References
- Addis, A. K., & Cheng, S., (2023). The nexus between renewable energy, environmental pollution, and economic growth across BRICS and OECD countries: A comparative empirical study. Energy Reports, 10: 3800-3813. https://doi.org/10.1016/j.egyr.2023.10.038.
- Ahmad, N., & Ahmed, F. (2006). The long-run and short-run endogeneity of money supply in Pakistan: an empirical investigation. SBP-Research Bulletin, 2(1), 267-2786
- Ahmed, M. D., Muzib, M. M., & Saha, S., (2015). The money supply process in Bangladesh: an econometric analysis. Global Disclosure of Economics and Business, 4(2), 137-142
- Ali, M. M., & Islam, A. M. (2011). Factors affecting money supply in Bangladesh: An econometric Analysis. AIUB Journal of Business and Economics, 10(1 & 2), 1-27
- Alqudair, K.H.A., (2006). Endogenous and exogenous money concepts: an empirical investigation from the Kingdom of Saudi Arabia. Economia Internazionale / International Economics, 59(2), 143-159.
- Almutair, S. (2015). The endogenous money hypothesis: an empirical study of the Saudi Arabia. International Journal of Social Science and Economics Invention, 1(3), 1-18
- Arize, A. C., & Nam, K. (2012). The demand for money in Asia: some further evidence. International Journal of Economics and Finance, 4(8), 59-71
- Azam, M., & Rashid, S., (2025). Monetary facts or Monetarist facts? A reexamination. Journal of Central Banking Theory and Practice, 14 (1), 183-214
- Badarudin, Z., Khalid, A.M., & Ariff, M., (2012). Exogenous or endogenous money supply: evidence from Australia. The Singapore Economic Review, 57(4), 1-12
- Bastav, L., (2021). Endogenous money supply: Turkish economy (2011-2018). Fiscaoeconomia, 5(2), 595-610
- Breusch, T., & Pagan, A., (1980). The Lagrange multiplier test and its application to model specification in econometrics. Review of Economic Studies 47: 239–253.
- Brunner, K. (1968). The role of the money and monetary policy. Federal Reserve Bank of St. Louis Review 50, # 5 (August 1968): 9-24.
- Buch, C. M., (2004). Globalization of Financial Markets: Causes of Incomplete Integration and consequences for economic policy. Springer-Verlag Berlin Heidelberg. Hardcover ISBN: 978-3-540-40637-2. https://link.springer.com/book/9783540406372
- Cerqueira, L. F., (2009). An approach to testing the exogeneity of the money supply in Brazil by mixing Kalman filter and cointegration procedures: 1964.02 to 1986.02. Perspectiva Econômica 5(1), 01-23. doi:10.4013/pe.2009.51.01
- Chen, K., & Zheng, Y., (2020). Empirical study on endogeneity of money supply in China. International Journal of Science and Research, 9(3), 965-967.
- Cottrell, A. (1994). Post-Keynesian monetary economics. Cambridge Journal of Economics 18: 587-605.
- Cyrille, S. M., & Christophe, M., (2022). The endogenous money hypothesis: empirical evidence from the CEMAC area (1990–2017). Journal of Post Keynesian Economics, 45(1), 73-99.
- Dash, S. K. (2017). Is money supply exogenous? Evidence from India. Margin-The Journal of Applied Economic Research 11(2), 1–29.
- Davidson, P. (1978). Money and the real world (2nd ed.). London: MacMillan.
- Dedeoglu, D., & Ogut, K., (2018). Examination of money supply endogeneity in Turkey: Evidence from asymmetric causality test. Cogent Economics & Finance, 6:1-18
- Elhendawy, E. O. (2016). Money supply - exogenous or endogenous? An empirical evidence from Egypt. International Journal of Economics, Commerce and Management, IV (2), 42-58
- Farazmand, H., Ansari, M. S., & Moradi, M. (2016). What determines money demand: evidence from MENA? Economic Review, 45(2), 151-169
- Friedman, M. (1969). The optimum quantity of money, In the optimum quantity of money and other essays- Publisher: Aldine De Gruyter. ISBN-13: 978-0202060309
- Haghighat, J. (2011). Endogenous and exogenous money: an empirical investigation from Iran. Journal of Accounting, Finance and Economics, 1(1), 61-76
- Howells, P., & Hussein, K. (1998). The endogeneity of money: evidence from the G7. Scottish Journal of Political Economy, 45(3), 329-340
- Incekara, A. & Amanov A. (2017). Optimal policy instrument selection in monetary policy: endogeneity of money supply. Journal of Business, Economics and Finance, 6(2), 61-69.
