https://repository.auw.edu.bd/handle/123456789/1117 Tue, 19 May 2026 17:03:31 GMT 2026-05-19T17:03:31Z https://repository.auw.edu.bd/handle/123456789/1213 A Demand for Money Function with Output Uncertainty, Monetary Volatility, and Financial Innovations: Evidence from Japan Islam, A.N.M.M. The impact of monetary policy is essentially determined by the stability of the money demand function. Inclusion of financial innovation as a variable led to a more explanatory model which was unable to predict the future. When the inadequacy of partial adjustment modeling framework is adjusted, the model faces empirical difficulties. Considering instability of money demand is an omitted variable problem, this paper employs Vector Error Correction Method to solve that problem. Output volatility, monetary volatility and financial service are included in the model besides real output and nominal interest rate. Based on augmented Dicky-Fuller tests and cointegration tests, long run stability of money demand function is established. The Vector Error Correction Model yields conventionally expected and statistically significant results for all variables. Variance decomposition and impulse response show an increasing effect of monetary volatility, output uncertainty and financial services. On the other hand, interest rate and real GDP show declining effect. Innovations in financial service, output volatility and monetary volatility are vital in explaining money demand. Thu, 01 Jan 2015 00:00:00 GMT https://repository.auw.edu.bd/handle/123456789/1213 2015-01-01T00:00:00Z https://repository.auw.edu.bd/handle/123456789/1212 Economic Growth, Economic Freedom, and Corruption: Evidence from Panel Data Islam, A.N.M. M. Economic Freedom is considered to be conducive to growth while corruption is mostly found to be anti-growth. A related question could be whether Economic Freedom reduces the possible adverse effect of corruption on economic growth. Moreover, how are corruption and growth possibly affected by the major components of Economic Freedom? For example, a major element of economic freedom is Size of the Government which consists of taxes, among others. Income tax is considered as a levy on agent’s incentive to productive activity by reducing an agent’s property right. However, if revenue collected from taxes is used by the government in productive sectors then the adverse effect of taxes might decrease. On the other hand, negative effect of taxes on growth might be accentuated by higher degree of corruption. This paper examines the effects of corruption, economic freedom and its major components and their possible cross effects with corruption on economic growth. By using cross-country data and a panel estimation procedure it turned out that economic freedom was generally positively associated while corruption was negatively associated with growth though the result for the later is not robust. The influence on corruption seemed to decline in the presence of high degree of Economic Freedom. However, the findings were not as robust when components of Economic Freedom were considered separately. Thu, 01 Jan 2015 00:00:00 GMT https://repository.auw.edu.bd/handle/123456789/1212 2015-01-01T00:00:00Z