PUBLICATIONS

@unpublished{Asongu_69,
author = {Nicholas Biekpe Simplice A. Asongu Oludele E. Folarin},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/The-Long-Run-Stability-of-Money-in-the-Proposed-East-African-Monetary-Union.pdf},
year = {2020},
date = {2020-06-10},
abstract = {This study investigates the stability of money in the proposed East African Monetary Union (EAMU). The study uses annual data for the period 1981 to 2015 from five countries making up the East African Community (EAC). A standard money demand function is designed and estimated using a bounds testing approach to co-integration and error-correction modeling. The findings show divergence across countries. This divergence is articulated in terms of differences in CUSUM (cumulative sum) and CUSUMSQ (CUSUM squared) tests, short run and long term determinants and error correction in event of a shock. Specifically, the results show that the demand for money is stable in the cases of Burundi, Rwanda and Tanzania based on the CUSUM and CUSUMSQ tests, while for the remaining countries (Kenya and Uganda) only partial stability is apparent. In event of a shock, Kenya will restore its long run equilibrium fastest, followed by Tanzania and Burundi.},
keywords = {Stable; demand for money; bounds test},
pubstate = {published},
tppubtype = {unpublished}
}

@unpublished{Asongu_231,
author = {Nicholas Biekpe Simplice A. Asongu Oludele E. Folarin},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/The-Stability-of-Demand-for-Money-in-the-Proposed-Southern-African-Monetary-Union.pdf},
year = {2019},
date = {2019-05-13},
abstract = {This study investigates the stability of demand for money in the proposed Southern African Monetary Union (SAMU). The study uses annual data for the period 1981 to 2015 from ten countries making-up the Southern African Development Community (SADC). A standard function of demand for money is designed and estimated using a bounds testing approach to co-integration and error-correction modeling. The findings show divergence across countries in the stability of money. This divergence is articulated in terms of differences in cointegration, CUSUM (cumulative sum) and CUSUMSQ (CUSUM squared) tests, short run and long-term determinants and error correction in event of a shock. Policy implications are discussed in the light of the convergence needed for the feasibility of the proposed SAMU. This study extends the debate in scholarly and policy circles on the feasibility of proposed African monetary unions.},
keywords = {Stable; demand for money; bounds test},
pubstate = {published},
tppubtype = {unpublished}
}

@unpublished{Asongu_290,
author = {Nicholas Biekpe Simplice A. Asongu Oludele E. Folarin},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/The-Long-Run-Stability-of-Money-Demand-in-the-Proposed-West-African-Monetary-Union.pdf},
year = {2018},
date = {2018-11-27},
abstract = {This study examines the stability of money demand in the proposed West African Monetary Union (WAMU). The study uses annual data for the period 1981 to 2015 from thirteen of the fifteen countries making-up the Economic Community of West African States (ECOWAS). A standard money demand function is designed and estimated using a bounds testing approach to co-integration and error-correction modeling. The findings show divergence across ECOWAS member states in the stability of money demand. This divergence is informed by differences in cointegration, stability, short run and long term determinants, and error correction in event of a shock.},
keywords = {Stable; demand for money; bounds test},
pubstate = {published},
tppubtype = {unpublished}
}

@unpublished{Asongu_460,
author = {Simplice Asongu A Oludele E. Folarin},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Financial-liberalization-and-long-run-stability-of-money-demand-in-Nigeria.pdf},
year = {2017},
date = {2017-06-03},
abstract = {A stable money demand function is essential when using monetary aggregate as a monetary policy. Thus, there is need to examine the stability of the money demand function in Nigeria after the deregulation of the financial sector. To achieve this, the study employed CUSUM (cumulative sum) and CUSUMSQ (CUSUM squared) tests after using autoregressive distributive lag bounds test to determine the existence of a long run relationship between monetary aggregate and its determinant. Results of the study show that a long-run relationship holds and that the demand for money is stable in Nigeria. In addition, the inflation rate is found to be a better proxy for an opportunity variable when compared to interest rate. The main implication of the study is that interest rate is ineffective as a monetary policy instrument in Nigeria.},
keywords = {Stable; demand for money; bounds test},
pubstate = {published},
tppubtype = {unpublished}
}