MONEY-PRICE RELATIONSHIPS UNDER A CURRENCY BOARD SYSTEM: THE CASE OF ARGENTINA


Togay S., Kose N.

JOURNAL OF APPLIED ECONOMICS, cilt.16, sa.2, ss.373-389, 2013 (SSCI İndekslerine Giren Dergi) identifier identifier

  • Cilt numarası: 16 Konu: 2
  • Basım Tarihi: 2013
  • Doi Numarası: 10.1016/s1514-0326(13)60016-1
  • Dergi Adı: JOURNAL OF APPLIED ECONOMICS
  • Sayfa Sayıları: ss.373-389

Özet

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.