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Money Demand Causality for Ten Asian Countries: Evidence from Linear and Nonlinear Causality Tests

In: Risk Management Post Financial Crisis: A Period of Monetary Easing

Author

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  • Ahdi Noomen Ajmi
  • Nicholas Apergis

Abstract

This chapter estimates causality properties between real money demand and a number of determinants, that is, real output, the lending rate and the real exchange rate, across 10 Asian economies through linear and nonlinear causality methodologies spanning the period 1990–2012. The results document both bidirectional and unidirectional causality between monetary aggregates (M1 and M2) and their determinants for different country groups. The empirical findings exemplify the role of the demand for money as a policy tool and can provide useful policy recommendations to the Asian monetary authorities in their vision of forming a future monetary union.

Suggested Citation

  • Ahdi Noomen Ajmi & Nicholas Apergis, 2014. "Money Demand Causality for Ten Asian Countries: Evidence from Linear and Nonlinear Causality Tests," Contemporary Studies in Economic and Financial Analysis, in: Risk Management Post Financial Crisis: A Period of Monetary Easing, volume 96, pages 193-210, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-375920140000096007
    DOI: 10.1108/S1569-375920140000096007
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    More about this item

    Keywords

    Real demand for money; linear and nonlinear causality tests; Asian countries; E41;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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