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1 août 2015
- handle: 10670/1.t5n19c
- hal: hal-01257389
Mots-clés
Money inflation Panel cointegration CEE countries E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • Deflation E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary Policy E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E51 - Money Supply • Credit • Money Multipliers E - Macroeconomics and Monetary Economics/E.E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy/E.E2.E23 - Production E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E40 - GeneralSujets proches
Specie Monetary question Money, Primitive Currency Standard of valueCiter ce document
Claudiu Tiberiu Albulescu et al., « On the Long Run Money-Prices Relationship in CEE Countries », HAL-SHS : économie et finance, ID : 10670/1.t5n19c
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Résumé
We investigate the role of money in explaining the long run inflation in 12 CEE countries, using monthly data for the period 2004-2013. We use a panel cointegration approach and recently developed empirical techniques as the panel fully modified and the panel dynamic regression procedures. Beside the role of interest rate and economic growth rate in explaining inflation, our cointegration equation explores the role of broad money (M2) growth. We also look to the M2 components, namely M1 and the difference between M2 and M1. We find no cointegration relationship either for the broad money or for the narrow money. However, money created by the banking sector explains the inflation in CEE countries in the long run. This last finding characterizes the entire panel, the panel of the seven CEE countries candidates to the Euro area, but not the panel of Euro area members. The findings are robust regarding the consideration of the income velocity’s impact on the money in circulation.