Browsing by Subject "Finance -- Asia"
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ItemChanges in structure of demand for money in four crisis affected Asian countries(Assumption University, 2003) Waranya Atchariyachanvanich ; Assumption University. Martin de Tours School of Management and EconomicsThis 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.