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Modelling the monetary sector has long been seen as problematic. Conventional demand for money functions have typically failed to cope with the experience of the past 15 years (Judd and Scadding, 1982) and models based upon the counterparts to monetary growth have fared little better. The current interest in buffer stock money (see Cuthbertson and Taylor, 1987, for a recent survey) can be seen as a response to the failure of the more traditional approaches. We believe that the issues involved in the empirical implementation of the buffer stock hypothesis are subtle and that the literature to date has not dealt with them satisfactorily. In spite of the substantial difficulties involved, we think that a system approach to buffer stock modelling (for example, Davidson, 1987a) may be unavoidable to ensure theoretical consistency.

The purpose of this study is to present an econometric model
which is a formal representation of the structural relationships of the
monetary sector of Pakistan. Two previous studies by Porter [15] and
Snyder [16] should be noted in this regard. The study by Porter consists
of an excellent survey of the port¬folio behaviour of the scheduled
banks* in Pakistan, yet it could hardly be cate¬gorized as a
quantitative work in the sense of establishing formal empirical
relationships. On the other hand, the study by Snyder constitutes a
quantitative work in the above sense reflecting the behavioural
responses of the scheduled banks with respect to their various assets
and liabilities. The main limitations of the latter work, as admitted by
the author himself, emerge from its lack of consideration of the process
by which the State Bank2, the scheduled banks, and the private sector
determine money supply in Pakistan. The present study is intended as a
modest attempt at filling both these caveats.

Having tested the hypothesis that there is a causal relationship between money supply and the aggregate price index, the authors develop and estimate a simple model of Indonesia's monetary sector using quarterly time-series data for the period 1969 (I) to 1984 (IV). The hypothesis of a causal relationship from prices to money is supported. The model developed is an attempt at decomposing money supply and price level variables into their different components. (DÜI-Sen)

Entsprechend der Intention der Studie werden im Anschluß an eine allgemeine Beschreibung der libyschen Wirtschaft (bes. des Finanzsektors/Bankensystems) die Komponenten des Geldmarktes (Angebotsseite: bes. Berücksichtigung der Zahlungsbilanz; Nachfrageseite: bes. Nachfragefunktion und Elastizitäten) analysiert und in Kapitel V in eine Modellrechnung des Geldsektors eingebracht; Ziel dieses Modells ist die Analyse der Geldpolitik in ihren Auswirkungen auf die strategischen Variablen (Geldangebot, ZBZ, Inflationsrate); Untersuchungszeitraum: 1964-1974. (DÜI-Faa)

Discussion of the non-monetary or the subsistence sector; analysis of the organized and unorganized money markets; explanation of the importance and need for the expansion of the monetized sector; examination of some policy measures towards increasing the share of the monetary sector of the economy. (DSE)

AbstractAn econometric model of the monetary sector of Bangladesh is formulated and estimated using annual data for the period 1974–87. The model is evaluated using a range of diagnostic tests and the results from dynamic simulations. The simulations indicate that, historically, inflation, real output growth and monetary growth are all consistent with a structuralist framework in which exogenous shocks such as harvest failures play a leading role in monetary expansions via their effects on food prices. Accommodationist monetary policies may generate further inflationary pressures, though there may be short periods during which monetary expansions increase real output. Excess supplies of real money balances do not appear to have any significant impact on real expenditures.