The relationship between broad money and stock prices in Malaysia: an Error Correction model approach
The purpose of this study is to investigate the empirical relationship between money supply and stock prices in the Kuala Lumpur Stock Exchange (KLSE), using monthly data that span from January 1984 to September 1992. Specifically, we test for market informational efficiency in KLSE by testing the c...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Penerbit Universiti Kebangsaan Malaysia
1998
|
| Online Access: | http://psasir.upm.edu.my/id/eprint/17034/ http://psasir.upm.edu.my/id/eprint/17034/1/The%20relationship%20between%20broad%20money%20and%20stock%20prices%20in%20Malaysia%20an%20Error%20Correction%20model%20approach.pdf |
| _version_ | 1848843128568545280 |
|---|---|
| author | Habibullah, Muzafar Shah |
| author_facet | Habibullah, Muzafar Shah |
| author_sort | Habibullah, Muzafar Shah |
| building | UPM Institutional Repository |
| collection | Online Access |
| description | The purpose of this study is to investigate the empirical relationship between money supply and stock prices in the Kuala Lumpur Stock Exchange (KLSE), using monthly data that span from January 1984 to September 1992. Specifically, we test for market informational efficiency in KLSE by testing the causal relationships between money supply, M3 and stock prices using the cointegration technique. Results from our Error Correction models suggest that the informational efficiency markets hypothesis can be rejected for the KLSE. |
| first_indexed | 2025-11-15T08:10:06Z |
| format | Article |
| id | upm-17034 |
| institution | Universiti Putra Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-15T08:10:06Z |
| publishDate | 1998 |
| publisher | Penerbit Universiti Kebangsaan Malaysia |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | upm-170342016-02-01T08:23:02Z http://psasir.upm.edu.my/id/eprint/17034/ The relationship between broad money and stock prices in Malaysia: an Error Correction model approach Habibullah, Muzafar Shah The purpose of this study is to investigate the empirical relationship between money supply and stock prices in the Kuala Lumpur Stock Exchange (KLSE), using monthly data that span from January 1984 to September 1992. Specifically, we test for market informational efficiency in KLSE by testing the causal relationships between money supply, M3 and stock prices using the cointegration technique. Results from our Error Correction models suggest that the informational efficiency markets hypothesis can be rejected for the KLSE. Penerbit Universiti Kebangsaan Malaysia 1998 Article PeerReviewed application/pdf en http://psasir.upm.edu.my/id/eprint/17034/1/The%20relationship%20between%20broad%20money%20and%20stock%20prices%20in%20Malaysia%20an%20Error%20Correction%20model%20approach.pdf Habibullah, Muzafar Shah (1998) The relationship between broad money and stock prices in Malaysia: an Error Correction model approach. Jurnal Ekonomi Malaysia, 32. pp. 51-73. ISSN 0126-1962 http://www.ukm.my/fep/jem/content/1998.html |
| spellingShingle | Habibullah, Muzafar Shah The relationship between broad money and stock prices in Malaysia: an Error Correction model approach |
| title | The relationship between broad money and stock prices in Malaysia: an Error Correction model approach |
| title_full | The relationship between broad money and stock prices in Malaysia: an Error Correction model approach |
| title_fullStr | The relationship between broad money and stock prices in Malaysia: an Error Correction model approach |
| title_full_unstemmed | The relationship between broad money and stock prices in Malaysia: an Error Correction model approach |
| title_short | The relationship between broad money and stock prices in Malaysia: an Error Correction model approach |
| title_sort | relationship between broad money and stock prices in malaysia: an error correction model approach |
| url | http://psasir.upm.edu.my/id/eprint/17034/ http://psasir.upm.edu.my/id/eprint/17034/ http://psasir.upm.edu.my/id/eprint/17034/1/The%20relationship%20between%20broad%20money%20and%20stock%20prices%20in%20Malaysia%20an%20Error%20Correction%20model%20approach.pdf |