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Money Supply Behavior in ‘BRICS’ Economies: - A Time Series Analysis on Money Supply Endogeneity and Exogeneity
Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
2013 (English)Independent thesis Basic level (degree of Bachelor), 15 credits / 22,5 HE creditsStudent thesis
Abstract [en]

This thesis investigated money supply behaviors in the ‘BRICS’ group from 1982 to 2012. It empirically analyzed causality relationships between related monetary indicators by using quarterly data and time series econometric methods. In four countries: Brazil, China, Russia (the period of 2004-2012) and South Africa (1982-1993), this study found money supply endogeneity evidence (bank loans cause the money supply, or there is bidirectional between these two). Other countries, India and the 1982-2003 period of Russia, money supply was found to be exogenous, i.e. money supply cause bank loans. Nonetheless, traditional Monetarian view still holds across the five economies in the short run. The findings reflected discretionary monetary policies targeting monetary aggregates in the short term, despite a neutral role of most central banks in the long run. 

Place, publisher, year, edition, pages
2013. , 49 p.
Keyword [en]
Money Supply, Monetary Policy, BRIC, BRICS, Emerging Economy, Endogeneity, Exogeneity, Monetary Targeting, Time Series, VAR, VECM, Granger Causality, Monetary Economics
National Category
URN: urn:nbn:se:hj:diva-23176OAI: diva2:689804
Subject / course
IHH, Economics
2013-12-19, B3052, Jonkoping International Business School Building, Gjuterigatan 5, Jönköping, 18:07 (English)
Available from: 2014-02-14 Created: 2014-01-21 Last updated: 2014-02-19Bibliographically approved

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ReferencesLink to record
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