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英文文献：The Stability of Demand for Money in the Proposed Southern African Monetary Union-拟议中的南部非洲货币联盟对货币需求的稳定
英文文献作者：Simplice A. Asongu,Oludele E. Folarin,Nicholas Biekpe
英文文献摘要：
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.
本研究调查了拟议中的南部非洲货币联盟(SAMU)中货币需求的稳定性。该研究使用了组成南部非洲发展共同体(SADC)的十个国家1981年至2015年的年度数据。利用协整和误差修正模型的边界检验方法，设计和估计了货币需求的标准函数。调查结果显示，各国在货币稳定性方面存在差异。这种分歧在协整、CUSUM(累积和)和CUSUMSQ (CUSUM平方)检验、短期和长期决定因素以及冲击事件中的误差修正方面的差异中被明确表达。根据拟议的SAMU可行性所需要的趋同，讨论了政策影响。这项研究扩大了学术界和政策界对拟议的非洲货币联盟可行性的辩论。
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