Estimation of money demand function for selected countries; a panel data analysis
Bibliographic record
Abstract
ABSTRACT: This study evaluates the nature of the demand for broad money (M2) in seven selected countries of Australia, Canada, Hungary, Iceland, Singapore, South Africa, and Switzerland as a panel data analysis. This is important in a sense that money demand function in monetary policies rely on its permanency. A set of expletory researches were conducted regarding quantity of real money demand function in developing and developed countries with similar financial sector in order to well understanding of the nature of modeling. In particular, the thesis uses annual data about real money demand (M2/P), nominal interest rate (INT), real gross domestic product (GDP) and financial development (G) to estimate the income and interest rate elasticity of money demand for this sample of countries. In this study also the relationship of financial development and quantity of real money demand are being investigated. The methodology will be based on panel data regression analysis with fixed effect. The sample period of study will be between 1985-2010 years. The quantity theory of money states that, the long term income elasticity needs to be close to the value one which is consistent with our finding of 0.7739. The coefficients obtained of real income, interest rate, and financial developments are as expected and significant. Consequently, the long run demand for money (M2) in selected countries as a group was positively related to real income and financial development and negatively related to nominal interest rate. Keywords: Money Demand Estimation, Interest Rate, GDP, Panel, Regression Analysis. ………………………………………………………………………………………………………………………… ÖZ: Bu çalışma, bir panel veri analizi olarak Avustralya, Kanada, Macaristan, İzlanda, Singapur, Güney Afrika, ve İsviçre yedi belirli ülkelerde geniş para (M2) için talep niteligi değerlendirir. Bu,bir anlamda önemli dirky, para talebi para politikaları fonksiyonunda kalıcılıga dayanmaktadir. Araştırmalar bir dizi modelleme doğanın iyi anlaşılması için , benzer finans sektöründe gelişmiş ve gelişmekte olan ülkelerde gerçek para talebi fonksiyonunun miktarı ile ilgili yapılmıştır. Özellikle, tez gelir ve para talebinin faiz esnekliği tahmin etmek için gerçek para talebi (M2 / P), nominal faiz oranı (INT), reel gayri safi yurtiçi hasıla (GSYİH) ve finansal geliştirme (G) örnek ülkelerin yıllık verilerini kullanır. Bu çalışmada finansal gelişme ve gerçek para talebinin miktarı arasındaki ilişki araştırılmaktadır. Metodoloji panel veri regresyon analize ile sabit etkiye dayalı olacaktır. Örnek Araştırma süresi 1985-2010 yılları arasında olacaktır.para miktar teorisi belirtirky uzun vadede gelir esnekliği değeri, bizim bulduğumuz tutar ile (0.7739) yakın olması gerekir. Reel gelir, faiz oranı, ve finansal gelişmelerin elde edilen katsayıları beklendiği gibi ve önemli edilmektedir. Sonuç olarak, bir grup olarak belirli ülkelerde uzun vadede para için edilen taleb (M2) olumlu reel gelir ve finansal gelişme ile ilgili ve olumsuz olarak nominal faiz oranı ile ilgilidir. Anahtar Kelimeler: Para Talep Tahmini, Finansal Gelişme, Faiz, GSYH, Panel, Regresyon Analizi.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.001 | 0.001 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.003 | 0.001 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.000 | 0.002 |
| Open science | 0.002 | 0.000 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".