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Changing Financial Systems and the Relationship Between Money and Income in Ten Asian Countries

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  • Muzafar Shah Habibullah

    (Department of Economics, Faculty of Economics and Management, Universiti Putra Malaysia, Selangor, Malaysia)

Abstract

The objective of this paper is to investigate the long-run relationship between monetary aggregates and income in the era of financial innovations and deregulation in ten Asian developing economies using the cointegration approach. The results of this study suggest that money matters for monetary policy purposes in these countries. Moreover, there is potential role for Divisia monetary aggregates to be used as additional financial indicators for policy actions.

Suggested Citation

  • Muzafar Shah Habibullah, 1999. "Changing Financial Systems and the Relationship Between Money and Income in Ten Asian Countries," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 36(2), pages 279-310, December.
    • Handle: RePEc:phs:prejrn:v:36:y:1999:i:2:p:279-310
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    File URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/74/516
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