- Jayaraman T. K. & Choong C. K., (2009). Is money endogenous in the Pacific Island countries? Journal of Eastern Caribbean Studies, 34: 68–78
- Keynes, J.M. (1936). The General Theory of Employment, Interest, and Money. London: Macmillan.
- Khan, Z., & Khan, M. A., (2023). The effect of monetary policy on income inequality: empirical evidence from Asian and African Developing Economies. Journal of Central Banking Theory and Practice, 12 (3), 133 – 158.
- Kjosevski, J. (2013). The determinants and stability of money demand in the Republic of Macedonia. Zbornik Radova Ekonomskog Fakulteta u Rijeci / Proceedings of Rijeka School of Economics, 31(1), 35-54
- Levin, A., C. Lin, & Chu, C.-J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24.
- Liu, L., Bashir, T., Abdalla, A.A., Salman, A., Ramos-meza, C.S., Jain, V., & Shabbir, M. S., (2024). Can money supply endogeneity influence bank stock returns? A case study of South Asian economies. Environment, Development and Sustainability 26, 2775–2787
- Mookerjee, R., & Peebles, G., (1998). Endogenous money in China: Evidence and insights on recent policies. Journal of Asian Economics, 9(1), 139-15.
- Moore, B. J. (1989). The endogeneity of credit money. Review of Political Economy, 1(1), 65-93,
- Moore B. J. (1988). The endogenous money supply. Journal of Post Keynesian Economics, 10(3), 372-385
- Moore, B. J. & Threadgold, A. R. (1980). Bank lending and the money supply. Bank of England discussion paper No. 10. Retrieved from https://www.bankofengland.co.uk/-/media/boe/files/archive/discussion-paper/bank-lending-and-the-money-supply.pdf
- Muye, I. M., & Muye, I. Y. (2017). Testing for causality among globalization, institution and financial development: Further evidence from three economic blocs. Borsa Istanbul Review, 17(2), 117-132.
- Nayan, S., Kadir, N., Yusof, A.H., & Ali, N.A.M. (2016) Money supply endogeneity: evidence from the dynamic panel data. In: Mohd Sidek N., Ali S., Ismail M. (eds) Proceedings of the ASEAN Entrepreneurship Conference 2014, pp 233-242. Springer, Singapore
- Nayan, S., Kadir, N., Abdullah, M. S., & Ahmad, M. (2013). Post Keynesian endogeneity of money supply: panel evidence. Procedia Economics and Finance, 7 (2013) 48 – 54
- Nguyen, D. K., Huynh, T. L. D., & Nasir, M. A., (2021). Carbon emissions determinants and forecasting: Evidence from G6 countries. Journal of Environmental Management, 285: 111988. https://doi.org/10.1016/j.jenvman.2021.111988
- Nyumuah, F. S., (2017). An investigation into the interest elasticity of demand for money in developing countries: a panel data approach. International Journal of Economics and Finance, 9(3), 69-80.
- Ongan, S., & Gocer. I., (2023). Money supply determination process for Japan. Journal of Central Banking Theory and Practice, 1: 249-261. DOI:10.2478/jcbtp-2023-0011
- Palley, T. I. (2017). The theory of endogenous money and the LM schedule: prelude to a reconstruction of ISLM. Brazilian Journal of Political Economy 37 (1), 3-22
- Palley, T. I. (2015). The theory of endogenous money: mechanics and implications for macroeconomic analysis and monetary policy. Working paper Series Number 393. Political Economy Research Institute, University of Massachusetts Amherst. Retrieved from https://peri.umass.edu/publication/item/685-the-theory-of-endogenous-money-mechanics-and-implications-for-macroeconomic-analysis-and-monetary-policy
- Palley, T. I. (1998) Accommodationism, Structuralism, and Superstructuralism. Journal of Post Keynesian Economics, 21:1, 171-173
- Palley, T. I. (1993). Milton Friedman and the Monetarist Counter-Revolution: A Re-appraisal. Eastern Economic Journal, 19(1), 71-81
- Panagopoulos, Y. & Spiliotis, A. (2006). Testing money supply endogeneity: the case of Greece (1975-1998). European Research Studies, IX (1-2), 85-102
- Park, W. (2023) Two theories of endogenous money: an empirical study of Korea, Journal of Post Keynesian Economics, 46(2), 303-333
- Pedroni, P., (2001). Purchasing power parity tests in cointegrated panels. Review of Economics and Statistics 83, 1371-1375.
