This study augments a standard growth model with institutional controls, and models the spatial dependence using geographical and institutional weight matrices. Spatial Durbin model is shown to be the most appropriate to describe the data and political institutions weight matrix best explains...

The study seeks to examine the impact of financial deregulation on the money demand in Malaysia and the implication of altered money demand pattern on the Malaysian monetary conduct. It also attempts to investigate the currency substitution effect as result of the financial market development...