1992-1997 in both Hungary and Poland. On the other hand it slightly increased in the Czech Republic, even if this country …

The paper examines the endogenous money supply theory for a representative emerging market economy, namely Poland. The … supply endogeneity in Poland during the 2001-16 period. The demand for bank credit, represented by bank lending, causes … money supply in Poland – a finding which further undermines the popular ‘money multiplier’ view. The above conclusions …