金融发展与货币政策的有效性:来自马来西亚的新证据

IF 1.2 Q4 MANAGEMENT

Asian Academy of Management Journal Pub Date : 2020-01-15 DOI:10.21315/aamj2019.24.2.2

Daniel Basa, Zulkefly Abdul Karim, M. Zaidi

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引用次数: 2

摘要

本文考察了马来西亚金融发展与货币政策有效性之间的关系。两个指标指定了FD的水平，即流动负债和股票市值，以及固定资本形成总额用于估计MPE的决定因素，MPE是在开放经济方法中使用结构向量自回归（SVAR）生成的。因此，使用自回归分布滞后（ARDL）模型来检验FD和固定资本形成总额对MPE的影响。使用1991年至2016年的年度时间序列数据，结果表明，在MPE上，FD和总固定资本形成之间存在协整关系。有趣的是，FD对MPE的产出和通货膨胀具有负显著影响，这表明更发达的金融体系阻碍了货币政策的有效性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Financial development and the effectiveness of monetary policy: New evidence from Malaysia

This paper examines the relationship between financial development (FD) and the monetary policy effectiveness (MPE) in Malaysia. Two indicators designate the level of FD, namely liquid liabilities and stock market capitalisation, and gross fixed capital formation are used in estimating the determinants of MPE which is generated using structural vector auto regressive (SVAR) in an open economy approach. Accordingly, an autoregressive distributed lag (ARDL) model is used in examining the effects of FD and gross fixed capital formation on MPE. Using a yearly time series data spanning from 1991 to 2016, the results revealed that there is a cointegration between FD and gross fixed capital formation on MPE. Interestingly, FD has a negatively significant effect on MPE on output and inflation, which indicates that a more developed financial system has hindered the effectiveness of the monetary policy.

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来源期刊

Asian Academy of Management Journal MANAGEMENT-

CiteScore

1.70

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： The Asian Academy of Management Journal (AAMJ) is a refereed journal that is jointly published by the Asian Academy of Management (AAM) and Penerbit Universiti Sains Malaysia (http://www.penerbit.usm.my). The journal endeavors to provide forums for academicians and practitioners who are interested in the discussion of current and future issues and challenges impacting the Asian Management as well as promoting and disseminating relevant, high quality research in the field of management. The journal has an established and long history of publishing quality research findings from researchers not only in the Asian region but also globally.