The Determinants of Money Demand Function in ASEAN-5 Countries

The Determinants of Money Demand Function in ASEAN-5 Countries

Hussaini Umaru

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Muhammad-Bashir Owolabi Yusuf

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Al-Hikmah University

The Determinants of Money Demand Function in ASEAN-5 Countries

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Abstract

This paper aims to investigate the determinant of money demand function for ASEAN-5 countries over the period from 1987-2014. Macroeconomic data of these countries from World Bank Data Stream were obtained for the period between 1987 until 2014 was collected and analyzed using panel data regression analysis. Money demand function model is designed and tested using Stata 13. The results obtained showed that all the independent variables except stock price are determinants of money demand function in ASEAN-5 excluding time-invariant variables. This current study provides empirical results regarding the relationships between money demand function and its determinants in ASEAN 5 countries from 1987-2014. The finding of this study provides useful insights for policymakers; it could be used by the central bank of ASEAN 5 Countries as a guide for effective monetary policy. Even though the findings are fairly significant with a stable money demand in the five ASEAN 5 countries, they have some limitations. Other scholars should look at the other methods of analysis in determining the money demand functions in the region.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

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Not applicable for this article.

How to Cite This Article

Hussaini Umaru. 2018. \u201cThe Determinants of Money Demand Function in ASEAN-5 Countries\u201d. Global Journal of Management and Business Research - B: Economic & Commerce GJMBR-B Volume 18 (GJMBR Volume 18 Issue B5).

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GJMBR Volume 18 Issue B5

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

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GJMBR-B Classification JEL Code: G00

Submission ReceivedDecember 14, 2017
Peer Review Double Blind
Handling Editor
Accepted January 1, 2018
Published January 15, 2018

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Issue date

July 30, 2018

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Article Matrices

Total Score: 102

Country: Nigeria

Subject: Global Journal of Management and Business Research - B: Economic & Commerce

Authors: Hussaini Umaru, Muhammad-Bashir Owolabi Yusuf (PhD/Dr. count: 0)

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Publish Date: 2018 07, Mon

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