An exploratory bibliographical and conceptual review is carried out, as a first approximation to the two explanatory theories of how money is created: the first one that affirms that money is created exogenously and the second one that asserts that it is created exogenously. The exogenous creation of money supposes that money enters from outside the economy in the form of printing by the monetary authority, while the endogenous creation implies that money is created by the demand for loanable funds that society itself requires. A first approximation denotes a greater number of studies of monetary demand compared to those of monetary supply; various authors who address the issue treating money as an object of study rooted in other variables, as well as different positions where the theory of endogeneity becomes implicitly relevant. A more delimited review and empirical studies are necessary to gather evidence to clarify the validity of one theory or another, in the panamanian context.
