Bivariate and multivariate tests of money-price causality: robust evidence from a small developing country
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This paper is an attempt at re-examining the question of causality between money and prices both in the bivariate and multivariate context of a small developing economy, based on an improved methodology. Pakistan is used as a case study. The study tends to suggest rather strongly that in the case of Pakistan during the period under consideration (1970/71 to 1993/94), contrary to earlier findings, it was price that was the leading variable as the structuralist maintain and not the other way around as the monetarist maintain
Money-price , Causality , Bivariate , Multivariate , Developing country
Mohammed Masih, Abul Mansur and Masih, Rumi. (1997). Bivariate and multivariate tests of money-price causality: robust evidence from a small developing country. Journal of International Developmen, 9 (6), pp. 803-825.
John Wiley & Sons