Demand for money plays a major role in macroeconomic analysis, especially in selecting appropriate monetary policy actions. Consequently, a steady stream of theoretical and empirical research has been carried out worldwide over the past several decades (see Sriram (1999b)). The interest on developing countries has heightened in recent years, triggered primarily by the concern among central banks and researchers on the impact of the movement toward flexible exchange rate regime, globalization of capital markets, ongoing domestic financial liberalization and innovation, and country-specific issues
Bibliography
Includes bibliographical references (pages 44-49)
Notes
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