Paper | Money Aggregate | Determinants | Estimation Method | Data Employed | Income Elasticity | Effect of Interest Rate | Currency Substitution Effect? | Stability |
| M1/M2 | Y, R, R*, EX | ARDL | 1983Q1 to 2002Q4 | 1.281/1.691 | Negative/not significant | No | Stable/Not Stable |
| M1/M2 | Y, R | Johansen cointegration | 1977-2002 | 1.013/1.110 | Negative | N.A. | Structure break at 1979, 1983, 1988, 1992-1993 |
| M2 | Y, R, π, EX, output volatility, money supply volatility | Bounds testing | 1983Q1 to 2010Q2 | 1.111 | Negative | No | Stable |
| M1/M2 | Y, R | Bounds testing | 1977-2006 | 0.884/0.915 | Negative | N.A. | Stable/Stable |
| M2 | Y, π, EX/EX asymmetric effect | ARDL | 1996Q1 to 2015Q1 | 1.458/1.114 | NA | No | Stable/Stable |
| M1/M2 | Y, R, R*, EX Or Y, π, EX | ARDL | 1999Q1 to 2008Q1 | 1.47/1.04 | Mixed Or NA | No for M1/Yes for M2 | Mixed |
| M2 | Y, R, π, EX, policy uncertainty/policy uncertainty asymmetric effect | ARDL | Jan 2010 to May 2020 | 0.054/0.024 | Not significant | Yes | Stable/Stable |
| M2 | Y, R, π | VECM/VAR | 1981Q1 to 1992Q4; 1993Q1 to 2018 Q3 | 1.507/1.511; 1.460/1.461 | Negative/Negative; Positive/Positive | N.A. | Structure break at 1992 |
| M2 | Y, R, consumer price, housing price | FMOLS | N.A. | Varies from 1.13 to 1.74 | Negative
| N.A. | Structure break at 1992-1995; 2007-2008; 2010 |