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Can money endogeneity be generalized? Empirical evidence from Caribbean economies

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  • Kevin Greenidge
  • Roland Craigwell
  • Darrin Downes

Abstract

This study investigates the direction of causality between the money supply and reserve money for some selected Caribbean countries using recently developed techniques of causality tests. The findings suggest that neither money endogeneity nor money exogeneity can be generalized to all small, open economies. The causal patterns may differ according to whether the monetary arrangements of the countries follow either a fixed or flexible exchange rate regime. Moreover, this-study highlights the fact that a mixed bag of policies must be implemented by respective central banks to maintain macroeconomic stability. Copyright International Atlantic Economic Society 2001

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  • Kevin Greenidge & Roland Craigwell & Darrin Downes, 2001. "Can money endogeneity be generalized? Empirical evidence from Caribbean economies," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 7(2), pages 253-258, May.
    • Handle: RePEc:kap:iaecre:v:7:y:2001:i:2:p:253-258:10.1007/bf02296013
    DOI: 10.1007/BF02296013
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    References listed on IDEAS

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    1. Howells, Peter & Hussein, Khaled, 1998. "The Endogeneity of Money: Evidence from the G7," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(3), pages 329-340, August.
    2. Engle, R. F. & Granger, C. W. J. (ed.), 1991. "Long-Run Economic Relationships: Readings in Cointegration," OUP Catalogue, Oxford University Press, number 9780198283393, Decembrie.
    3. Peter Howells & Khaled Hussein, 1998. "The Endogeneity of Money: Evidence from the G7," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(3), pages 329-340, August.
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