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Search Results: 1 - 10 of 3262 matches for " Money Supply "
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Application of SARIMA Model on Money Supply  [PDF]
Shichang Shen, Shan Chen
Open Journal of Statistics (OJS) , 2017, DOI: 10.4236/ojs.2017.71009
Abstract: In the paper, the data of the narrow money supply of China from January 2005 to March 2016 as sample, \"\" model is established by using Eviews6.0. Upon inspection, the model has good fitting effect (MAPE = 1.09) and high prediction accuracy. According to the results of the model, the paper forecasts the development trend of the narrow money supply of China and puts forward some suggestions to provide reference for monetary policy of China.
Money Supply and Inflation in Nigeria: Implications for National Development  [PDF]
Olorunfemi Sola, Adeleke Peter
Modern Economy (ME) , 2013, DOI: 10.4236/me.2013.43018

The study examines money supply and inflation rate in Nigeria. Secondary data that ranged between 1970-2008 were sourced from the CBN Statistical Bulletin. The study used Vector Auto Regressive (VAR) model. The stationary properties of the model were also explored. The results revealed that money supply and exchange rate were stationary at the level while oil revenue and interest rate were stationary at the first difference. Results from the causality test indicate that there exists a unidirectional causality between money supply and inflation rate as well as interest rate and inflation rate. The causality test runs from money supply to inflation, from the interest rate to inflation and from interest rate to money supply. The paper concludes that government should use the level of inflation as an operational guide in measuring the effectiveness of its monetary policy.

The Effect of Money Supply on the Volatility of Korean Stock Market  [PDF]
Ki-Hong Choi, Seong-Min Yoon
Modern Economy (ME) , 2015, DOI: 10.4236/me.2015.65052
Abstract: We examined the potential relationships between changes in the money supplies of Korea and the United States and volatility of the Korean stock market using the GARCH, GJR-GARCH, and EGARCH models. We did not identify any such relationships, implying that changes in money supply do not influence the flow of information to the market. However, we found that the asymmetric effect of bad news on volatility was higher when contemporaneous changes in Korean and US money supply variables were included in the models. This indicates that changes in money supply did not affect Korean stock volatility directly. Finally, the results based on a variance model indicated that the money supply of the two countries had no effect on the Korean stock market. This formal study suggests that there is no significant forecasting power of past changes in money supply. Although stock returns and volatility are not directly affected by changes in the money supply, the influence of supply on macroeconomic activity should not be disregarded.
A Simultaneous-Equation Model of Money Demand and Money Supply for Canada  [PDF]
Yu Hsing, Abul M. M. Jamal
Modern Economy (ME) , 2013, DOI: 10.4236/me.2013.41004

We estimate the money demand function and the money supply function for Canadasimultaneously by the three-stage least squares method. The inflation gap and the output gap are incorporated in the money supply function. Real money demand is positively affected by real GDP and negatively associated with the Treasury bill rate and the nominal effecttive exchange rate. Real money supply is positively influenced by the Treasury bill rate and negatively impacted by the inflation gap and the output gap.

An Empirical Study on the Influencing Factors and Countermeasures of Inflation in China  [PDF]
Shiyun Liang
American Journal of Industrial and Business Management (AJIBM) , 2017, DOI: 10.4236/ajibm.2017.74037
Abstract: Since the outbreak of the financial crisis in 2008, China’s money supply has been increasing in the context of serious international monetary crisis, which had caused the problem of domestic inflation and become a threat to China’s economic development. China’s economic structure and development determines that domestic inflation is highly vulnerable to external shocks. At present, the relationship between China and the world is deepening, and economic reform is imperative. This means that the influence of international currency, capital and commodities will have a certain effect on China’s economy and inflation through certain transmission mechanism. This paper mainly analyzes the influencing factors of inflation from comprehensive domestic and external shocks in China by quantitative research, and to reveal its main causes in order to put forward the corresponding policy suggestions and promote the healthy development of the national economy.
Liquidity Management at the Zero Lower Bound and an Era of Activism in Central Banking  [PDF]
Bodo Herzog
Journal of Mathematical Finance (JMF) , 2016, DOI: 10.4236/jmf.2016.61006

The paper studies liquidity management in the banking sector at the zero lower bound implemented by central banks. The new era of monetary policy with interest rates at zero and quantitative easing programs raise questions about the effectiveness of central banking policy and their impact on the banking sector. I find that the zero lower bound reduces liquidity reserves of banks and thus creates less credit supply. The T-LTRO program, developed by the European Central Bank, has helped to tackle this problem. However, the recently expanded asset purchase program reveals the opposite effect. Hence, the recent liquidity provisions by central banks have put incentives rather on de-leveraging than bank lending.

