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Endogenous Money - A Structural Model of Monetary Base

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  • Ho Dong Ching
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    Abstract

    In this paper, a structural monetary base model is developed. An important feature of this approach is that the model combines three parts of the determinants of the monetary base. The three parts are the commercial bank, the public and the central bank. Bank behaviour relies on an explicit specification of a maximum profit-seeking and risk-averse model which describes the determinants of the supply of deposits by banks as well as their demands for earning assets and (free) reserves. The behaviours of the public and central bank are set up exogeneously. According to the structural model, we derive the monetary base equation which is determined by various financial and real variables endogenously.

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    This book is provided by South East Asian Central Banks (SEACEN) Research and Training Centre in its series Occasional Papers with number occ52 and published in 2011.

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    Handle: RePEc:sea:opaper:occ52

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    1. Muhammad Arshad Khan, 2010. "Testing of money multiplier model for Pakistan: does monetary base carry any information?," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2013), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 9, pages 1-20, February.
    2. Seth B. Carpenter & Selva Demiralp, 2010. "Money, reserves, and the transmission of monetary policy: does the money multiplier exist?," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2010-41, Board of Governors of the Federal Reserve System (U.S.).
    3. Co-Pierre Georg & Markus Pasche, 2008. "Endogenous Money - On Banking Behaviour in New and Post Keynesian Models," Jena Economic Research Papers 2008-065, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics, revised 01 Oct 2008.
    4. Kevin S. Nell, 2001. "The Endogenous/Exogenous Nature of South Africa's Money Supply under Direct and Indirect Monetary Control Measures," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(2), pages 313-329, January.
    5. Qin, Duo & Quising, Pilipinas & He, Xinhua & Liu, Shiguo, 2005. "Modeling monetary transmission and policy in China," Journal of Policy Modeling, Elsevier, Elsevier, vol. 27(2), pages 157-175, March.
    6. Goyal, Ashima & Dash, Shridhar, 2000. "The Money Supply Process in India: Identification, Analysis and Estimation," MPRA Paper 24632, University Library of Munich, Germany.
    7. Raghbendra Jha & Deba Prasad Rath, 2001. "On the Endogeneity of the Money Multiplier in India," ASARC Working Papers, The Australian National University, Australia South Asia Research Centre 2001-12, The Australian National University, Australia South Asia Research Centre.
    8. Giuseppe Fontana, 2003. "Post Keynesian Approaches to Endogenous Money: A time framework explanation," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 15(3), pages 291-314.
    9. Thomas I. Palley, 1994. "Competing Views Of The Money Supply Process: Theory And Evidence," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 45(1), pages 67-88, 02.
    10. Carlos Montoro & Ramon Moreno, 2011. "The use of reserve requirements as a policy instrument in Latin America," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, March.
    11. Matthew Higgins & Thomas Klitgaard, 2004. "Reserve accumulation: implications for global capital flows and financial markets," Current Issues in Economics and Finance, Federal Reserve Bank of New York, Federal Reserve Bank of New York, vol. 10(Sep).
    12. Muhammad Mahboob Ali & Victoria Wise, 2010. "Money Supply Function for Bangladesh: An Empirical Analysis," AIUB Bus Econ Working Paper Series AIUB-BUS-ECON-2010-01, American International University-Bangladesh, Office of Research and Publications (ORP), revised Feb 2010.
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