Effect of Financial Innovations on Demand for Money in Pakistan: An ARDL approach

Autor:	Zaman Malik, Qamar Uz, Qais Aslam
Rok vydání:	2010
Předmět:	Finance Estimation Short run Demand curve business.industry On demand Economics Positive relationship Demand for money Information technology Modernization theory business
Zdroj:	Paradigms. 4:01-23
ISSN:	2410-0854 1996-2800
Popis:	An increasing array of development of banking system of Pakistan, through the use of information technology and modernization of products and services has led to financial innovations to be considered as important determinant of demand for money. This paper investigates the relationship of financial innovations and demand for money in Pakistan using Pesaran and Shin (1995) ARDL approach for long run and ECM for short run determination using yearly observations from 1957 to 2008. Using the ARDL coefficient estimation approach financial innovations demonstrates positive relationship, not found to significant but highly elastic and does not have deterministic trend for long run estimation whereas positively significant and deterministic trend for money demand function in short run in case of Pakistan.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::cbc82ec4cf8ce8151edf5005d2dd3aed https://doi.org/10.24312/paradigms040101 Zobrazit plný text záznamu