Divisia monetary aggregates and economic activities in Asian developing economies
著者
書誌事項
Divisia monetary aggregates and economic activities in Asian developing economies
Ashgate, c1999
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注記
Includes bibliographical references (p. 176-196)
内容説明・目次
内容説明
This text proposes that "money does matter for monetary policy purposes" for ten SEACEN (South East Asian Central Banks) countries investigated: Indonesia, Malaysia, Myanmar, Nepal, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, and Thailand. Despite the financial liberalization that is underway, the author finds evidence that the money aggregates - both the Simple-sum and Divisia aggregates - have close relationships with both the price level and nominal income. This suggests that they are appropriate intermediate indicators. The book concludes that an important policy implication for these countries is that the use of monetary aggregates as indicators for monetary policy can be effective in the presence of liquidity constraints. It points out that since financial liberalization has not weakened the relationship between monetary aggregates and income in the Asian developing countries, the use of monetary aggregates to predict future growth in income will be effective.
目次
- Part 1 Financial liberalization and monetary aggregates in Asian developing economies: financial developments and economic growth in Asian developing countries
- monetary aggregates and the effectiveness of monetary policy in financial liberalized developing economies - application of the liquidity constraint approach. Part 2 Divisia money, inflation and income - empirical evidence for Aisan developing countries: rationale for Divisia monetary aggregates in "deregulated" Asian developing countries
- the P-star model approach - linking divisia money and prices in Asian countries
- Divisia money and income in the Asian countries.
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