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ISLAMIC BANKING AND MONEY DEMAND FUNCTION IN MALAYSIA: An Econometric Analysis
AHMAD KALEEM and MANSOR MUHAMMAD ISA
Pakistan Economic and Social Review
Vol. 44, No. 2 (Winter 2006), pp. 277-290
Published by: Department of Economics, University of the Punjab
Stable URL: http://www.jstor.org/stable/25825298
Page Count: 14
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The Central Bank of Malaysia is facing unique challenges in transmitting its monetary policies due to Islamic banking, which strictly prohibits the interest payments. This article develops new methodology to calculate the demand for money function in the presence of Islamic banking. It indicates some weaknesses in the existing mechanism and raises thought that would be helpful in revising the monetary related policies in Malaysia.
Pakistan Economic and Social Review © 2006 Department of Economics, University of the Punjab