A Test of The Relationship Between The Supply of Money and Stock Market Prices - Malaysian Case

Nik Mutasim Ab. Rahman

Abstract


Kertas ini sebenarnya merupakan pembentangan hasil satu kajian sederhana yang bersifat "exploratory" dan dilakukan dengan menggunakan data-data sekunder. Objektif utama kajian ini ialah untuk cuba menguji dan akhirnya membentuk satu perhubungan yang mungkin wujud di antara penawaran wang dan harga-harga pasaran saham dengan tumpuan yang khusus kepada realiti tempatan. Dengan mengikuti secara dekat model yang telah pun dibentuk oleh Kennerth E.Homa dan Daught M. Jaffer. Kajian ini cuba menggunakan kaedah asas regrasi berganda ekonometrik untuk mendapatkan satu spesifikasi bagi menggambarkan perhubungan berkenaan. Dalam penemuan kajian ini nampaknya hanya tingkat penawaran wang sahaja yang memperlihatkan hubungan yang bererti dengan tingkat harga pasaran saham. Sebaliknya tidak banyak boleh dirumuskan mengenai kemungkinan wujudnya pengaruh struktur "lag" ke atas perhubungan di antara unsurubah-unsurubah yang dikaji.

ABSTRACT

This paper is a presentation of the resultof a simple study, exploratory in nature, conducted using secondary data with the primary objective of testing and finally establishing any possible existance of a link between the supply of money and stock prices, specifically with respect to the local environment. Following closely the model developed by Kenneth E. Homa and Daught M. Jaffee, the study attempted to employ basic multiple regression econometric procedure to arrive at a specification representing the relationship. While in the findings only the level of money supply appeared to be significantly related to the level of stock market prices, there is not much that can be influece of the lag strusture on the relationship between the variables employed in the study.


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