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Interest Rates Targeting of Monetary Policy: An Open Economy SVAR Study of Malaysia

Gadjah Mada International Journal of Business (GamaIJB) · Vol. 16 No. 1 (2014) · pp. 1–22

DOI
10.22146/gamaijb.5464
ISSN
2338-7238, 1411-1128
Published
2014-02-28
Publisher
Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
Language
eng

Abstract

This paper examines the implementation of monetary policy during the interest rates targeting in a small-open economy (i.e. Malaysia) by using an open-economy structural VAR (SVAR) study. It tests the effect of foreign shocks upon domestic macroeconomic fluctuations and monetary policy, and examines how effective monetary policy is in influencing macroeconomic variables. The results show that during interest rates targeting, monetary policy plays a significant role in affecting macroeconomics variables. This finding suggests that monetary policy has an important role as a stabilization policy in a small-open economy.

Collaboration network of the authors

8 authors · 11 co-authorship links · 5 across different organisations

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • National University of Malaysia
  • Universiti Malaysia Sarawak
  • International Islamic University Malaysia
  • Universiti Teknologi Petronas
  • Universiti Teknologi MARA
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
M. Shabri Abd. MajidInternational Islamic University Malaysia1
Samsul Ariffin Abdul KarimUniversiti Teknologi Petronas1
Mohamed Aseel ShokrNational University of Malaysia1
Mansor JusohNational University of Malaysia1
Mohd Azlan Shah ZaidiNational University of Malaysia1
Nurhuda NizarUniversiti Teknologi MARA1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.ugm.ac.id/gamaijb/oai, first harvested 28 Okt 2026, last seen 1 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">Interest Rates Targeting of Monetary Policy:  An Open Economy SVAR Study of Malaysia</dc:title>
	<dc:creator>Karim, Zulkefly Abdul</dc:creator>
	<dc:creator>Karim, Bakri Abdul</dc:creator>
	<dc:description xml:lang="en-US">This paper examines the implementation of monetary policy during the interest rates targeting in a small-open economy (i.e. Malaysia) by using an open-economy structural VAR (SVAR) study. It tests the effect of foreign shocks upon domestic macroeconomic fluctuations and monetary policy, and examines how effective monetary policy is in influencing macroeconomic variables. The results show that during interest rates targeting, monetary policy plays a significant role in affecting macroeconomics variables. This finding suggests that monetary policy has an important role as a stabilization policy in a small-open economy.     </dc:description>
	<dc:publisher xml:lang="en-US">Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada</dc:publisher>
	<dc:contributor xml:lang="en-US"></dc:contributor>
	<dc:date>2014-02-28</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.ugm.ac.id/gamaijb/article/view/5464</dc:identifier>
	<dc:identifier>10.22146/gamaijb.5464</dc:identifier>
	<dc:source xml:lang="en-US">Gadjah Mada International Journal of Business; Vol 16, No 1 (2014): January-April; 1-22</dc:source>
	<dc:source>2338-7238</dc:source>
	<dc:source>1411-1128</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.ugm.ac.id/gamaijb/article/view/5464/4439</dc:relation>
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