More evidence on the asymmetric effects of exchange rate changes on the demand for money: evidence from Asian

References

• Aftab, M., R. Ahmad, I. Ismail, and M. Ahmed. 2017.“Exchange Rate Volatility and Malaysian-Thai Bilateral Industry Trade Flows.” Journal of Economic Studies 44: 99–114. doi:10.1108/JES-05-2015-0091.
   Web of Science ®Google Scholar
• Ahmad, M., and A. H. Khan. 1990. “A Reexamination of the Stability of the Demand for Money in Pakistan.” Journal of Macroeconomics 12: 307–321. doi:10.1016/0164-0704(90)90035-9.
   Web of Science ®Google Scholar
• Al-Shayeb, A., and A. Hatemi-J. 2016. “Trade Openness and Economic Development in the UAE: An Asymmetric Approach.” Journal of Economic Studies 43: 587–597. doi:10.1108/JES-06-2015-0094.
   Web of Science ®Google Scholar
• Arango, S., and M. Ishaq Nadiri. 1981. “Demand for Money in Open Economies.” Journal of Monetary Economics 7: 69–83. doi:10.1016/0304-3932(81)90052-0.
   Web of Science ®Google Scholar
• Arize, A. C., J. B. Spalding, and B. N. Umezulike. 1991. “Impact of Foreign Monetary Developments on Demand for Money: Regression Estimates and Forecast Results.” Journal of Economic Studies 18: 39–48. doi:10.1108/EUM0000000000150.
   Web of Science ®Google Scholar
• Baghestani, H., and S. Kherfi. 2015. “An Error-Correction Modeling of US Consumer Spending: Are There Asymmetries?“ Journal of Economic Studies 42: 1078–1094. doi:10.1108/JES-04-2014-0065.
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., and S. Bahmani. 2015. “Nonlinear ARDL Approach and the Demand for Money in Iran.” Economics Bulletin 35: 381–391.
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., and H. Fariditavana. 2015. “Nonlinear ARDL Approach, Asymmetric Effects and the J-Curve.” Journal of Economic Studies 42: 519–530. doi:10.1108/JES-03-2015-0042.
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., and H. J. Rhee. 1994. “Long-Run Elasticities of the Demand for Money in Korea: Evidence from Coitegration Analysis.” International Economic Journal 8: 83–93.
   Google Scholar
• Bahmani-Oskooee, M., and S. Saha. 2015. “On the Relation between Stock Prices and Exchange Rates: A Review Article.” Journal of Economic Studies 42: 707–732. doi:10.1108/JES-03-2015-0043.
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., and D. Xi. 2014. “Economic Uncertainty, Monetary Uncertainty, and the Demand for Money: Evidence from Asian Countries.” Australian Economic Papers 53: 16–28. doi:10.1111/aepa.2014.53.issue-1-2.
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., D. Xi, and S. Bahmani. 2016. “Asymmetric Effects of Exchange Rate Changes on the Demand for Money in China.” Applied Economics Letters 23: 1104–1109. doi:10.1080/13504851.2015.1137540.
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., and M. Pourheydarian. 1990. “Exchange Rate Sensitivity of Demand for Money and Effectiveness of Fiscal and Monetary Policies.” Applied Economics 22: 917–925. doi:10.1080/00036849000000029.
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., and H. Rehman. 2005. “Stability of the Money Demand Function in Asian Developing Countries.” Applied Economics 37: 773–792. doi:10.1080/0003684042000337424.
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., and A. Techaratanachai. 2001. “Currency Substitution in Thailand.” Journal of Policy Modeling 23: 141–145. doi:10.1016/S0161-8938(00)00030-2.
   Web of Science ®Google Scholar
• Banerjee, A., J. Dolado, and R. Mestre. 1998. “Error-Correction Mechanism Tests in a Single Equation Framework.” Journal of Time Series Analysis 19: 267–283 doi:10.1111/jtsa.1998.19.issue-3.
   Google Scholar
• Bhattacharya, R. 1995. “Cointegrating Relationships in the Demand for Money in India.” The Indian Economic Journal 43 (1): 59–75. July–September.
   Google Scholar
• Chowdhury, A. R. 1997. “The Financial Structure and the Demand for Money in Thailand.” Applied Economics 29: 401–409. doi:10.1080/000368497327191.
   Web of Science ®Google Scholar
• Engle, R. F., and C. W. J. Granger. 1987. “Cointegration and Error Correction: Representation, Estimation, and Testing.” Econometrica 55: 251–276. doi:10.2307/1913236.
