EXOGENOUS OR ENDOGENOUS MONEY SUPPLY: EVIDENCE FROM AUSTRALIA

被引：2
|
作者：
Badarudin, Zatul E. [1 ]
Khalid, Ahmed M. [2 ]
Ariff, Mohamed [2 ]
机构：
[1] Toll Corp Pty Ltd, Melbourne, Vic 3000, Australia
[2] Bond Univ, Sch Business, Gold Coast, Qld 4229, Australia
来源：
SINGAPORE ECONOMIC REVIEW | 2012年 / 57卷 / 04期
关键词：
Post-Keynesian; endogenous money supply; vector error-correction model; EMPIRICAL-EVIDENCE; ACCOMMODATIONISM; COINTEGRATION; STRUCTURALISM; DEMAND; TIME;
D O I：
10.1142/S0217590812500257
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper investigates the nature of money supply in Australia over two separate monetary policy regimes: monetary and inflation targeting. The post-Keynesian theory on endogenous money was tested with the aim of investigating whether endogenous money supply, if it did exist, followed the accomodationist, structuralist or liquidity preference viewpoints. Data used are quarterly series from 1977 to 2007 and we used vector error-correction model for long-run and short-run causality tests. We found that money supply is endogenous in Australia even when the central bank targeted monetary aggregates during the period 1977 to 1993.
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页数：12
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