Financial Disintermediation in the 1990s : Implications on Monetary Policy in Malaysia

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説明

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.

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詳細情報 詳細情報について

  • CRID
    1390290699842519680
  • NII論文ID
    110007629926
  • NII書誌ID
    AA00207547
  • DOI
    10.15057/17464
  • HANDLE
    10086/17464
  • ISSN
    0018280x
    0018280X
  • 本文言語コード
    en
  • 資料種別
    departmental bulletin paper
  • データソース種別
    • JaLC
    • IRDB
    • CiNii Articles
    • OpenAIRE
  • 抄録ライセンスフラグ
    使用可

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