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Impact of Foreign Monetary Developments on Demand for Money: Regression Estimates and Forecast Results

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Author Info

  • Augustine C. Arize
  • John B. Spalding
  • Bedford N. Umezulike
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    Abstract

    The empirical estimates for the money demand function reported here are based on quarterly time series for Thailand for the period 1973:1 to 1985:4. The money demand function estimated is novel in that it takes into account the potential effect of external monetary developments on domestic money demand in the open economy of Thailand. The empirical results show that foreign interest rates do play an important role in the Thailand money demand function. Hence the Thailand monetary authorities should not ignore the response of domestic money demand to external factors in formulating their stabilisation policies.

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    Bibliographic Info

    Article provided by Emerald Group Publishing in its journal Journal of Economic Studies.

    Volume (Year): 18 (1991)
    Issue (Month): 2 (May)
    Pages: 39-48

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    Handle: RePEc:eme:jespps:v:18:y:1991:i:2:p:39-48

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    Related research

    Keywords: Demand function; Financial markets; Interest rates; Monetarism; Thailand;

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    Cited by:
    1. Stephen Dobson & Carlyn Ramlogan, 2001. "Money Demand and Economic Liberalization in a Small Open Economy—Trinidad and Tobago," Open Economies Review, Springer, vol. 12(3), pages 325-339, July.
    2. Mohsen Bahmani-Oskooee & Hafez Rehman, 2005. "Stability of the money demand function in Asian developing countries," Applied Economics, Taylor & Francis Journals, vol. 37(7), pages 773-792.
    3. Subramanian S. Sriram, 1999. "Survey of Literatureon Demand for Money," IMF Working Papers 99/64, International Monetary Fund.

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