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Tests of Functional Forms, Currency Substitution, and Capital Mobility of Czech Money Demand Function
2006
Prague Economic Papers
The demand for real M2 in the Czech Republic is positively influenced by real output and negatively associated with the deposit rate, the koruna/euro exchange rate, and the euro interest rate. The coefficient of real output for the demand for real M1 is insignificant. Hence, depreciation of the koruna or a higher euro interest rate would help raise Czech real output. The Box-Cox transformation test shows that the log-linear form for real M1 and M2 demand cannot be rejected at the 5% level while
doi:10.18267/j.pep.289
fatcat:k75fd3ds4vheje32nmnjnpijhm