A modified Currency Demand Function and the Malaysian shadow economy: Evidence from ARDL bounds testing approach

被引：4

作者：

Gamal, Awadh Ahmed Mohammed ^{[1
]}

Rambeli, Norimah ^{[1
]}

Jalil, Norasibah Abdul ^{[1
]}

Viswanathan, K. Kuperan ^{[2
]}

机构：

[1] Sultan Idris Educ Univ UPSI, Fac Management & Econ, Tanjong Malim 35900, Perak Darul Rid, Malaysia

[2] Univ Utara Malaysia, Othman Yeop Abdullah Grad Sch Business OYAGSB, Sintok 06010, Uum Sintok Keda, Malaysia

来源：

ECONOMIC ANALYSIS AND POLICY | 2019年 / 64卷

关键词：

Malaysian shadow economy; Illegal money; Stationarity; ARDL cointegration test; Modified currency demand function model approach; UNDERGROUND ECONOMY; MONETARY METHOD; TIME-SERIES; UNIT-ROOT; SIZE; DETERMINANTS; MODEL;

D O I：

10.1016/j.eap.2019.10.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Improved estimates of the Malaysian Shadow Economy (SE), illegal money and corrections to the magnitude of SE using the ARDL technique based on the modified Currency Demand Function Model (CDFM) from 1972 to 2012 are provided in this paper. This study rectifies the failure in previous studies to capture the positive and symmetric relationships between the demand for money and per capita income. The use of the scale of real GDP in the Modified CDFM is necessary methodologically to obtain an accurate estimation of SE. This study combines the demand rate of deposits with circulated money as dependent variable, which is more liquid and thus may end up in SE. It considers inequality of the velocity of money in both economies (SE and the formal economy). The variables of opportunity cost of using money in their ratio level rather than logarithm form are used in the modified CDFM. The size of the SE in Malaysia has been fluctuating and averaged around 42.53% of GDP. (c) 2019 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.

引用

页码：266 / 281

页数：16

共 73 条

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