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The Balance of Payments Offset to Monetary Policy: Monetarist, Portfolio Balance, and Keynesian Estimates for Mexico and Venezuela

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  • Kamas, Linda
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    Abstract

    Three balance-of-payments equations are specified and estimated for Mexico and Venezuela. While a large offset is found for Venezuela, there is no evidence of a significant offset for Mexico in the 1970s. However, it is shown that from 1951 to 1970, the offset was close to minus one, suggesting there was structural change in the 1970s. The estimated offset for Venezuela in the Keynesian equation is smaller than that in the monetarist equation, supporting arguments that the latter is biased toward minus one. However, the long-run offset is minus one in accord ance with both approaches. Copyright 1986 by Ohio State University Press.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 18 (1986)
    Issue (Month): 4 (November)
    Pages: 467-81

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    Handle: RePEc:mcb:jmoncb:v:18:y:1986:i:4:p:467-81

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    Cited by:
    1. Jeffrey A. Frankel and Chudozie Okongwu., 1995. "Liberalized Portfolio Capital Inflows in Emerging Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence," Center for International and Development Economics Research (CIDER) Working Papers C95-054, University of California at Berkeley.
    2. Savvides, Andreas, 1998. "Inflation and monetary policy in selected West and Central African countries," World Development, Elsevier, vol. 26(5), pages 809-827, May.
    3. Frankel, Jeffrey A., 2011. "Monetary Policy in Emerging Markets: A Survey," Scholarly Articles 4669671, Harvard Kennedy School of Government.
    4. Jeffrey A. Frankel & Chudozie Okongwu, 1995. "Liberalized Portfolio Capital Inflows in Emerging Capital Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence," NBER Working Papers 5156, National Bureau of Economic Research, Inc.
    5. Shortl, Anja & Stasavage, David, 2004. "Monetary Policy in the CFA Zone: Country-level Credit Policy," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    6. J. Stephen Ferris & Hossein Kavand, 2008. "The monetary effects arising from stochastic resource revenues and the subsidization of financial intermediation in resource rich developing economies," Carleton Economic Papers 08-05, Carleton University, Department of Economics.

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