The empirical estimates for the money demand function reported hereare based on quarterly time series for Thailand for the period 19731 to19854. The money demand function estimated is novel in that it takesinto account the potential effect of external monetary developments ondomestic money demand in the open economy of Thailand. The empiricalresults show that foreign interest rates do play an important role inthe Thailand money demand function. Hence the Thailand monetaryauthorities should not ignore the response of domestic money demand toexternal factors in formulating their stabilisation policies.
Journal of Economic Studies – Emerald Publishing
Published: Feb 1, 1991
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