Does money cause prices, or the other way around?

Attempts to look into the question of causality between money and prices in the context of international comparison in four South‐east Asian developing countries, based on an improved methodology. Thailand, Malaysia, Singapore, and the Philippines were used as case studies. Regarding the money‐price causality direction, the study based on both bivariate and multivariate tests, tends to suggest strongly that in those four countries during much of the three decades since 1960, it was money supply that was the leading variable as the monetarists maintain and not the other way around as the structuralists maintain.