Bivariate and Multivariate Tests of Money-Price Causality: Robust Evidence from a Small Developing Country

Abul Masih and Rumi Masih
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Rumi Masih: University of Cambridge, Cambridge, CB3 9DD, UK, Postal: University of Cambridge, Cambridge, CB3 9DD, UK

Journal of International Development, 1997, vol. 9, issue 6, 803-825

Abstract: This paper is an attempt at re-examining the question of causality between money and prices both in the bivariate and multivariate context of a small developing economy, based on an improved methodology. Pakistan is used as a case study. The study tends to suggest rather strongly that in the case of Pakistan during the period under consideration (1970|71 to 1993|94), contrary to earlier findings, it was price that was the leading variable as the structuralist maintain and not the other way around as the monetarist maintain. © 1997 John Wiley & Sons, Ltd.

Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:wly:jintdv:v:9:y:1997:i:6:p:803-825

DOI: 10.1002/(SICI)1099-1328(199709)9:6<803::AID-JID407>3.0.CO;2-H

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