This paper uses a time series perspective to examine the determinants and stability of the money demand function in the case of Laos PDR. An autoregressive distributed lag bounds testing approach to cointegration in the presence of structural breaks and Granger causality in a vector error correction method framework are applied to data covering the period 1992:Q1 to 2013:Q4. The results indicate that the money demand function is stable when exchange rate fluctuations are incorporated, and the causality analysis reveals that there is a feedback effect between money demand and the exchange rate in the long run. This implies that the exchange rate plays an important role in influencing money demand in the case of a dollarized economy such as that of Laos.

中文翻译：

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美元化经济中的货币需求：来自老挝的证据

本文使用时间序列的视角来检验老挝人民民主共和国货币需求函数的决定因素和稳定性。在矢量误差校正方法框架中存在结构断裂和格兰杰因果关系的情况下，对协整的自回归分布式滞后边界测试方法应用于涵盖 1992 年：Q1 至 2013：Q4 期间的数据。结果表明，纳入汇率波动后货币需求函数是稳定的，因果关系分析表明，货币需求与汇率长期存在反馈效应。这意味着在老挝这样的美元化经济体中，汇率在影响货币需求方面发挥着重要作用。