Can money endogeneity be generalized? Empirical evidence from Caribbean economies

Kevin Greenidge, Roland Craigwell and Darrin Downes

International Advances in Economic Research, 2001, vol. 7, issue 2, 253-258

Abstract: This study investigates the direction of causality between the money supply and reserve money for some selected Caribbean countries using recently developed techniques of causality tests. The findings suggest that neither money endogeneity nor money exogeneity can be generalized to all small, open economies. The causal patterns may differ according to whether the monetary arrangements of the countries follow either a fixed or flexible exchange rate regime. Moreover, this-study highlights the fact that a mixed bag of policies must be implemented by respective central banks to maintain macroeconomic stability. Copyright International Atlantic Economic Society 2001

Date: 2001
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DOI: 10.1007/BF02296013

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