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The objective of this study is to re-examine the demand for money in ASEAN-5 countries, namely Indonesia, Malaysia, the Philippines, Singapore, and Thailand using the autoregressive distributed lag (ARDL) approach to cointegration analysis. The empirical results show that there is a unique cointegrated and stable long-run relationship among broad monetary aggregate, income, interest rate, exchange rate, foreign interest rate, and inflation. We found that the income elasticity and the exchange rate coefficient are positive while the inflation elasticity is negative. This indicates that depreciation of domestic currency increases the demand for money, supporting the wealth effect argument and people prefer to substitute physical assets for money balances that support our theoretical expectation.

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Purpose This paper aims to examine the dynamic relationship among energy efficiency, health expenditure and economic growth in Malaysia over the sample period of 1980–2016. Design/methodology/approach This study uses autoregressive distributed lag cointegration analysis and the causality approach by the vector error correction model to analyse the relationship among energy efficiency, which is proxied by energy intensity and the determinant factors. Findings The findings of this paper suggest long-run cointegration causal links between economic growth and health expenditure. However, a mixed conclusion for both determinants exists: an increase in real income contributes to more efficient use of energy sources, whereas an increase in government spending on health intensifies energy usage. Originality/value Most previous relevant research has focussed on energy efficiency as measured by economic intensity and economic growth and do not relate to the issue of health expenditure. The recent health catastrophe brought on by the COVID-19 epidemic emphasises the significance of allocating more resources to health care. The findings will be helpful in the development of energy efficiency and economic policies in pursuit of sustainable development goals.

This paper employs the neoclassical growth model to investigate empirically the role of educational tourism in Malaysia's economic growth during the period of 2002:Q1 to 2014:Q4. The present study finds that all determinants including educational tourism have a significant positive impact on economic growth in Malaysia, especially in the long-run. In terms of Granger causality, our results show that educational tourism and economic growth are Granger-cause each other in both the short- and long-run. In light of this, educational tourism can be an effective stimulator of Malaysia's economic growth. Moreover, the generalised variance decomposition analysis also affirms that educational tourism explained most of the long-run variation in economic growth compared to other determinants. Therefore, educational tourism is found to be a new and reliable source for Malaysia's economic growth. For the sake of brevity, any macroeconomic policies that heading toward promoting inbound educational tourism will probably spur the growth of the Malaysian economy, especially in the long-run.

This paper investigates the dynamic synergies between agriculture sector and economic growth in Malaysia throughout historical economic policy adjustments spanning from 1970 to 2010. From the analysis, the contribution of agriculture sector output to the Malaysian economy has been decreasing despite several agriculture-led economic growth policies that have been implemented, including the very recent New Economic Model (NEM). Specifically, we employ Johansen-Juselius (1990) cointegration test and reveals that agriculture and economic growth were found to be moving together in the long run. Moreover, we examine the direction of causality between agriculture output and economic growth within the vector error-correction model (VECM). The test shows that both agriculture and economic growth have no causality direction at least in the short run but there exist a bi-directional causality movement in the long run. From this empirical testing and policy analysis, we can suggest that policy makers should pay attention to the holistic and sustainable development of agriculture sector into their policy modelling in promoting sustainable economic growth.

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