Department of Finance, College of Business Administration, Prince Sattam bin Abdulaziz University, Al-Kharj, Saudi Arabia.
Department of Marketing, College of Business Administration, Prince Sattam bin Abdulaziz University, Al-Kharj, Saudi Arabia.
PLoS One. 2018 Nov 28;13(11):e0207598. doi: 10.1371/journal.pone.0207598. eCollection 2018.
This present research investigates the money demand function of Saudi Arabia using a long period 1968-2016. In addition, the asymmetrical effects of real exchange rate changes have also been explored in the estimated money demand function. Our empirical results suggest that income and inflation have positive and negative effects on money demand respectively. Further, a real appreciation of US dollar has a positive effect but a real depreciation has a negative effect on the money demand. Furthermore, income and price homogeneity hypotheses do not hold for the estimated elasticities. Moreover, the estimated model is found stable with the theoretically expected effects of money demand's determinants. Therefore, we are suggesting money supply as a monetary policy instrument to the economy of Saudi Arabia.
本研究利用 1968 年至 2016 年的长期数据，考察了沙特阿拉伯的货币需求函数。此外，还在估计的货币需求函数中探讨了实际汇率变动的非对称效应。我们的实证结果表明，收入和通货膨胀对货币需求分别有正向和负向影响。此外，美元实际升值对货币需求有正向影响，而美元实际贬值则有负向影响。此外，估计的弹性不满足收入和价格同质性假设。而且，所估计的模型是稳定的，具有货币需求决定因素的理论预期效应。因此，我们建议将货币供应量作为沙特阿拉伯经济的货币政策工具。
