- Adam, C. S. (1991). Financial innovation and the demand for M3 in the U.K. 1975–86. Oxford Bulletin of Economics and Statistics, 53, 401–423. Andrews, D. W. K. (1991). Heteroskedasticity and autocorrelation consistent covariance matrix estimation. Econometrica, 59, 817–858.
Paper not yet in RePEc: Add citation now
- Baharumshah, A. Z. (2004). Stock prices and long-run demand for money: Evidence from Malaysia. International Economic Journal, 18, 389–407.
Paper not yet in RePEc: Add citation now
Baharumshah, A. Z., Mohd, S. H., & Masih, A. M. (2009). The stability of money demand in China: Evidence from the ARDL model. Economic Systems, 33, 231–244.
Baharumshah, A. Z., Mohd, S. H., & Yol, M. A. (2009). Stock prices and demand for money in China: New evidence. Journal of International Financial Markets, Institutions and Money, 19, 171–187.
Bahmani-Oskooee, M. (1996). The black market exchange rate and the demand for money in Iran. Journal of Macroeconomics, 18, 171–176.
Bahmani-Oskooee, M. (2001). How stable is M2 money demand function in Japan? Japan and the World Economy, 13, 455–461.
Bahmani-Oskooee, M., & Bohl, M. (2000). German monetary uniï¬Âcation and the stability of long-Run German money demand function. Economics Letters, 66, 203–208.
Bahmani-Oskooee, M., & Shabsigh, G. (1996). The demand for money in Japan: Evidence from cointegration analysis. Japan and the World Economy, 8, 1–10.
Bahmani-Oskooee, M., & Wang, Y. (2007). How stable is the demand for money for China. Journal of Economic Development, 32, 21–33.
Ben-David, D., Lumsdaine, R. L., & Papell, D. H. (2003). Unit roots, postwar slowdowns and long-run growth: Evidence from two structural breaks. Empirical Economics, 28, 303–319.
Berger, A., Hasan, I., & Zhou, M. (2009). Bank ownership and efï¬Âciency in China: What will happen in the world's largest nation? Journal of Banking & Finance, 33, 113–130.
- Bordo, M., & Jonung, L. (1987). The long-run behavior of the velocity of circulation. Cambridge University Press.
Paper not yet in RePEc: Add citation now
- Box, G. E. P., & Jenkins, G. M. (1976). Time Series Analysis Forecasting and Control (revised ed.). San Francisco: Holden-Day.
Paper not yet in RePEc: Add citation now
- Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relations over time. Journal of the Royal Statistical Society, Series B, 37, 149–163.
Paper not yet in RePEc: Add citation now
- Caruso, M. (2006). Stock market fluctuations and money demand in Italy, 1913–2003. Economic Notes by Banca Monte dei Paschi di Siena SpA, 35, 1–47.
Paper not yet in RePEc: Add citation now
Chamon, M., & Prasad, E. (2008). Why are saving rates of urban househoulds in China rising. Global Economy and Development Working Papers (pp. 12).
Chang, Y., & Martinez-Chombo, E. (2003). Electricity demand analysis using cointegration and error-correction models with time varying parameters: The Mexican case. Working paper.
- Chen, B. (1997). Long-run money demand and inflation in China. Journal of Macroeconomics, 19(3), 609–617.
Paper not yet in RePEc: Add citation now
Choudhry, T. (1996). Real stock prices and the long-run money demand function: Evidence from Canada and USA. Journal of International Money and Finance, 15, 1–17.
- Deng, S., & Liu, B. (1999). Modelling and forecasting the money demand in China: Cointegration and nonlinear analysis. Annals of Operations Research, 87, 177–189.
Paper not yet in RePEc: Add citation now
Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49, 1057–1072.
Engle, R. F., & Granger, C. W. (1987). Cointegration and error correction: Representation, estimation and testing. Econometrica, 55, 251–276.
Ericsson, N. R. (1998). Empirical modeling of money demand. Empirical Economics, 23, 295–315.
Ferri, G. (2009). Are new tigers supplanting old mammoths in China's banking system? Evidence from a sample of city commercial banks. Journal of Banking & Finance, 33, 131–140.
- Friedman, M. (1988). Money and the stock markets on money demand. Journal of Political Economy, 96, 221–245.
Paper not yet in RePEc: Add citation now
- GarcÃÂa-Herrero, A., Gavilá, S., & Santabárbara, D. (2009). What explains the low proï¬Âtability of Chinese banks? Journal of Banking & Finance, 33, 2080–2092.
Paper not yet in RePEc: Add citation now
Goldfeld, S. M., & Sichel, D. E. (1990). The demand of money. In B. M. Friedman, & F. H. Hahn (Eds.), Handbook of monetary economics (pp. 300–356). Elsevier Science Publisher B.V. 342 H. Zuo, S.Y. Park / China Economic Review 22 (2011) 330–343 Hafer, R. W., & Jansen, D. W. (May 1991). The demand for money in the United States: Evidence from cointegration tests. Journal of Money, Credit and Banking, 155–168.
- Hafer, R. W., & Kutan, A. M. (1994). Economic reforms and long-run money demand in China: Implication for monetary policy. Southern Economic Journal, 60, 936–945.
Paper not yet in RePEc: Add citation now
Hansan, I., Wachtel, P., & Zhou, M. (2009). Institutional development, ï¬Ânancial deepening and economic growth: Evidence from China. Journal of Banking & Finance, 33, 157–170.
