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The Endogeneity of Money: Evidence from the G7

  • Howells, Peter
  • Hussein, Khaled

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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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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