Monetary Policy Impact on Stock Return: Evidence from Growing Stock Markets  [PDF]
Raksha Bissoon, Boopen Seetanah, Reena Bhattu-Babajee, Narvada Gopy-Ramdhany, Keshav Seetah
Theoretical Economics Letters (TEL) , 2016, DOI: 10.4236/tel.2016.65112
Abstract: This study investigates the impact of monetary policies on stock markets based on a sample of five open countries with growing stock market over the period 2004 to 2014. Using a random effect model for the panel regression coupled with a panel vector error correction model to study the short term and long term relationship between the variables, the findings reveal a negative relation between interest rate and stock return and a direct link between money supply and stock return. The results confirm that both in the short run and long run monetary variables explain changes in stock return.
Effect of Financial Development on the Transmission of Monetary Policy  [PDF]
Rama Seth, Vaanchitha Kalyanaraman
Theoretical Economics Letters (TEL) , 2017, DOI: 10.4236/tel.2017.74058
Abstract: This paper looks at the effect of financial development on output and bank liquidity by doing a cross-country analysis of 119 countries across 18 years from 1997-2014. We develop three hypotheses by combining multiple strands of literature which have heretofore existed in parallel. The main research question is whether financial development serves to provide greater bank liquidity and whether it does indeed stimulate output growth. This question is of particular relevance when there are changes in monetary policy. This paper goes to the heart of examining whether monetary policy is transmitted more effectively with better financial development and whether the goal to achieve output changes via monetary policy is better effected in an environment of developed financial markets. Our results support the hypotheses that financial development positively impacts output, and negatively affects bank liquidity. We also show that with financial development, the effect of bank liquidity on output is heightened.
Decomposing US Money Supply Changes since the Financial Crisis
Richard Robinson,Marwan El Nasser
International Journal of Financial Studies , 2013, DOI: 10.3390/ijfs1020032
Abstract: In response to the financial crisis of 2008, the Federal Reserve radically increased the monetary base. Banks responded by increasing excess reserves rather than increasing bank loans, and the public responded with a substantial flight to liquidity in the form of currency and demand deposits. As a result, the money-supply multipliers substantially decreased, so that the actual money supply measures grew more moderately than the base. The sustained multiplier-collapse spawned reexamination of monetary versus fiscal theories of price-level determination. This paper, however, presents decompositions of the money-multiplier collapse into changes in the currency-to-deposit ratios, and changes in the reserve-to-deposit ratio. By doing so, possible near-term increases in the multipliers are simulated so that the possibility of either full or partial restoration to their pre-crisis levels is assessed. Policy possibilities for controlling the money supply over various horizons follow. This analysis illustrates the Federal Reserve’s exit dilemma that results from its financial-crisis policy.
Online Money Flows: Exploring the Nature of the Relation of Technology’s New Creature to Money Supply—A Suggested Conceptual Framework and Research Propositions  [PDF]
Victoria E. Erosa
American Journal of Industrial and Business Management (AJIBM) , 2018, DOI: 10.4236/ajibm.2018.82017
Abstract: Framing the analysis of Technology influences in an extended scenario of macroeconomic topics of the kind of Money Supply, attention is given to changes in economic paradigms that technology is constantly creating globally, focusing the research interest in the nature of the relation between cross border E-Commerce online money flows and Money Supply. As this context requires to find an explanation that cannot be provided by pre-existing theory, the abduction or abductive approach is considered to be suitable to investigate how far available data on the matter fits with the stated research subject identified at a crossroad of Technology Theory, Business Theories and Monetary Theory. The findings disclose that the nature of this relation is rooted in the Directionality, Dynamism, Intensity and Structural Properties, connected in a relational net that favors the configuration of a Theoretical body of knowledge. From the propositions’ relational models shape, a key finding come into sight as is supported the notion that cross border E-Commerce online money transfer, is a process by which cash money in circulation (Money Aggregate M1) is transformed into highly liquid assets other than cash, referred to as Quasi-Money, leading to dynamic changes for Money Supply net value and in the velocity of money. This view is consistent with the appreciation that being online money flows one new additional component of M2, they are absorbed by Money Supply being for that reason a priority issue for monetary policy interest. The emergent relational net, outlines a theory in which recognizing online money flows as a technology derived component—a technology creature—Technology influences reach the Economy at macro level by means of its effects over Money Supply M2 Aggregate. The research process
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