1. Finding a stable money demand function is generally considered essential for the formulation and conduct of efficient monetary policy. Hence, considerable effort has been made in the empirical literature-for both industrialized and developing countries-to determine the factors that affect the long-run demand for money and assess the stability of the relationship between these factors and various monetary aggregates. 2 In the case of Cameroon, a limited number of studies (Ntang, 1990 and Fielding, 1994) have attempted to identify the key macroeconomic variables determining the demand for money, with almost none-to my knowledge-focusing on the stability of the estimated coefficients. Furthermore, these studies have ignored the impact of foreign opportunity cost variables on money balances, as well as (except for Fielding's study) the problem of apparent but spurious regression that arises when statistical inferences are drawn from non-stationary time-series data
Bibliography
Includes bibliographical references (pages 18-21)
Notes
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