Financial liberalisation has advanced the transformation of the financial market as more interest-bearing financial derivatives are introduced. Performance of the equal-weighted monetary aggregates has been affected and therefore disrupted the stability of money demand. Effectiveness of monetary policy is a concern as stability of money demand is required for a stable velocity derivation. Thus, the aim of this study is to derive a stable money demand function by considering the type of monetary aggregate included for estimation and the missing determinants of money demand. First, the divisia monetary aggregate is employed for money demand estimation in Malaysia. Second, the exchange rate is included as a determinant of money demand by employing the nonlinear autoregressive distributed lag approach to capture the asymmetric effects from exchange rate changes. The results indicate that all the variables are bound together in the long run and the model is stable. Asymmetric effects exist in the short run for both appreciation and depreciation. Long-run asymmetric effects only hold in currency appreciation in which a substitution effect exists between Received: December, 2018 1st Revision: February, 2019 Accepted: October, 2019 DOI: 10.14254/20718330.2019/12-4/4 Journal of International Studies S ci en ti fi c P a pe rs © Foundation of International Studies, 2019 © CSR, 2019 Choi-Meng Leong, Chin-Hong Puah, Evan Lau, Abu Mansor Shazali Asymmetric effects of exchange rate changes on the demand for divisia money in Malaysia 53 exchange rate and money demand. A stable money demand function contributes to formulation of monetary policy in Malaysia.

中文翻译：

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汇率变动对马来西亚对除零钱的需求的不对称影响

随着更多有息金融衍生品的引入，金融自由化推动了金融市场的转型。等加权货币总量的表现受到影响，因此破坏了货币需求的稳定性。货币政策的有效性是一个令人关注的问题，因为稳定的速度推导需要货币需求的稳定性。因此，本研究的目的是通过考虑用于估算的货币总量的类型和货币需求的缺失决定因素来得出稳定的货币需求函数。首先，在马来西亚，除数货币总量用于货币需求估计。第二，通过采用非线性自回归分布滞后方法来捕获汇率变化的非对称效应，可以将汇率作为货币需求的决定因素。结果表明，从长远来看，所有变量都绑定在一起，并且模型是稳定的。短期而言，升值和贬值均存在不对称效应。长期不对称效应仅在货币升值中存在，其中存在替代效应。收到日期：2018年12月第一次修订：2019年2月接受：2019年10月DOI：10.14254 / 20718330.2019 / 12-4 / 4国际研究期刊实体©国际研究基金会，2019©CSR，2019崔孟孟，朴振宏，刘德华，Abu Mansor Shazali汇率变动对马来西亚53货币汇率和货币需求的不对称影响。稳定的货币需求功能有助于马来西亚制定货币政策。