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The aim of this study is to assess the nature of money supply in the CEMAC area. Specifically, we aim at testing the post-Keynesian endogenous money hypothesis which asserts that money supply is demand-determined and not in the control of the central bank. Contrary to the usual Granger causality tests performed in most studies related to the post-Keynesian theory, we use in this paper a direct test of the endogeneity of money. Using quarterly data from 1990 to 2017, we provide empirical evidence on endogenous money supply in the CEMAC area. Moreover, the structuralist and liquidity preference views are the principal transmission channels of money supply endogeneity in this monetary union. Monetary authorities should consequently shift their policy from the apparent monetary targeting to interest rate targeting, and subsequently to inflation targeting. Moreover, the banking system must undergo profound structural changes.

The endogenous money hypothesis: empirical evidence from the CEMAC area (1990–2017)