Economists have frequently argued that the money supply is endogenously determined. However, monetary regimes differ in important institutional respects and it may be that endogeneity may be true for some regimes and not for others. This paper tests for endogeneity of money supply in the G7...

Empirical work based on portfolio theories of the demand for money traditionally treat the quantity of money demanded as the outcome of a decision to allocate a fixed amount of wealth. By contrast, this paper argues that people commonly hold money at the same time that they borrow. Thus changes...

Private savings play a pivotal role in financing development and sustaining growth. Recently, there have been many theoretical developments that underpin key determinants of savings behavior, many of which merit empirical investigation. Understanding the dynamics of the determinants of savings...

This paper develops a simple model of foreign debt portfolio management. The model suggests that, under mild conditions, the currency composition of a country''s foreign debt portfolio is responsive to exchange rate movements. Empirical evidence is provided for a panel of 14 emerging economies...