The monetary model of exchange rate: evidence from The Philippines
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 exchange rate. However, the typical linear restrictions of flexible-price monetary model and proportionality between the exchange rate and relative money are rejected.
Year of publication: |
2007
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Authors: | Chin, Lee ; Azali, M. ; Yusop, Zulkornain ; Yusoff, Mohammed |
Published in: |
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 14.2007, 13, p. 993-997
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Publisher: |
Taylor & Francis Journals |
Saved in:
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