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El factor multiplicador en el crecimiento del dinero. España 1874-1998 (The multiplier factor in money growth. Spain 1874-1998)

Author

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  • Regina Escario

    () (Universidad de Zaragoza)

Abstract

En este trabajo se detalla y cuantifica la relación formal existente entre los agregados base monetaria y disponibilidades líquidas (o M3). La evolución de estas últimas se debe no sólo a la propia expansión de la base, sino también al efecto que el multiplicador monetario ejerce a través de los coeficientes de efectivo y de reservas. Así, tras revisar la trayectoria de la M3 se profundiza en el papel que el multiplicador ha jugado en su crecimiento, calculando las contribuciones de cada determinante e integrándolas en el contexto histórico que ofrece España entre 1874 y 1998. El peso del multiplicador en la expansión de las disponibilidades, mayor que el estimado para Italia o EE UU, resulta cercano al 20%, del que dos terceras partes corresponden al impacto del coeficiente de efectivo y un tercio al de reservas.

Suggested Citation

  • Regina Escario, 2010. "El factor multiplicador en el crecimiento del dinero. España 1874-1998 (The multiplier factor in money growth. Spain 1874-1998)," Documentos de Trabajo (DT-AEHE) 1011, Asociacion Espa–ola de Historia Economica.
  • Handle: RePEc:ahe:dtaehe:1011
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    Keywords

    multiplicador monetario; coeficiente de efectivo; coeficiente de reservas; dinero;

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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