کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5083638 | 1477807 | 2015 | 30 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Examining the exchange rate regime-monetary policy autonomy nexus: Evidence from Malaysia
ترجمه فارسی عنوان
بررسی ریسک نرخ ارز - سیاست پولی خودمختار رابطه: مدارکی از مالزی
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
Some studies suggest that Asian countries can be exempted from the impossible trinity. We examined the empirical relevance of this argument by reviewing the experience of Malaysia. We defined monetary autonomy by analyzing the interaction between the Malaysian and US interest rates. We used the Unrestricted Error Correction Model Pesaran Bounds test to analyze the interaction between the Malaysian and US interest rates during three different sub periods. Our empirical results showed that there is no cointegration evidence during the managed floating exchange rate periods. However, we found that there was a level relationship between the Malaysian and US interest rates during the period when Malaysia had a fixed exchange rate and an open capital account regime. In contrast with other existing studies, we conclude that Malaysia is not exempted from the impossible trinity. Our study has also highlighted that the Pesaran Bounds test must be interpreted carefully when applied to series with mixed orders of integration.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 35, January 2015, Pages 292-303
Journal: International Review of Economics & Finance - Volume 35, January 2015, Pages 292-303
نویسندگان
Soo Khoon Goh, Robert McNown,