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

Listed author(s):
  • Regina Escario


    (Universidad de Zaragoza)

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.

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Paper provided by Asociacion Espa–ola de Historia Economica in its series Documentos de Trabajo (DT-AEHE) with number 1011.

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Length: 42
Date of creation: Nov 2010
Handle: RePEc:ahe:dtaehe:1011
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