金融发展与货币政策的有效性:来自马来西亚的新证据

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research 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

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.