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Money-income and credit-income relationships during the pre- and the post-liberalization periods: evidence from Malaysia

Azali, M. and Matthews, Kent Gerard Patrick 1999. Money-income and credit-income relationships during the pre- and the post-liberalization periods: evidence from Malaysia. Applied Economics 31 (10) , pp. 1161-1170. 10.1080/000368499323382

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Abstract

Using the Bernanke's contemporaneous structural VAR, this paper investigates the role of money and credit in the monetary transmission mechanism during the pre- and post-liberalization periods in Malaysia. During the pre-liberalization period where credit and interest rates were regulated, the evidence supports the dominance of bank credit shocks over money shocks in explaining the output variability. After the liberalization of financial market, however, money as well as credit innovations were proven to make significant contribution to the output fluctuation.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Publisher: Routledge
ISSN: 0003-6846
Last Modified: 04 Jun 2017 05:10
URI: http://orca.cf.ac.uk/id/eprint/49239

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