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The monetary model of exchange rate: evidence from The Philippines

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Author Info
Lee Chin
M. Azali
Zulkornain Yusop
Mohammed Yusoff

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Abstract

This note examines the empirical validity of the monetary model of exchange rate determination for The Philippines via cointegration and vector error-correction model. It is found that the monetary model is a valid framework for the long-run exchange rate between Philippines peso-US Dollar exchange rate. However, the typical linear restrictions of flexible-price monetary model and proportionality between the exchange rate and relative money are rejected.

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File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics Letters.

Volume (Year): 14 (2007)
Issue (Month): 13 ()
Pages: 993-997
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Handle: RePEc:taf:apeclt:v:14:y:2007:i:13:p:993-997

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  1. Liew, Venus Khim-Sen, 2009. "Linear and nonlinear monetary approaches to the exchange rate of the Philippines peso-Japanese yen," MPRA Paper 15550, University Library of Munich, Germany, revised 05 Jun 2009. [Downloadable!]
  2. Long, Dara & Samreth, Sovannroeun, 2008. "The Monetary Model of Exchange Rate: Evidence from the Philippines Using ARDL Approach," MPRA Paper 9822, University Library of Munich, Germany. [Downloadable!]
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  3. Liew, Venus Khim-Sen & Baharumshah, Ahmad Zubaidi & Puah, Chin-Hong, 2009. "Monetary Model of Exchange Rate for Thailand: Long-run Relationship and Monetary Restrictions," MPRA Paper 17715, University Library of Munich, Germany. [Downloadable!]
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