Money Supply Endogeneity: Evidence From Indonesia
Abstract
Under the theories of money supply endogeneity, bank loan plays an
important role in the creation of money within an economy. This research aims to
provide evidence of money supply endogeneity in Indonesia over a period of 12
years using monthly data. We found the existence of bi-directional causality
between bank loans and money supply, bank loans and monetary base, as well as
bank loans and money multiplier. These findings are consistent with the
endogenous money supply hypotheses particularly the structuralist view of
endogenous money supply. Menurut teori Endogenitas penawaran uang, pinjaman bank memiliki
peran yang penting dalam penciptaan uang dalam suatu ekonomi. Penelitian ini
bertujuan untuk menyajikan bukti Endogenitas penawaran uang pada Indonesia
dalam periode 12 tahun menggunakan data bulanan. Kami menemukan adanya
kausalitas dua arah antara pinjaman bank dan penawaran uang, pinjaman bank
dan basis moneter, serta pinjaman bank dan pengganda uang. Penemuan ini
konsisten dengan hipotesis Endogenitas penawaran uang tepatnya Endogenitas
penawaran uang struktural.