Hansen, B. E. (1992). Tests for parameter instability in regressions with I(1) processes. Journal of Business and Economic Statistics, 19, 321–335.
- He, L. (2005). Evolution of ï¬Ânancial institutions in post-1978 China: Interaction between the state and market. China and World Economy, 13, 10–26.
Paper not yet in RePEc: Add citation now
Hoffman, D. L., & Rasche, R. H. (1991). Long-run income and interest elasticities of money demand in the United States. The Review of Economics and Statistics, 73, 665–674.
- Hong, Y., H. Lin, and S. Wang (2009): “Modeling the dynamics of Chinese spot interest ratesâ€Â, Forthcoming in Journal of Banking & Finance.
Paper not yet in RePEc: Add citation now
- Huang, G. (1994). Money demand in China in the reform period: An error correction model. Applied Economics, 26, 713–719.
Paper not yet in RePEc: Add citation now
Jia, C. (2009). The effect of ownership on the prudential behavior of banks—The case of China. Journal of Banking & Finance, 33, 77–87.
Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Policy Modeling, 14, 313–334.
Johansen, S. (1992). Testing weak exogeneity and the order of cointegration in UK money demand data. Journal of Economic Dynamics and Control, 12, 231–254.
Johansen, S., & Juselius, K. (May 1990). Maximum likelihood estimation and inference on cointegration—With applications to the demand for money. Oxford Bulletin of Economics and Statistics, 169–210.
Judd, J. P., & Scadding, J. L. (1982). The Search for a stable money demand fuction: A survey of the post-1983 literature. Journal of Economic Literature, 20, 993–1023.
Koivu, T. (2009). Has the Chinese economy become more sensitive to interest rates? Studying credit demand in China. China Economic Review, 20, 455–470.
Kwiatkowski, D., Phillips, P. C. B., Schmidt, P., & Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root? Journal of Econometrics, 54, 159–178.
Lau, L., Qian, Y., & Roland, G. (2001). Reform without losers: An interpretation of China's dual-track approach to transition. Journal of Political Economy, 108, 120–143.
Lin, X., & Zhang, Y. (2009). Bank ownership reform and bank performance in China. Journal of Banking & Finance, 33, 20–29.
Lumsdaine, R. L., & Papell, D. H. (1997). Multiple trend breaks and the unit root hypothesis. The Review of Economics and Statistics, 79, 212–218.
- McCornac, D. (1991). Money and level of stock market prices: Evidence from Japan. Quarterly Journal of Business and Economics, 30, 42–51.
Paper not yet in RePEc: Add citation now
McNown, R., & Wallace, M. S. (1992). Cointegration tests of a long-run relation between money demand and the effective exchange rate. Journal of International Money and Finance, 11, 107–114.
- Mehrotra, A. N. (2008). Demand for money in transition: Evidence from China's disinflation. International Advances in Economic Research, 14, 36–47.
Paper not yet in RePEc: Add citation now
Muscatelli, V. A., & Spinelli, F. (2000). The long-run stability of the demand for money: Italy 1861–1996. Journal of Monetary Economics, 45, 717–739.
Park, J. Y. (1992). Canonical cointegrating regressions. Econometrica, 60, 119–143.
Park, J. Y., & Hahn, S. B. (1999). Cointegrating regressions with time varying coefï¬Âcients. Econometric Theory, 15, 664–703.
Park, S. Y., & Zhao, G. (2010). An estimation of U.S. gasoline demand: A smooth time-varying cointegration approach. Energy Economics, 32, 110–120.
Pen, L. Y. (2005). Convergence among ï¬Âve industrial countries (1870–1994): Results from a time varying cointegration approach. Empirical Economics, 30, 23–25.
Phillips, P. C. B., & Hansen, B. (1990). Statistical inference in instrumental variables regression with I(1) processes. Review of Economic Studies, 57, 99–125.
Prasad, E., & Rajan, R. (2006). Modernizing China's growth paradigm. The American Economic Review, 96, 331–336.
Qin, D. (1994). Money demand in China: The effect of economic reform. Journal of Asian Economics, 5, 253–271.
Qin, D., Quising, P., He, X., & Liu, S. (2005). Modeling monetary transmission and policy in China. Journal of Policy Modeling, 27, 157–175.
Reynard, S. (2004). Financial market participation and the apparent instability of money demand. Journal of Monetary Economics, 51, 1297–1317.
Saikkonen, P. (1992). Estimation and testing of cointegrated systems by an autoregressive approximation. Econometric Theory, 8, 1–27.
Smyth, R., & Inder, B. (2004). Is Chinese provincial real GDP per capita nonstationary ? Evidence from multiple trend break unit root tests. China Economic Review, 15, 1–24.
Sriram, S. S. (2001). A survey of recent empirical money demand studies. IMF Staff Papers, 47, 334–365.
Stock, J., & Watson, M. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica, 61, 783–820.
Thornton, J. (1996). Cointegration, error correction, and the demand for money in Mexico. Review of World Economics, 132, 690–699.
Wu, G. (2009). Broad money demand and asset substitution in China. IMF Working Papers.
Yi, G. (1993). Towards estimating the demand for money in China. Economics of Planning, 26, 243–270.
Zivot, E., & Andrews, D. (1992). Further evidence on the great crash, the oil price shock, and the unit root hypothesis. Journal of Business and Economic Statistics, 10, 251–270.