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030 Department Bulletin Papers = 本学紀要論文
*Hitotsubashi journal of economics
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(
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Identifier to cite or link to this item: https://doi.org/10.15057/17464
Identifier to cite or link to this item: https://hdl.handle.net/10086/17464
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cover_17464
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HJeco0500100010
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Item Information
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Title
Financial Disintermediation in the 1990s : Implications on Monetary Policy in Malaysia
Creator
Creator Name
Tan, Anthony C.K.
Tan, Anthony C.K.
Affiliation
Affiliation Name
University of Malaya
Creator Name
Goh, Kim-Leng
Goh, Kim-Leng
Key Word
bank lending channel
capital market
cointegration
VAR
JEL
E44
E52
Abstract
The increased financial disintermediation that characterizes the Malaysia's financial system since the early 1990s has contributed towards changes in the dynamics of monetary transmission mechanism. Using quarterly data from 1980: 1 to 2005: 4, we found a greater effectiveness of monetary policy during the pre-1990:3 period, but the post-1990:3 period poses much difficulty for the conduct of monetary policy. Innovations in the financial market appeared to have led to lower output variability. Further, when the real interest rate is made a function of financial disintermediation, the real interest rate appeared to have lost its significance in influencing real variables in the post-1990: 3 period. This study did not, however, find evidence in support of the significance of the real interest rate in affecting real variables through the direct financing channel via the capital market.
Publisher
Hitotsubashi University
Issued Date
2009-06
Language
English(eng)
Resource Type
departmental bulletin paper
Version Type
VoR
selfDOI
10.15057/17464
ISSN
0018-280x
NCID
AA00207547
Source Title
Hitotsubashi Journal of Economics
Volume Number
50
Issue Number
1
Page Start
1
Page End
27
Appears in Collections
Vol. 50, no. 1 (Jun. 2009)
URL
https://hdl.handle.net/10086/17464
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