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Money demand in Venezuela: A cointegration analysis (1968-1996)

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  • Josefá Ramoni Perazzi

    (Universidad de Los Andes, Facultad de Ciencias Económicas y Sociales, Departamento de Economía)

  • Giampaolo Orlandoni Merli

    (Universidad de Los Andes, Facultad de Ciencias Económicas y Sociales, Instituto de Estadística Aplicada y Computación)

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    Abstract

    La marcada inestabilidad y tendencia creciente de la demanda monetaria en Venezuela, hacen suponer que cualquier modelo que intente explicarla sin tomar en cuenta la posible no estacionariedad de las variables involucradas, arroje resultados sesgados. Este estudio intenta explicar el comportamiento de la demanda de dinero en Venezuela, en función del ingreso (como variable de escala), tipo de cambio y tasas de interés (que recogen el motivo especulación). Haciendo uso de los enfoques de cointegración de Engle-Granger y de Johansen, se concluye que la demanda real de dinero se comporta como un bien de lujo con una alta elasticidad ingreso, y se contrae ante atractivas tasas de interés y de tipo de cambio. El método de Johansen probó ser el más conveniente.

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    Bibliographic Info

    Article provided by Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela in its journal Economia.

    Volume (Year): 25 (2000)
    Issue (Month): 16 (January-December)
    Pages: 91-109

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    Handle: RePEc:ula:econom:v:25:y:2000:i:16:p:91-109

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    Postal: Facultad de Ciencias Económicas y Sociales. Instituto de Investigaciones Económicas y Sociales. Campus Universitario Liria, Edificio G, Tercer Nivel. Mérida 5101, Estado Mérida, Venezuela
    Phone: +58 74 401111 ext. 1081
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    Web page: http://iies.faces.ula.ve/
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    Related research

    Keywords: Demanda monetaria; dinero; ingreso; cointegración; modelo.;

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