- Pedroni, P., (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61, 653-670.
- Pesaran, M.H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22 (2), 265–312
- Pesaran M.H. (2004) General diagnostic tests for cross section dependence in panels. IZA Discussion Paper No. 1240. IZA, P.O. Box 7240, 53072 Bonn Germany. available at https://docs.iza.org/dp1240.pdf
- Pesaran, M. H., & Shin, Y., (1995). An autoregressive distributed lag modelling approach to cointegration analysis. Paper presented at the Symposium at the Centennial of Ragnar Frisch, The Norwegian Academy of Science and Letters, Oslo, March 3-5, 1995. Retrieved from https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=743dc1e8cf7eea4a2ac9bc58907f2ce08a1f5d90
- Pesaran, H., Shin, Y., & Smith, R., (1999). Pooled Mean Group estimation and dynamic heterogeneous panels. Journal of the American Statistical Association, 94:621–634.
- Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
- Pesaran, M. H., Ullah, A. & Yamagata, T., (2008). A Bias-Adjusted LM Test of Error Cross-Section Independence, Econometrics Journal, 11(1),105-127
- Phillips, P. C. B., & Hansen B. E. (1990). Statistical inference in instrumental variables regressions with I(1) Processes. Review of Economic Studies, 57, 99-125
- Ramirez, M.D. (2007). A Panel unit root and panel cointegration test of the complementarity hypothesis in the Mexican Case: 1960–2001. Atlantic Economic Journal, 35, 343–356 https://doi.org/10.1007/s11293-007-9078-6
- Regret, S. (2018). Money supply exogeneity and endogeneity under Zimbabwe’s multiple currency regime, 2009 to 2017. Journal of Economics and Sustainable Development, 9(2), 183-194
- Saikkonen, P. (1991). Asymptotically efficient estimation of cointegration regressions. Econometric Theory, 7: 1–21
- Samargandi, N., Fidrmuc, J., & Ghosh, S., (2014). Is the Relationship between Financial Development and Economic Growth Monotonic? Evidence from a Sample of Middle-Income Countries. CESIFO Working Paper No. 4743 Category 6: Fiscal policy, macroeconomics, and growth. https://www.cesifo-group.de/DocDL/cesifo1_wp4743.pdf
- Sieron, A., (2019). Endogenous versus exogenous money: Does the debate really matter? Research in Economics, 73: 329–338
- Sliwiński, P. (2023). Endogenous money supply, global liquidity and financial transactions: Panel evidence from OECD countries. Equilibrium. Quarterly Journal of Economics and Economic Policy, 18(1), 121–152.
- Shanmugam, B., Nair, M. & Li, O.W. (2003.) The endogenous money hypothesis: empirical evidence from Malaysia (1985-2000). Journal of Post Keynesian Economics, 25(4), 599-611
- Sillers D., (2017). How can an increase in commercial bank lending increase money supply? Available at https://www.quora.com/How-can-an-increase-in-commercial-bank-lending-increase-money-supply
- Smithin, J. (1997). An alternative monetary model of inflation and growth. Review of Political Economy, 9(4), 395-409.
- Thwaini, F. H. & Hamdan, A. A., (2017). Money supply. Endogenous or exogenous variable? With reference to Iraq. Banks and Bank Systems, 12(4), 144-153.
- Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69: 709–748
- World Development Indicators (2023), the World Bank. https://databank.worldbank.org/source/world-development-indicators
- Wray, L R. (1993). Money, interest rates, and Monetarist policy: Some more unpleasant Monetarist arithmetic? Journal of Post Keynesian Economics, 15 (4), 541-569
- Wray, L. R. (1992). Alternative approaches to money and interest rates. Journal of Economic Issues, 26 (4), 1145-1178
- Valadkhani, A, (2008). Long- and short-run determinants of the demand for money in the Asian-Pacific countries: an empirical panel investigation. Annals of Economics and Finance, 9(1), 47-60.
- Vera, A. P. (2001). The endogenous money hypothesis: some evidence from Spain (1987–1998). Journal of Post Keynesian Economics, 23(3), 509-526.
- Zafar, A., Majeed, M. T., Nosheen, M., & Iqbal, J. (2021). Globalization, financial development, and environmental sustainability: evidence from heterogenous income groups of Asia. Environmental Science and Pollution Research, 28(36), 50430-50446.
- Zulkhibri, M. & Majid, A. (2007). Causality link between money, output and prices in Malaysia: an empirical re-examination. Applied Econometrics and International Development,7-1: 211-220.