This paper aims to study a big picture on relationship between money supply and economic growth-wide phenomena of AEC open region including Thailand, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Lao PDR and Cambodia. The macro variables comprise of economic growth-wide phenomena or GDP growth rates and money growth-wide phenomena or money supply, consisting of money (M1) and demand deposits (DD) of selected countries in ASEAN were tested by using secondary data, covering during nineteen yearly period from 1995 to 2013. Panel unit root and estimation models by using panel ARDL of Pooled Mean Group Estimator (PMGE) were conducted to observe the long run relationship and the short run relationship as a speed of adjustment to the long run equilibrium. The result showed that narrow money (M1), demand deposits (DD), and GDP growth rates were stationary with I(0) and I(1) levels. Also, the result outputs shown coefficients of estimation indicated that money supply were associated with economic growth-wide phenomena of AEC open region in long run including a speed of adjustment to long term equilibrium. (C) 2015 The Authors. Published by Elsevier B.V.
