This paper tests empirically the causal relationship between bank loans and the monetary base before and after the adoption of inflation targeting in seven Asia-Pacific countries using Toda-Yamamoto Granger non causality test and the bootstrap test for causality. The most striking finding is...

The authors provide a comparative analysis of money supply in Russia before and after Global financial crisis with investigation of its correspondence to the Post-Keynesian endogenous money view. Our results show that during the pre-crisis period bank credit was determined by volume of liquidity...

In our paper, using Granger causality tests on data covering 1995-2011 we find that credit is an important source of money supply endogeneity in Russia, with the two distinct sources of money supply endogeneity present: the one in the sense of accommodationist approach (through state-controlled...

Цель данной статьи – построение основ современной институциональной теории инфляции. Гипотеза исследования состоит в том, что масштабы и особенность...

This paper provides a theoretical framework for a thesis that the transition to the inflation targeting regime, either explicit or implicit, may be one of the causes of the long-term latent accumulations of the financial and structural imbalances, materializing much later and with more dire...

This article intend to analyze the process of the economic growth and income distribution in an environment where technological progress and the basic rate of interest are endogenous and the money, via credit offer, has a preponderant role in the determination of economic dynamics. In this...

Since Krugman 1979, we know that the fixed exchange rate regimes have a propensity to fail because governments are unable to commit simple monetary rule in order to avoid divergence between base money supply and reserve variations. The currency boards (CB) propose a radical solution: an...