin Belirleyenleri ve Istikrari Uzerine Bir Uygulama: Turkiye Ornegi. Yonetim ve Ekonomi , 20 (2), 105-120.
Ozdemir, K. A., & Saygili, M. (2010). Economic Uncertainty and Money Demand Stability in Turkey (Working Paper Series, No. 10/15). Central Bank of the Republic of Turkey. https://tcmb.gov.tr/wps/wcm/connect/719db7b5-a1d6-49f7-a022-85f60e6df7a/WP1015.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-719db7b5-a1d6-49f7-a022-085f60e6df7a-m3fB8WQ.
Perez, A. S. (2014). Cointegration Analysis of Money Demand in the Euro Area. https://addi.ehu.es/bitstream/handle/10810/14503/TFG_Salazar.pdf?sequence=2.
Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels (Discussion Paper No. 1240). The Institute for the Study of Labor (IZA). https://docs.iza.org/dp1240.pdf.
Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22 (2), 265-312. doi:10.1002/jae.951
Pesaran, M. H. (2015). Time series and panel data econometrics. Oxford University Press.
Pesaran, M. H., & Shin, Y. (1998). An Autoregressive Distributed-Lag Modelling Approach to Cointegration Analysis. In S. Strom (Ed.), Econometrics and Economic Theory in the 20th Century (p. 371-418). Cambridge University Press, Cambridge. doi:10.1017/CCOL521633230.011
Pesaran, M. H., Shin, Y., & Smith, R. J. (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association, 94 (446), 621-634. doi:10.1080/01621459.1999.10474156
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal of Applied Econometrics, 16 (3), 289-326. doi:10.1002/jae.616
Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. The Econometrics Journal, 11 (1), 105-127. doi:10.1111/j.1368-423X.2007.00227.x
Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142 (1), 50-93. doi:10.1016/j.jeconom.2007.05.010
Phillips, P. C., & Sul, D. (2003). Dynamic Panel Estimation and Homogeneity Testing under Cross Section Dependence. The Econometrics Journal, 6 (1), 217-259. doi:10.1111/1368-423X.00108
Rao, B., & Kumar, S. (2009). Is the US Demand for Money Unstable? (Working Paper, No. 15715). Munich Personal RePEc Archive (MPRA). https://mpra.ub.uni-muenchen.de/15715/.
Samargandi, N., Fidrmuc, J., & Ghosh, S. (2015). Is the Relationship Between Financial Development and Economic Growth Monotonic? Evidence from a Sample of Middle-Income Countries. World Development, 68, 66-81. doi:10.1016/j.worlddev.2014.11.010
Sarwar, H., Sarwar, M., & Waqas, M. (2013). Stability of Money Demand Function in Pakistan. Economic and Business Review, 15 (3), 197-212. doi:10.15458/2335-4216.1194
Scheiblecker, M. (2017). Modelling Short-run Money Demand for the US. Applied Economics and Finance, 4 (5), 9-20. doi:10.11114/aef.v4i5.2575
Talas, E., Kaplan, F., & Celik, A. K. (2013). Model Stability Test of Money Demand by Monthly Time Series Using CUSUM and MOSUM Tests: Evidence from Turkey. Research in World Economy, 4 (2), 36-42. doi:10.5430/rwe.v4n2p36
Tan, W.-H., Puah, C.-H., Wong, S. S.-L., & Chong, M.-T. (2020). Economic Uncertainty and the Demand for Broad Money in South Africa. Business and Economic Research, 10 (2), 123-135. doi:10.5296/ber.v10i2.16577
Tang, T. C. (2007). Money Demand Function for Southeast Asian Countries: An Empirical View from Expenditure Components. Journal of Economic Studies, 34 (6), 476-496. doi:10.1108/01443580710830952
Tatoglu, F. Y. (2020). Panel Zaman Serileri Analizi. Beta Yayincilik, Istanbul.
Tumturk, O. (2017). Stability of Money Demand Function in Turkey. Business and Economics Research Journal, 8 (1), 35-48. doi:10.20409/berj.2017126243
Usta, A. (2022). Modelling Asymmetric Cointegration of Money Demand in Turkiye: Bounds Testing Approach. Anatolian Journal of Economics and Business, 6 (2), 87-103.
Vlaar, P., & Schuberth, H. (1999). Monetary Transmission and Controllability of Money in Europe: a Structural Vector Error Correction Approach (Research Memorandum, No. 36). De Nederlandsche Bank. https://library.centralbankmalta.org/cgi-bin/koha/opac-detail.pl?biblionumber=30289.
WUI. (2023). World Uncertainty Index. https://worlduncertaintyindex.com/data/.
Yu, H. (2022). Impact of the Exchange Rate and the Foreign Interest Rate on the Argentina Money Demand Function. Applied Economics Letters, 15 (1), 35-39. doi:10.1080/13504850600706685
Zouhar, Y., & Kacemi, A. (2008). Financial Liberalization and Money Demand in Morocco (Working Paper Series, No. 389). Economic Research Forum. https://erf.org.eg/publications/financial-liberalization-and-money-demand-in-morocco/.
Zuo, H., & Park, S. Y. (2011). Money Demand in China and Time-Varying Cointegration. China Economic Review, 22, 330-343. doi:10.1016/j.chieco.2011.04.001