IDEAS home Printed from https://ideas.repec.org/a/blv/journl/v35y2021i1p75-704.html
   My bibliography  Save this article

COVID-19, incertidumbre y demanda de dinero

Author

Listed:
  • Mauricio Mora Barrenechea
  • Juan Carlos Heredia Gómez

    (Banco Central de Bolivia)

Abstract

La pandemia del Covid-19 provocó un aumento excepcional de la demanda de dinero en efectivo en todo el mundo. Una de las razones por las que los hogares comenzaron a demandar una mayor cantidad de dinero fue por un elevado grado de incertidumbre. En este sentido, se estima una función de la demanda de dinero considerando los efectos de la incertidumbre para la economía boliviana, factor que no se consideró en estudios previos. Utilizando un Modelo ARDL, con datos trimestrales entre 2001-2020, se encuentra que la incertidumbre tiene un efecto positivo y significativo sobre la demanda de dinero, tanto en el corto como en el largo plazo. Con la inclusión de esta variable, la función de la demanda de dinero resulta ser estable, es decir, la instrumentación de la política monetaria bajo metas de cantidades habría resultado adecuada durante el periodo de estudio, incluso en periodos de incertidumbre.

Suggested Citation

  • Mauricio Mora Barrenechea & Juan Carlos Heredia Gómez, 2021. "COVID-19, incertidumbre y demanda de dinero," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 35(1), pages 75-104, July - De.
    • Handle: RePEc:blv:journl:v:35:y:2021:i:1:p:75-704
    as

    Download full text from publisher

    File URL: https://www.bcb.gob.bo/webdocs/publicacionesbcb/revista_analisis/ra_vol35/articulo_2_v35.pdf
    Download Restriction: no
    File URL: https://www.bcb.gob.bo/?q=pub_revista-analisis
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Demanda de dinero; incertidumbre; política monetaria; ARDL;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:blv:journl:v:35:y:2021:i:1:p:75-704. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jose Antonio Caballero Pelaez (email available below). General contact details of provider: https://edirc.repec.org/data/bcbgvbo.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.