POLICY UNCERTAINTY AND THE DEMAND FOR MONEY IN SINGAPORE: AN ASYMMETRIC ANALYSIS

被引：1

作者：

Bahmani-Oskooee, Mohsen ^{[1
]}

Aftab, Muhammad ^{[2
]}

Bahmani, Sahar ^{[3
]}

机构：

[1] Univ Wisconsin, Dept Econ, Milwaukee, WI 53201 USA

[2] COMSATS Univ Islamabad, Dept Management Sci, Islamabad 45550, Pakistan

[3] Univ Wisconsin Parkside, Dept Business, Kenosha, WI 53141 USA

来源：

SINGAPORE ECONOMIC REVIEW | 2021年

关键词：

Policy uncertainty; asymmetry analysis; money demand; Singapore; MONETARY UNCERTAINTY; ECONOMIC UNCERTAINTY; STABILITY; COINTEGRATION; IMPACT; TESTS;

D O I：

10.1142/S0217590821500697

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In search of a stable demand for money, almost all previous studies include two uncertainty measures captured by the volatility of the money supply and output. While in some countries, this yielded a stable demand for money, in some others, it did not. The latter was the case for Singapore. In this paper, we use a relatively more new and comprehensive measure of uncertainty known as policy uncertainty that is a news-based measure, and revisit the demand for money in Singapore. Our approach not only yields a stable demand for money in Singapore, but also reveals that the long-run effects of policy uncertainty on the demand for money are asymmetric. While increased uncertainty induces the public in Singapore to hold more money, decreased uncertainty does not affect.

引用

页数：16