06278oam 22013934 450 991096119080332120250426110435.0978661284401097814623547571462354750978145277528914527752819781451873399145187339597812828440181282844016(CKB)3170000000056170(EBL)1608423(SSID)ssj0000939892(PQKBManifestationID)11512670(PQKBTitleCode)TC0000939892(PQKBWorkID)10937982(PQKB)10987447(OCoLC)649428871(MiAaPQ)EBC1608423(IMF)WPIEE2009192(IMF)WPIEA2009192WPIEA2009192(EXLCZ)99317000000005617020020129d2009 uf 0engur|n|---|||||txtccrThe Gambia : Demand for Broad Money and Implications for Monetary Policy Conduct /Subramanian Sriram1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (43 p.)IMF Working Papers"September 2009".9781451917635 1451917635 Contents; I. Introduction; II. Country Characteristics, Macroeconomic Performance, and Financial Sector Development; A. Country Characteristics; B. Macroeconomic Performance; Figures; 1. Real GDP Growth, 1988-2007; 2. Average Inflation, 1988-2007; C. Financial Sector Development; 3. Exchange Rate Developments, 1988-2007; 4. Real Lending Rates and Interest Rate Spreads, 1988-2007; 5. Measures of Financial Deepening, 1988-2007; III. Present Monetary Policy Framework; 6. Reserve Requirements, 2001-07; 7. Rediscount Rate, 2001-07; IV. Model Specification; A. General FrameworkB. Model Specification for Long-Run Demand for Real M2 in The GambiaFunctional relationship; Justification on selection of variables; Expected signs of coefficients; V. Estimation of Long-Run Demand for Real M2; A. Unit Root Tests; B. Cointegration Tests; Text Tables; 1. Unit Root Test Results; 2. Cointegration and Weak-Exogeneity Test Results; VI. Policy Implicatoins; 8. Money Multiplier, January 1988-June 2007; 9. Growth in Broad Money and Inflation, January 1988-June 2007; 3. De Jure Monetary Policy Frameworks in Sub-Saharan Africa; VII. Conclusions; References; Appendices1. Financial Sector Developments, 1985-June 20072. Reserve Requirements in Various Countries, 2008; 3. Data Specifications and Data Sources; 4. Graphical Representation of Various Variables Employed; 5. Diagnostic Test Results for the Cointegration Relationship; 6 Graphical Presentation of Diagnostic Test Results; 7. Parameter Constancy Tests; 8. Chow TestsThis paper evaluates the demand for broad money (M2) in The Gambia for January 1988-June 2007. There appears to be a long-run relationship for demand for real M2, but the relationship is not stable. Exogenous output shocks, financial innovation, changes in income velocity, and inadequate data quality contribute to the instability. The authorities may need to apply the monetary targeting regime flexibly in the overall objective of preserving price stability. A possible option for The Gambia is to become an inflation targeter lite.IMF Working Papers; Working Paper ;No. 2009/192Money supplyGambiaMonetary policyGambiaInflation (Finance)GambiaBankingimfBanks and BankingimfBanks and bankingimfBanksimfCommercial banksimfDeflationimfDemand for MoneyimfDemand for moneyimfDepository InstitutionsimfFinancial institutionsimfFinancial Markets and the MacroeconomyimfGeneral Financial Markets: General (includes Measurement and Data)imfGovernment securitiesimfInflationimfInvestment & securitiesimfInvestments: GeneralimfMacroeconomicsimfMicro Finance InstitutionsimfMonetary baseimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfMoney supplyimfMoneyimfMortgagesimfPrice LevelimfPricesimfTreasury bills and bondsimfGambia, TheimfMoney supplyMonetary policyInflation (Finance)BankingBanks and BankingBanks and bankingBanksCommercial banksDeflationDemand for MoneyDemand for moneyDepository InstitutionsFinancial institutionsFinancial Markets and the MacroeconomyGeneral Financial Markets: General (includes Measurement and Data)Government securitiesInflationInvestment & securitiesInvestments: GeneralMacroeconomicsMicro Finance InstitutionsMonetary baseMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyMoney supplyMoneyMortgagesPrice LevelPricesTreasury bills and bonds336.54Sriram Subramanian1816331International Monetary Fund.African Dept.DcWaIMFBOOK9910961190803321The Gambia4372338UNINA