Courakis A.S. The Demand for Money in South Africa: Towards a more accurate perspective The South African Journal of Economics Vol 52. 1. 1984.
Hall, S.G., Henry, S.G.B., and Wilcox, J.B., The Long Run determination of the UK Monetary Aggregate. Bank of England Discussion Paper. No 41 1989.
Hurn A.S., Interest Rates, Inflation, and the stability of the demand for M3 in South Africa Greek Economic Review Vol. 13 No 2 1991.
Hurn A.S., and Muscatelli The long-run properties of the demand for M3 in South Africa The South African Journal of Economics Vol 60. 2. 1992.
Pretorius, C.J., and M.M. Smal, “A Macroeconomic Examination of the Price-formation Process in the South African Economy,” Quarterly Bulletin, South African Reserve Bank, March 1994.
This comprises notes and coin in circulation outside the banks, cheque and transmission deposits, short-, medium-, and long-term deposits with the banks.
See Pretorius and Smal.
The definition of reserve money may also be extended to include liabilities of the Corporation for Public Deposits, as is the case for data reported in IFS. This extension is not considered here, but could be added in future research.
The Chi-squared test assesses if the parameter equals 1.
Series 1392m on p S-25 in the March 1996 SARB bulletin.