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Determinantes de la demanda de dinero de largo plazo. Una estimación dinámica con series de tiempo mensual para Venezuela (1986-2007)
[Long-run determinants of the demand for money. A dynamic estimation using monthly data for Venezuela (1986-2007)]

Author

Listed:
  • Maldonado, Leonardo

Abstract

The main objective is to identify the long-run determinants of the demand for money in Venezuela. A dynamic estimation is made, using monthly data spanning the period 1986-2007. Not knowing a priori which variables are endogenous or exogenous allow us to assume a vector autoregression (VAR) process before conducting a dynamic cointegration analysis. We incorporate the evolution of the variability of real market prices as well as the alternative currency market. Signs of weak exogeneity in money demand made it difficult to verify the dynamic relationship in contrast to the endogeneity in variables that reflect the opportunity cost.

Suggested Citation

  • Maldonado, Leonardo, 2009. "Determinantes de la demanda de dinero de largo plazo. Una estimación dinámica con series de tiempo mensual para Venezuela (1986-2007) [Long-run determinants of the demand for money. A dynamic est," MPRA Paper 88698, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:88698
    as

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    References listed on IDEAS

    as
    1. David Laidler, 1999. "The Quantity of Money and Monetary Policy," Staff Working Papers 99-5, Bank of Canada.
    2. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
    3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    4. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
    5. David Laidler, 2003. "Monetary Policy without Money: Hamlet without the Ghost," University of Western Ontario, Departmental Research Report Series 20037, University of Western Ontario, Department of Economics.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    demanda de Dinero; saldos reales; multiplicadores; Venezuela; demand for money; multiplier; cointegration;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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