Economic uncertainty and monetary uncertainty are two uncertainty measures that are said to affect the demand for money in any country and our region of interest, Africa, is no exception. In this paper, we take an additional step and argue that changes in any uncertainty measure could have asymmetric effects on the money demand. After applying the linear and nonlinear ARDL approaches to each of the 13 African nations, while we find the short-run effects of both uncertainty measures to be asymmetric, long-run asymmetric effects were discovered in limited number of countries. We also discovered that monetary volatility has more long-run effects than output volatility which implies that a steady and not so erratic money growth will have its predictive impact on the African economies.

中文翻译：

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非洲的经济不确定性、货币不确定性和货币需求：不对称分析

经济不确定性和货币不确定性是两个不确定性措施，据说会影响任何国家的货币需求，我们感兴趣的地区非洲也不例外。在本文中，我们采取了额外的步骤，并认为任何不确定性度量的变化都可能对货币需求产生不对称的影响。在对 13 个非洲国家中的每一个国家应用线性和非线性 ARDL 方法后，虽然我们发现这两种不确定性度量的短期影响是不对称的，但在数量有限的国家中发现了长期不对称影响。我们还发现，货币波动比产出波动具有更多的长期影响，这意味着稳定且不那么不稳定的货币增长将对非洲经济产生预测性影响。