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The Determinants of the Behaviour of the Income Velocity of Money in Portugal 1891-1998: An Econometric Approach

Author

Listed:
  • Ana Bela Nunes
  • Miguel St. Aubyn
  • Nuno Valerio
  • Rita Martins de Sousa

Abstract

This paper performs a long-run time series analysis of the behaviour of the income velocity of money in Portugal 1891-1998, and assesses the importance of both macroeconomic and institutional factors in shaping its path. We look for particularities of the Portuguese case in the international context. By means of a cointegrated vector autoregression, we find that institutional variables matter. Moreover, regression analysis shows that the general U-shaped pattern is displayed with the inflection point located in 1973, in line with the Spanish case.

Suggested Citation

  • Ana Bela Nunes & Miguel St. Aubyn & Nuno Valerio & Rita Martins de Sousa, 2011. "The Determinants of the Behaviour of the Income Velocity of Money in Portugal 1891-1998: An Econometric Approach," Working Papers GHES - Office of Economic and Social History 2011/45, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
    • Handle: RePEc:ise:gheswp:wp452011
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    File URL: https://ghes.rc.iseg.ulisboa.pt/wp/wp452011.pdf
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    Citations

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    Cited by:

    1. Amélia Branco & Francisco M. Parejo, 2010. "The Creation of a Competitive Advantage in the Portuguese Cork Industry: The Contribution of an Industrial District," Working Papers GHES - Office of Economic and Social History 2010/43, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
    2. Leonor Freire Costa & Jaime Reis, 2016. "The chronic food deficit of early modern Portugal: curse or myth?," Working Papers GHES - Office of Economic and Social History 2016/58, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
    3. Ana Bela Nunes, 2015. "The Portuguese economy in the 1980s: structural change and short-term upheavals," Working Papers GHES - Office of Economic and Social History 2015/55, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.

    More about this item

    Keywords

    Velocity of money; Portugal; Cointegration; Institutional determinants JEL classification : E41; N10; N13; N14;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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