Abstract
An increasing array of development of banking system of Pakistan, through
the use of information technology and modernization of products and services
has led to financial innovations to be considered as important determinant of
demand for money. This paper investigates the relationship of financial
innovations and demand for money in Pakistan using Pesaran and Shin (1995)
ARDL approach for long run and ECM for short run determination using
yearly observations from 1957 to 2008. Using the ARDL coefficient
estimation approach financial innovations demonstrates positive relationship,
not found to significant but highly elastic and does not have deterministic
trend for long run estimation whereas positively significant and deterministic
trend for money demand function in short run in case of Pakistan.
QAMAR UZ ZAMAN MALIK. (2010) EFFECT OF FINANCIAL INNOVATIONS ON DEMAND FOR MONEY IN PAKISTAN: AN ARDL APPROACH, Paradigms , Vol 4, Issue 1 .
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