Impact of Foreign Monetary Developments on Demand for Money: Regression Estimates and Forecast Results
AbstractThe 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 InfoArticle provided by Emerald Group Publishing in its journal Journal of Economic Studies.
Volume (Year): 18 (1991)
Issue (Month): 2 (May)
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- Subramanian S. Sriram, 1999. "Survey of Literature on Demand for Money: Theoretical and Empirical Work with Special Reference to Error-Correction Models," IMF Working Papers 99/64, International Monetary Fund.
- Mohsen Bahmani-Oskooee & Hafez Rehman, 2005. "Stability of the money demand function in Asian developing countries," Applied Economics, Taylor and Francis Journals, vol. 37(7), pages 773-792.
- Stephen Dobson & Carlyn Ramlogan, 2001. "Money Demand and Economic Liberalization in a Small Open Economyâ€”Trinidad and Tobago," Open Economies Review, Springer, vol. 12(3), pages 325-339, July.
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