First published in 1999, this volume examines the role and effects of financial liberalisation in ten deregulated Asian developing countries including Indonesia, Malaysia, Myanmar, Nepal, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan and Thailand. These areas experienced significant financial and economic changes between the ‘financially repressed economies’ of the 1970s through to the 1990s. Muzafar Shah Habibullah approaches this issue in two parts. Part 1 provides empirical evidence of relationships between monetary aggregates, nominal income and price level. In part 2, he offers an early attempt to evaluate the Divisia monetary aggregate as an alternative to the Simple-sum aggregate as an indicator for the financial and economic situation of Asian developing countries.
Table of Contents
Part 1. Financial Liberalisation and Monetary Aggregates in Asian Developing Economies. 1. Financial Development and Economic Growth in Asian Developing Countries. 2. Monetary Aggregates and the Effectiveness of Monetary Policy in Financial Liberalised Developing Economies: Application of the Liquidity Constraint Approach. Part 2. Divisia Money, Inflation and Income: Empirical Evidence for Asian Developing Countries. 3. Rationale for Divisia Monetary Aggregates in ‘Deregulated’ Asian Developing Countries. 4. The P-Star Model Approach: Linking Divisia Money and Prices in the Asian Countries. 5. Divisia Money and Income in the Asian Countries.