The Effect of Exchange Rates on Economic Growth: Empirical Testing on Nominal Versus Real †
作者： Dullah Mulok , Rozilee Asid , Nanthakumar Loganathan , Jaratin Lily , Mori Kogid
DOI:
关键词: International Fisher effect 、 Monetary policy 、 Time series 、 Economics 、 Monetary economics 、 Empirical research 、 Causal effect 、 Real term 、 Exchange rate 、 Cointegration
摘要: This study attempts to investigate the effects of exchange rates on economic growth in Malaysia using time series data spanning from 1971 2009. Both rates, nominal and real, are considered have similar growth. The results ARDL bounds test suggest that long-run cointegration exists between both real with a significant positive coefficient recorded for rate. In addition, ECM-based also reveal causal effect towards Considering importance rate variables, especially term, these findings eventually systematic via monetary policy should be properly developed promote stability sustainability Malaysia.
researchgate.net 参考文章(21)
Nicolae Ghiba, EXCHANGE RATE AND ECONOMIC GROWTH. THE CASE OF ROMANIA Research Papers in Economics. ,vol. 2, pp. 73- 77 ,(2010)
Nara Bahadur Thapa, An Econometric Analysis of the Impact of Real Effective Exchange Rate on Economic Activities in Nepal NRB Economic Review. ,vol. 14, pp. 17- 36 ,(2002)
William Miles, To Float Or Not To Float? Currency Regimes And Growth Journal of economic development. ,vol. 31, pp. 91- 105 ,(2006)
T. Rakovski, M.F. McPherson, Exchange Rates and Economic Growth in Kenya: An Econometric Analysis Research Papers in Economics. ,(1998)
Anne-Marie Gulde, Atish R. Ghosh, Holger C. Wolf, Exchange Rate Regimes: Choices and Consequences ,(2003)
Søren Johansen, Katarina Juselius, MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY Oxford Bulletin of Economics and Statistics. ,vol. 52, pp. 169- 210 ,(2009) , 10.1111/J.1468-0084.1990.MP52002003.X
M. Hashem Pesaran, Yongcheol Shin, Richard J. Smith, Bounds testing approaches to the analysis of level relationships Journal of Applied Econometrics. ,vol. 16, pp. 289- 326 ,(2001) , 10.1002/JAE.616
David A. Dickey, Wayne A. Fuller, Distribution of the Estimators for Autoregressive Time Series with a Unit Root Journal of the American Statistical Association. ,vol. 74, pp. 427- 431 ,(1979) , 10.1080/01621459.1979.10482531
Anindya Banerjee, Juan Dolado, Ricardo Mestre, Error‐correction Mechanism Tests for Cointegration in a Single‐equation Framework Journal of Time Series Analysis. ,vol. 19, pp. 267- 283 ,(1998) , 10.1111/1467-9892.00091
Eduardo Levy-Yeyati, Federico Sturzenegger, To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth The American Economic Review. ,vol. 93, pp. 1173- 1193 ,(2003) , 10.1257/000282803769206250