Nor asmat Ismail SCHOOL OF SOCIAL SCIENCES   PUSAT PENGAJIAN SAINS KEMASYARAKATAN UNIVERSITI SAINS MALAYSIA USM Pulau Pinang, Pulau Pinang 11800   norasmat@usm.my             JEL Areas: E5 : Monetary Policy, Central Banking, and the Supply of Money and Credit: General E6 : Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General