We measure the amount of central bank seigniorage generated in three economies in transition, and inquire to what extent seigniorage ultimately accrues to the government. We relate our findings to the institutional environment of the three countries. In particular we document that, in parallel...

It persists in part of the literature that there are two monetary policy models: the monetary base-focused model (aka the money multiplier model/strict money-rule model) and the interest rate-focused model. The former only exists in theory because its implementation (for brief periods in a few...

Citing a break in the statistical association between the broader money aggregates and reserve money in the post-reforms period of the 1990s vis-a-vis the 1980s, this paper argues that an endogenous money multiplier framework is best suited for analyzing the money supply process in India and...

Timm Gudehus begründet in diesem essential die Notwendigkeit einer neuen Geldordnung und beschreibt ihre Vorteile und Chancen. Die Ausführungen sollen dazu anregen, die vorliegenden Vorschläge für eine neue Geldordnung kritisch zu prüfen, bessere Lösungen zu entwickeln, die...

In this study, cointegration methods are used to test the existence of the money multiplier model in Saudi Arabia for 1997m1-2020m4 and subperiods before and after the 2008 global financial crisis. Residual-based tests support broad (M2 and M3) multipliers over the full sample and pre-crisis...

We model the behaviour of banks as a main driver of the changing components of the money multiplier (MM). So we provide behavioural underpinnings for the supply and demand for inside and outside money. We illustrate how the creation of large outside money balances by central banks induces...