The Demand for Money in Pakistan: Some Alternative Estimates

In a recent article in this Review, Akhtar [2] presented 30 estimates of demand “or money functions in Pakistan. One of the purposes of Akhtar’s study was to est two alternative theories, “the modern quantity theory of money and what may * e called the ‘accumulating capital’ framework” [2, p. 40]. We have examined Akhtar’s estimates and have serious reservations concerning the validity of his results. In the present paper, therefore, we raise several criticisms against Akhtar’s study and then offer alternative estimates of demand for money in Pakistan.