Zulkefly Abdul karim National University of Malaysia (UKM)   School of Economics Faculty of Economics & Business National University of Malaysia (UKM) Bangi, Selangor 43600 Malaysia   mz@pkrisc.cc.ukm.my             JEL Areas: E5 : Monetary Policy, Central Banking, and the Supply of Money and Credit: General C5 : Econometric Modeling: General