   Web of Science ®Google Scholar
• Gogas, P., and I. Pragidis. 2015. “Are There Asymmetries in Fiscal Policy Shocks?” Journal of Economic Studies 42: 303–321. doi:10.1108/JES-04-2013-0059.
   Web of Science ®Google Scholar
• Hossain, A. 1994. “The Search for a Stable Money Demand Function for Pakistan: An Application of the Method of Cointegration.” Pakistan Development Review 33 (4): 969–983. Part II.
   Google Scholar
• Ibrahim, M. H. 1998. “An Econometric Analysis of Money Demand and Its Stability in the Malaysian Economy.” Indian Economic Review 33 (1): 53–68. January–June.
   Google Scholar
• Khan, A. H. 1994. “Financial Liberalization and the Demand for Money in Pakistan.” Pakistan Development Review 33 (4): 997–1006. Winter.
   Google Scholar
• Lee, T. H., and K. J. Chung. 1995. “Further Results on the Long-Run Demand for Money in Korea: A Cointegration Analysis.” International Economic Journal 9: 103–113. doi:10.1080/10168739500000024.
   Google Scholar
• Lima, L., C. Foffano Vasconcelos, J. Simão, and H. De Mendonça. 2016. “The Quantitative Easing Effect on the Stock Market of the USA, the UK and Japan: An ARDL Approach for the Crisis Period.” Journal of Economic Studies 43: 1006–1021. doi:10.1108/JES-05-2015-0081.
   Web of Science ®Google Scholar
• McFarlane, A., A. Das, and M. Chowdhury. 2014. “Non-Linear Dynamics of Employment, Output and Real Wages in Canada: Recent Time Series Evidence.” Journal of Economic Studies 41: 554–568. doi:10.1108/JES-02-2013-0022.
   Google Scholar
• McNown, R., and M. S. Wallace. 1992. “Cointegration Tests of a Long-Run Relation between Money Demand and the Effective Exchange Rate.” Journal of International Money and Finance 11: 107–114. doi:10.1016/0261-5606(92)90024-R.
   Web of Science ®Google Scholar
• Mundell, R. A. 1963. “Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates.” The Canadian Journal of Economics and Political Science 29 (4): 475–485. doi:10.2307/139336.
   Web of Science ®Google Scholar
• Nusair, S. A. 2017. “The J-Curve Phenomenon in European Transition Economies: A Nonlinear ARDL Approach.” International Review of Applied Economics 31: 1–27. doi:10.1080/02692171.2016.1214109.
   Web of Science ®Google Scholar
• Pesaran, M. H., Y. Shin, and R. J. Smith. 2001. “Bounds Testing Approaches to the Analysis of Level Relationships.” Journal of Applied Econometrics 16: 289–326. doi:10.1002/jae.616.
   Web of Science ®Google Scholar
• Pradhan, B. K., and A. Subramanian. 1997. “On the Stability of the Demand for Money in India.” The Indian Economic Journal 45 (2): 106–117. July–September.
   Google Scholar
• Prasad, U. R. 1994. “The Short-Run and Long-Run Demand for Money Functions.” The Indian Economic Journal 42 (1): 115–123. July–September.
   Google Scholar
• Rao, B. B., and Shalabh. 1995. “Unit Roots Cointegration and the Demand for Money in India.” Applied Economics Letters 2: 397–399. doi:10.1080/758518999.
   Web of Science ®Google Scholar
• Shin, Y., B. C. Yu, and M. Greenwood-Nimmo. 2014. “Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework.” In Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications, edited by R. Sickels, and W. Horrace, 281–314. New York: Springer.
   Google Scholar
• Tan, E. C. 1997. “Money Demand amid Financial Sector Developments in Malaysia.” Applied Economics 29: 1201–1215. doi:10.1080/00036849700000011.
   Web of Science ®Google Scholar
• Tang, T. C. 2007. “Money Demand Function for Southeast Asian Countries: An Empirical View from Expenditure Components.” Journal of Economic Studies 34: 476–496. doi:10.1108/01443580710830952.
   Google Scholar
• Wimanda, R. E. 2014. “Threshold Effects of Exchange Rate Depreciation and Money Growth on Inflation: Evidence from Indonesia.” Journal of Economic Studies 41: 196–215. doi:10.1108/JES-02-2012-0011.
   Google Scholar