Answers are grounded in this paper and cite their sources.
This paper adopts the bounds testing procedure developed by Pesaran et al. (2001) to test the stability of the long-run money demand for Ghana. The results provide strong evidence for the presence of a stable, well-identified long-run money demand during a period of substantial changes in the financial markets. The empirical evidence points to complex dynamics between money demand and its determinants while suggesting that deviations from the equilibrium are rather short-lived.1
No takes yet. Share an insight, caveat, or question.
Kovanen et al. (2011) studied this question.
Synapse has enriched 10 related papers. Consider them for comparative context: