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The Endogeneity of Money: Evidence from the G7

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  • Howells, Peter
  • Hussein, Khaled

Abstract

Economists have frequently argued that the money supply is endogenously determined. However, monetary regimes differ in important institutional respects and it may be that endogeneity may be true for some regimes and not for others. This paper tests for endogeneity of money supply in the G7 countries by using recently developed techniques to test for loan-deposit causality. The authors' findings suggest that broad money is generally endogenous. However, there is often evidence of two-way causality which suggests to them that the ability of loan demand to create deposits is not unconstrained by the demand for those deposits, as is sometimes suggested. Copyright 1998 by Scottish Economic Society.

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Bibliographic Info

Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 45 (1998)
Issue (Month): 3 (August)
Pages: 329-40

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Handle: RePEc:bla:scotjp:v:45:y:1998:i:3:p:329-40

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Cited by:
  1. Boermans, Martijn Adriaan & Moore, Basil J, 2008. "Locked-in and Sticky Textbooks: Mainstream Teaching of the Money Supply Process," MPRA Paper 14845, University Library of Munich, Germany, revised Apr 2009.
  2. Badarudin, Z.E. & Ariff, M. & Khalid, A.M., 2013. "Post-Keynesian money endogeneity evidence in G-7 economies," Journal of International Money and Finance, Elsevier, Elsevier, vol. 33(C), pages 146-162.
  3. Jha, Raghbendra & Prasad Rath, Deba, 2001. "On the Endogeneity of the Money Multiplier in India," Departmental Working Papers, The Australian National University, Arndt-Corden Department of Economics 2001-01, The Australian National University, Arndt-Corden Department of Economics.
  4. Kevin S. Nell, 1999. "The Endogenous/Exogenous Nature of South Africa's Money Supply Under Direct and Indirect Monetary Control Measures," Studies in Economics, Department of Economics, University of Kent 9912, Department of Economics, University of Kent.
  5. Peter Howells, 2005. "The Endogeneity of Money: Empirical Evidence," Working Papers 0513, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
  6. Tas, Bedri Kamil Onur & Togay, Selahattin, 2012. "A direct test of the endogeneity of money: Implications for Gulf Cooperation Council (GCC) countries," Economic Modelling, Elsevier, Elsevier, vol. 29(3), pages 577-585.
  7. Kevin S. Nell, 1999. "The Relation Between Money, Income and Prices in South Africa," Studies in Economics, Department of Economics, University of Kent 9909, Department of Economics, University of Kent.
  8. Yannis Panagopoulos & Aristotelis Spiliotis, 2006. "Testing Money Supply Endogeneity: The Case of Greece (1975-1998)," European Research Studies Journal, European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 85-102.
  9. Vymyatnina, Yulia, 2006. "How much control does Bank of Russia have over money supply?," Research in International Business and Finance, Elsevier, Elsevier, vol. 20(2), pages 131-144, June.

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