The Romanian economy and her integration into the EU: monetary policy, problems and possibilities
2000
Alboiu, C.
This study comprises an examination of the Romanian economy and her main macroeconomic policies for the period 1990-1998. A cointegration analysis was used in the second part of this study in order to investigate and to model the Romanian money supply function, as well as the monetary exchange rate model, using time series data for the period from 1970 to 1998. Empirical evidence was found to be in favor of a stable long run money supply and exchange rate function.The error correction models exhibited satisfactory properties and matched data quite well. The variables meant to perceive the influence on the money supply and the exchange rate were found to be significant. In the long run, interest rate was the most important variable affecting money supply, while the exchange rate was affected mostly by GDP (-1.079) and interest rate (0.835)
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