This note examines the empirical validity of the monetary model of exchange rate determination for The Philippines via cointegration and vector error-correction model. It is found that the monetary model is a valid framework for the long-run exchange rate between Philippines peso-US Dollar...

This article contributes to the debate on hedge funds and exchange rates in Thailand and Malaysia. It provides the first empirical evidence on causal relation between hedge funds and exchange rates. Using a new Granger noncausality procedure proposed by Toda and Yamamoto (1995) and monthly data...

This paper investigates the causal linkages between velocity of money and both anticipated and unanticipated components of money supply growth, and its variability as measured on the Malaysian annual data (1973-94). The motivation is to provide evidence in a developing country context about...