Causality tests of the United States weekly money supply and Asian-pacific stock markets

Mak, S. C.

doi:10.1007/bf01732900

Cited by 2 publications

(2 citation statements)

References 12 publications

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“…However, the efficient markets hypothesis cannot be rejected for the Singaporean case. In another study, Mak and Cheung (1991) investigated the relationship between United States money supply and the Asian-Pacific stock markets, namely; Australia, Hong Kong, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Taiwan and Thailand. They obtained results that offer support for the efficient markets hypothesis.…”

Section: Introductionmentioning

confidence: 99%

Money, Output and Stock Prices in Malaysia: An Application of the Cointegration Tests

Habibullah¹,

Baharumshah²

1996

International Economic Journal

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Section: Introductionmentioning

confidence: 99%

Money, Output and Stock Prices in Malaysia: An Application of the Cointegration Tests

Habibullah¹,

Baharumshah²

1996

International Economic Journal

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“…However, the results cannot be generalized for the Singapore market. In a related study, Mak and Cheung (1991) investigated the relationship between the United States money supply and the Asian-Pacific stock markets, namely, Australia, Hong Kong, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand. They found that the efficient market h!lnothrsis could not be rejected.…”

Section: Introductionmentioning

confidence: 99%

Monetary Policy, Economic Activity and the Stock Market: An Empirical Analysis of the Kuala Lumpur Stock Exchange

1998

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This study attempts to answer the question whether the Kirala Lumpur Stock Exchange (K1,SE) is itzformationally efficient with respect to both money and output. The Information Efficient Market ([EM) hypothesis is tested using the Johansen-Juselius multivariate cointegration approach. Stock prices are proxied by the Composite, Industrial, Finance, Property, Platztation and Tit1 indices. The measures of money supply used include the narrowly defined MI and broadly defined M2. Output is proxied by the real Gross Domestic Product (GDP). The empirical results suggest that the stock market is informationally inefficient with respect to M2 and output. ABSTRAK Kajian ini cuba menjawab soalan samada Bursa Saham Kuala Lumpur (KLSE) adalah cekap dari segi maklumat penawaran wang dan output. Hipotesis "Information Eficient Market" diuji metzggutzakatz pendekatatz multivariat Johansen-Juselius. Harga-harga saham diproksi oleh indeks Komposit, Perindustrian, Kewatzgan, Harta, Perladattgan dun Timall. Penawaran wang yang digunakan dalam kajian ini termas~rk MI and M2. Output pula diwakili oleh Keluaran Dalam Negara Kasnr Betzar (KI).VKI. Keputusan empirikal kajian ini tnenut~jukkan bahawa pasaran suham tersebut adalali kurang cekap dari segi maklutnat penawaratz wang !M2 dan output.

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Causality tests of the United States weekly money supply and Asian-pacific stock markets

Cited by 2 publications

References 12 publications

Money, Output and Stock Prices in Malaysia: An Application of the Cointegration Tests

Money, Output and Stock Prices in Malaysia: An Application of the Cointegration Tests

Monetary Policy, Economic Activity and the Stock Market: An Empirical Analysis of the Kuala Lumpur Stock Exchange

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