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Author Sriram, Subramanian S
Title Gambia : Demand for Broad Money and Implications for Monetary Policy Conduct
Imprint Washington : International Monetary Fund, 2009
©2009
book jacket
Descript 1 online resource (43 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Series IMF Working Papers
IMF Working Papers
Note Intro -- Contents -- I. Introduction -- II. Country Characteristics, Macroeconomic Performance, and Financial Sector Development -- A. Country Characteristics -- B. Macroeconomic Performance -- C. Financial Sector Development -- III. Present Monetary Policy Framework -- IV. Model Specification -- A. General Framework -- B. Model Specification for Long-Run Demand for Real M2 in The Gambia -- Functional relationship -- Justification on selection of variables -- Expected signs of coefficients -- V. Estimation of Long-Run Demand for Real M2 -- A. Unit Root Tests -- B. Cointegration Tests -- VI. Policy Implicatoins -- VII. Conclusions -- References -- Text Tables -- 1. Unit Root Test Results -- 2. Cointegration and Weak-Exogeneity Test Results -- 3. De Jure Monetary Policy Frameworks in Sub-Saharan Africa -- Figures -- 1. Real GDP Growth, 1988-2007 -- 2. Average Inflation, 1988-2007 -- 3. Exchange Rate Developments, 1988-2007 -- 4. Real Lending Rates and Interest Rate Spreads, 1988-2007 -- 5. Measures of Financial Deepening, 1988-2007 -- 6. Reserve Requirements, 2001-07 -- 7. Rediscount Rate, 2001-07 -- 8. Money Multiplier, January 1988-June 2007 -- 9. Growth in Broad Money and Inflation, January 1988-June 2007 -- Appendices -- 1. Financial Sector Developments, 1985-June 2007 -- 2. Reserve Requirements in Various Countries, 2008 -- 3. Data Specifications and Data Sources -- 4. Graphical Representation of Various Variables Employed -- 5. Diagnostic Test Results for the Cointegration Relationship -- 6 Graphical Presentation of Diagnostic Test Results -- 7. Parameter Constancy Tests -- 8. Chow Tests
This paper evaluates the demand for broad money (M2) in The Gambia for January 1988-June 2007. There appears to be a long-run relationship for demand for real M2, but the relationship is not stable. Exogenous output shocks, financial innovation, changes in income velocity, and inadequate data quality contribute to the instability. The authorities may need to apply the monetary targeting regime flexibly in the overall objective of preserving price stability. A possible option for The Gambia is to become an inflation targeter lite
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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: Sriram, Subramanian S. Gambia : Demand for Broad Money and Implications for Monetary Policy Conduct Washington : International Monetary Fund,c2009 9781451873399
Subject Money supply -- Gambia.;Monetary policy -- Gambia.;Inflation (Finance) -- Gambia
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