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

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  • Mauricio A. Hernández

    ()

  • Munir Jalil Barney

    ()

  • Carlos Esteban Posada

    ()

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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Handle: RePEc:bdr:borrec:402

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

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References

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  1. Martha Misas A. & Hugo Oliveros C. & José Darío Uribe, 1994. "Especificación Y Estabilidad De La Demanda Por Dinero En Colombia," BORRADORES DE ECONOMIA 002588, BANCO DE LA REPÚBLICA.
  2. Martha Misas A. & Enrique López E. & Carlos A. Arango A. & Juan Nicolás Hernández A., 2003. "La Demanda de Efectivo en Colombia: Una Caja Nagra a la Luz de las Redes Neuronales," BORRADORES DE ECONOMIA 002963, BANCO DE LA REPÚBLICA.
  3. Champ,Bruce & Freeman,Scott & Haslag,Joseph, 2011. "Modeling Monetary Economies," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9781107003491.
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  13. Luis Eduardo Arango & Andrés González, 2000. "A Nonlinear Specification of Demand for Cash in Colombia," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 207-226, July-Dece.
  14. Peter Pedroni, 2001. "Purchasing Power Parity Tests In Cointegrated Panels," The Review of Economics and Statistics, MIT Press, vol. 83(4), pages 727-731, November.
  15. Mankiw, N Gregory & Summers, Lawrence H, 1986. "Money Demand and the Effects of Fiscal Policies," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 18(4), pages 415-29, November.
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  17. Donald H. Dutkowsky & H. Sonmez Atesoglu, 2001. "The Demand For Money: A Structural Econometric Investigation," Southern Economic Journal, Southern Economic Association, vol. 68(1), pages 92-106, July.
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