Author:
Arize Augustine C.,Spalding John B.,Umezulike Bedford N.
Abstract
The empirical estimates for the money demand function reported here
are based on quarterly time series for Thailand for the period 1973:1 to
1985:4. The money demand function estimated is novel in that it takes
into account the potential effect of external monetary developments on
domestic money demand in the open economy of Thailand. The empirical
results show that foreign interest rates do play an important role in
the Thailand money demand function. Hence the Thailand monetary
authorities should not ignore the response of domestic money demand to
external factors in formulating their stabilisation policies.
Subject
General Economics, Econometrics and Finance
Cited by
11 articles.
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