This paper performs a comparative analysis on structures of demand for money before and after the 1997
Asian Crisis by constructing cointegration and error-correction models, utilizing monthly observations under
an open-economy framework. The findings postulate the differences in the nature of long-run relationships in
periods before and after the Asian crisis, as well as speed of adjustment towards equilibrium among ASIA-4:
Korea, Malaysia, the Philippines and Thailand. Interest rate policy interventions have no influence on short-run
relationship of demand for money function.