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英文文献：The Long Run Stability of Money in the Proposed East African Monetary Union-在提议的东非货币联盟中货币的长期稳定
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 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.
本研究调查了东非货币联盟(EAMU)中货币的稳定性。该研究使用了组成东非共同体(EAC)的五个国家1981年至2015年的年度数据。设计了一个标准的货币需求函数，并利用协整和误差修正模型的边界检验方法进行估计。调查结果显示各国之间存在差异。这种分歧在CUSUM(累积和)和CUSUMSQ (CUSUM平方)检验、短期和长期决定因素以及在冲击事件中的错误修正方面的差异中得到阐述。具体而言，结果表明，根据CUSUM和CUSUMSQ检验，布隆迪、卢旺达和坦桑尼亚的货币需求是稳定的，而其余国家(肯尼亚和乌干达)的货币需求显然只有部分稳定。一旦发生冲击，肯尼亚将最快恢复其长期平衡，其次是坦桑尼亚和布隆迪。
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