This paper uses cointegration and vector auto regression techniques to examine which, if any, of the financial aggregates - the monetary base, M1, M2 or credit - is an appropriate intermediate target for the Thai monetary authorities. From the spectrum of monetary aggregates, M1 seems to be the...

This paper provides an empirical estimate of the degree of international capital mobility in Thailand. A model of interest rate determination which allows for imperfectly mobile capital and the impact of both domestic and international influences on the domestic rate is developed and estimated...

Recent evidence indicates that Australia's real effective exchange rate, its terms of trade and a long-term real interest rate differential form a cointegrating relationship. This paper uses this evidence to analyse the nominal US$/A$ exchange rate. The US$/A$ rate is found to be cointegrated...

Recent evidence indicates that Australia's real effective exchange rate, its terms of trade and a long-term real interest rate differential form a cointegrating relationship. This paper uses this evidence to analyse the nominal US$/A$ exchange rate. The US$/A$ rate is found to be cointegrated...

The decline in Australian aggregate labour productivity growth in the 1980's was closely associated with a fall in capital intensity. While many believe that real wage restraint was the explanation for these aggregate outcomes, this paper examines the data disaggregated to an industry level to...