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¿Por qué ha crecido tanto la cantidad de dinero?: teoría y evidencia internacional (1975-2002)§

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Author Info
Mauricio A. Hernández ()
Munir Jalil Barney ()
Carlos Esteban Posada ()

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Abstract

os rasgos característicos de muchas economías desarrolladas y en desarrollo de los últimos dos decenios han sido la gran expansión de sus agregados monetarios, por encima del aumento de su ingreso nominal, y la reducción de sus tasas de inflación. Suponiendo que la conjunción de ambos rasgos indica aumentos significativos de la demanda de saldos reales de dinero, en este documento se reporta un intento de estimación de la demanda de saldos reales de moneda doméstica mediante un ejercicio realizado bajo el método denominado mínimos cuadrados ordinarios dinámicos en panel para una muestra de 63 países a lo largo del período 1975- 2002. De acuerdo con los resultados, los aumentos del gasto en consumo privado, la caída de los diferenciales de inflación con respecto a Estados Unidos y la reducción de la tasa de interés en Estados Unidos (tasa a tres meses sobre Treasure bills) contribuyeron a aumentar la demanda de dinero doméstico en el período mencionado.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 402.

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Related research
Keywords: demanda de dinero; consumo; tasa de interés; inflación; panel; cointegración; mínimos cuadrados ordinarios dinámicos.;

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Find related papers by JEL classification:
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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