Financial Deregulation and the Dynamics of Money, Prices, and Output in New Zealand and Australia
AbstractEffects of financial deregulation in the 1980s on the dynamic interactions among money, prices and output in New Zealand and Australia are evaluated. Prior to deregulation, the series appear to be nonstationary and cointegrated based on Johansen's maximum-likelihood tests, with money proportional to prices but less than proportional to output in the long run. The series also appear cointegrated in New Zealand through the 1980s when the effects of deregulation are accounted for with a deterministic shift parameter. The cointegrating coefficients are similar for the pre-liberalization and full-sample periods, and dynamic responses are evaluated for error-correction models incorporating the estimated long-run relationships. Copyright 1993 by Ohio State University Press.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 25 (1993)
Issue (Month): 2 (May)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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