This paper re-examines the money demand in Malaysia covering the period from 1974 to 2001, a period characterised by various events particularly the financial sector liberalisation, changes in monetary framework and currency crises. Our results support the existence of fairly stable long-run money demand function despite the various changes and developments in the economy. However, there is an evidence of instability in short-run money demand. On this ground, the monetary targeting framework in Malaysia seems to be appropriate at least in the 1990s and monetary aggregate continue to be a useful longer-term indicator in the formulation of monetary policy.
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Volume (Year): IV (2005) Issue (Month): 2 (March) Pages: 7-23 Download reference. The following formats are available: HTML,
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Handle: RePEc:icf:icfjae:v:01:y:2005:i:2:p:7-23
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