Testing the validity of the monetary model for ASEAN with structural break
AbstractThis study examines the validity of the long run structural relations underlying the monetary exchange rate model for Malaysia, Singapore, The Philippines and Thailand. Take into consideration the possibility of structural change, we examined the models using recent developed techniques of testing unit root and cointegration with a structural break. Our findings of three cointegrating relations among the variables in the system were further identified by testing theoretical restrictions on the cointegrating equations. The long run relationships were able to be interpreted according to the theory, hence, support the long run validity of the monetary exchange rate model.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics.
Volume (Year): 44 (2012)
Issue (Month): 25 (September)
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