¿Echando leña al fuego? Análisis institucionalista de la dinámica del dinero y el crédito
ISSN: 1870-1442
Year of publication: 2017
Volume: 10
Issue: 26
Pages: 32-49
Type: Article
More publications in: Ola Financiera
Abstract
In this paper we analyze the evolution of the relation between money supply and bank credit with the aim of seeing if there is an endogeneity relation between money supply and bank credit. This relation has been established by the institutionalist interpretation, using the "fueling the flames" hypothesis, proposed by the Kindleberg-Minsky model, within the theory of monetary endogeneity. In order to identify the predominant causal relations, we estimate the Granger non causality test to USA, Japan, Germany and Spain cases during the period 1960-2008.