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Tests of different monetary aggregates for the monetary models of the exchange rate in five ASEAN countries

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Abstract:

This study examines the usefulness of divisia money, relative to simple sum money, for exchange rate modelling in a period of rapid financial deregulation. This comparison is conducted using the monetary model of the exchange rate. In the long-run modelling, the divisia money is significantly superior to simple sum money in the case of Malaysia and the Philippines while indifferent for Indonesia, Singapore and Thailand.

Document Type: Research Article

DOI: https://doi.org/10.1080/00036840902845517

Affiliations: Faculty of Economics and Management, Department of Economics, Universiti Putra Malaysia, Selangor, Malaysia

Publication date: 2009-06-01

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