engleski

The Monthly Transaction Money Demand in Croatia

In this paper, the monthly transaction money demand function in Croatia is empirically estimated. It is a continuation of previous money demand research by the author based on quarterly data in 1999. The main emphasis here is on a classical OLS analysis of transaction money demand relationships for various transaction money aggregates: currency outside banks - M0, currency outside banks plus demand deposits - M1, and M1 plus budgetary and extrabudgetary transaction balances held with commercial banks - M1a. The results are confirmed by stationarity tests, cointegration, Granger causality and unrestricted VARs.

M0; M1; money demand; transaction money demand

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