Endogenous financial theory claims that the supply of monetary base is not an exogenous variable controlled by central bank, but endogenously determined by economic system.
At modern phase, the mainstream economists study "nation" as an endogenous variable of economy and also involve economy problems that can't be measured by monetary.
在现代阶段，主流派把“国家”作为经济问题的内生变量进行研究，也涉及不可用货币量化的经济问题。
3
In the short run, the monetary disequilibrium enters the VECM as an exogenous variable with significant negative effects, which confirms the theoretical prediction of the monetary approach again.