العوامل المحددة لسرعة دوران النقود دراسة تطبيقية على السودان 1970-2001

Abstract

Velocity of money is considered as an important factor in determining money supply. Where money supply was determined by : Central bank and commercial banks . The problem of this study is identifying the factors which determine the velocity of money in Sudan in the period (1970-2000) . The study used analytical and statistical approaches to estimate velocity of money as a function of national income , percapita income , inflation rate , money balance , currency ratio outside the bank system and the number of commercial banks branches . The study finds out that 98% of the total changes in velocity of money where explained by the explanatory variables. Also there is there is a positive relationship between the above explanatory variables (except the real money balance variable where there is a negative relationship between dependent and the real money balance variable ) . The policy implication showed that the expansionary policies , which aimed at increasing the National income , such policies at the end , will lead to inflation . Where as the policies which increases bank infrastructure have a positive effect increasing the credit feelings , and so decreasing the use of money as a mean of payment which will lead to decrease use of money outside the bank system