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Money Demand Causality for Ten Asian Countries: Evidence from Linear and Nonlinear Causality Tests

Ahdi Noomen Ajmi and Nicholas Apergis ()

A chapter in Risk Management Post Financial Crisis: A Period of Monetary Easing, 2014, vol. 96, pp 193-210 from Emerald Publishing Ltd

Abstract: Abstract This chapter estimates causality properties between real money demand and a number of determinants, that is, real output, the lending rate and the real exchange rate, across 10 Asian economies through linear and nonlinear causality methodologies spanning the period 1990–2012. The results document both bidirectional and unidirectional causality between monetary aggregates (M1 and M2) and their determinants for different country groups. The empirical findings exemplify the role of the demand for money as a policy tool and can provide useful policy recommendations to the Asian monetary authorities in their vision of forming a future monetary union.

Keywords: Real demand for money; linear and nonlinear causality tests; Asian countries; E41 (search for similar items in EconPapers)
Date: 2014
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