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

Author

Listed:
  • Selahattin Togay

    (Gazi University)

  • Nezir Kose

    (Gazi University)

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.

Suggested Citation

  • Selahattin Togay & Nezir Kose, 2013. "Money-price relationships under a currency board system: The case of Argentina," Journal of Applied Economics, Universidad del CEMA, vol. 16, pages 373-390, November.
    • Handle: RePEc:cem:jaecon:v:16:y:2013:n:2:p:373-390
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    File URL: https://ucema.edu.ar/publicaciones/download/volume16/togay.pdf
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    More about this item

    Keywords

    currency board; Argentina; money supply endogeneity; exogeneity test;
    All these keywords.

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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