Using P-Star Model to Linking Money and Prices in A Financial Liberalised Developing Economy: The Case for Malaysia

Muzafar Shah Habibullah

Jurnal Ekonomi Malaysia, 1999, vol. 33, 123-140

Abstract: The P-Star approach of modelling inflalion proposed by Hallman et al. has been widely tested in the United States and other developed countries. The applicability of the P-Star model for the developing countries is yet to be determined. The main purpose of the present study is to add to the current literature on the robustness of the P-Star model with respect to a developing country - Malaysia. Using a sample period from 1981: 1 t0 1994:4, our results suggest that Malaysian monetary data support the P-Star model. We conclude that there is a close relationship between money and the price level in Malaysia despite the occurences of financial liberalisation in the 1980s and 1990s.

Date: 1999
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