This paper tests empirically the causal relationship between bank loans and the monetary base before and after the adoption of inflation targeting in seven Asia-Pacific countries using Toda-Yamamoto Granger non causality test and the bootstrap test for causality. The most striking finding is that the bank loans Granger cause the monetary base during the inflation targeting period in all the countries, except Japan, which was under the influence of the quantitative easing, whereas the causality appeared diverse before the inflation targeting regime. This result implies the need for the policy makers to take the endogenous nature of the money supply into account in the modern economy.

中文翻译：

---

货币政策体制是否决定货币供应的性质？：来自亚太地区七个国家的证据

本文使用Toda-Yamamoto Granger非因果关系检验和自举因果关系检验，对七个亚太国家在采用通货膨胀目标之前和之后的银行贷款与货币基础之间的因果关系进行了经验检验。最惊人的发现是，在日本（受定量宽松政策影响）以外，除通货膨胀目标外，所有国家的银行贷款格兰杰（Granger）在通货膨胀目标期间都导致了货币基础，而在通货膨胀目标制之前，因果关系出现了差异。这一结果意味着决策者需要在现代经济中考虑货币供应的内生性。