Money-price relationships under a currency board system: The case of Argentina

Selahattin Togay and Nezir Kose
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Selahattin Togay: Gazi University

Journal of Applied Economics, 2013, vol. 16, 373-390

Abstract: The relationship between money and prices, and the endogenous money hypothesis, is examined within the framework of a currency board-like system by using monthly data for the Argentinean economy in the period 1991-2001. Employing exogeneity tests, the empirical findings support the endogenous money hypothesis for the relationship between monetary variables (M1, M2, monetary base) and the producer price index, but reject it when the consumer price index is used instead as price variable.

Keywords: currency board; Argentina; money supply endogeneity; exogeneity test (search for similar items in EconPapers)
JEL-codes: C12 C22 E51 E58 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:cem:jaecon:v:16:y:2013:n:2:p:373-390

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