콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Financial Policy
Economy Economic System

Print

Financial liberalization and the information content of money in Indonesia, Korea, and the Philippines

Related Document
Frame of Image
  • Financial liberalization and the information content of money in Indonesia, Korea, and the Philippines
  • Hamann, A. Javier
  • International Monetary Fund


link
Title Financial liberalization and the information content of money in Indonesia, Korea, and the Philippines
Similar Titles
Material Type Reports
Author(English)

Hamann, A. Javier

Publisher

[Washington, DC, U.S.]:International Monetary Fund

Date 1993-11
Series Title; No IMF working paper / 93/88
Pages 44
Subject Country Indonesia(Asia and Pacific)
Philippines(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic System
Holding SSRN

Abstract

Using a VAR approach, this paper studies the relationship between money, output, and prices in a group of Pacific Basin countries that underwent financial sector reform during the 1980s: Indonesia, Korea, and the Philippines. Special attention is paid to assessing the information content of money. Money was found to contain valuable advance information on output and prices in Korea, on prices only in the Philippines, and did not contain any advance information in Indonesia. The introduction of financial sector reform was not found to lead to a structural break in the price and output equations; however, the information content of money was affected. Further tests show that exchange and interest rates--variables that gained flexibility with the reforms--contain valuable information about future developments in prices in Korea and the Philippines.