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By Subrata Ghatak, José R. Sánchez-Fung

This booklet highlights the elemental ideas of financial economics and their program to constructing international locations. totally illustrated, the hot variation comprises 4 completely new chapters, with fabric on monetary crises, the debates surrounding inflation focusing on, and an exam of the function and way forward for monetary associations.

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If V and r are causally related, a becomes a structural parameter of the long-run money demand function. The argument is valid as long as the value of e tends to be zero, correcting the error at the end. Clearly, the co-integration technique is a new and interesting way to get rid of spurious regression. On the other hand, it is important to remember that cointegration does not imply causality. Such causality comes from economic theory. Demand for money in a dual-currency, quantity-constrained economy Many LDCs experience excess demand for goods - for example, the centrally planned economies (CPEs) of Eastern Europe.

The rationale behind applying time-series modelling to different components of money supply is to check which components should be chosen as policy instruments. The time-series data for India are available for two definitions of money, narrow and broad. The former includes cash and demand deposits and the latter includes time deposits as well. If these different time-series do not all have the same stationarity properties and are not cointegrated with all the explanatory variables under consideration, stabilisation policy should aim at only those components of money which are cointegrated with the variables explaining the desired demand for money.

Two currencies and two money stocks exist: official, which constitutes the domestic, 'soft currency' emission of a central bank, denoted hereafter as OM (official market) money, and unofficial, being usually a currency of one of the Western countries, BM (black market) money. In Poland, the US dollar has the role of the latter while in East Germany it was the West German Deutsche Mark. We allow for perfect and free exchange between the unofficial and official currencies. 38) where X is the black market rate of exchange of the BM into the OM currency.

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