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RDP 2013-01: Currency Demand during the Global Financial Crisis: Evidence from Australia
Equation (1)
Δ
c
t
=
λ
(
c
t
−
1
−
β
X
t
−
1
−
β
0
)
+
∑
i
=
1
m
δ
i
Δ
c
t
−
i
+
∑
j
=
0
n
γ
j
Δ
X
t
−
j
+
ε
t
X
t
=
[
G
D
P
t
D
e
p
o
s
i
t
R
a
t
e
t
A
T
M
t
P
o
p
t
E
F
T
P
O
S
t
P
o
p
t
B
a
n
k
B
r
a
n
c
h
t
P
o
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t
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l
f
E
m
p
t
E
m
p
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]
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