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Evidencia empírica de endogeneidad monetaria en España (1980-2012)
[Endogenous money. A empirical analysis from Spain (1980-2012)]

Author

Listed:
  • Luis Cárdenas del Rey

    (Universidad Complutense de Madrid. Facultad de Ciencias Económicas y Empresriales.)

Abstract

En este trabajo se contrasta la hipótesis de endogeneidad monetaria en la economía española durante el período 1980-2012 desde un enfoque kaleckiano. Se aporta evidencia de las fluctuaciones y oscilaciones cíclicas de los agregados monetarios y el volumen de crédito bancario, junto con las relaciones de cointegración y de causalidad existentes entre las variables. Además, como los resultados de la tasa de variación no son concluyentes se desarrolla un modelo de Vectores Autorregresivos (VAR) con objeto de estimar el comportamiento de las variables M3 y créditos durante el período 1998-2012. Por lo tanto, esta investigación supone una renovación de las estimaciones realizadas hasta la fecha para la economía española.

Suggested Citation

  • Luis Cárdenas del Rey, 2013. "Evidencia empírica de endogeneidad monetaria en España (1980-2012) [Endogenous money. A empirical analysis from Spain (1980-2012)]," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 13-10, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
    • Handle: RePEc:ucm:doctra:13-10
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    More about this item

    Keywords

    Endogeneidad monetaria; Causalidad de Granger; VAR.;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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