Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.11851/6073
Title: A direct test of the endogeneity of money: Implications for Gulf Cooperation Council (GCC) countries
Authors: Taş, Bedri Kamil Onur
Togay, Selahattin
Keywords: GCC Countries
Endogenous money supply
Monetary union
Post Keynesian monetary theory
Issue Date: 2012
Publisher: Elsevier Science Bv
Abstract: This paper contributes to the ongoing discussion about the endogeneity of money supply by empirically investigating the GCC countries. We propose and implement a direct test of money supply endogeneity that depends on econometric specification of exogeneity which has not been used in the literature before. To be able to make comparisons with previous studies, we also conducted Granger Causality tests to analyze the causality relationship between bank credit and money supply. Both of the empirical studies provide empirical evidence for the endogeneity of money supply in GCC countries. The results of the paper have many significant monetary policy implications for the upcoming monetary unification of the GCC countries. (C) 2012 Elsevier B.V. All rights reserved.
URI: https://doi.org/10.1016/j.econmod.2011.12.015
https://hdl.handle.net/20.500.11851/6073
ISSN: 0264-9993
Appears in Collections:İktisat Bölümü / Department of Economics
Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection
WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection

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