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La demanda de dinero en una economía dolarizada. Una estimación para Uruguay


  • Conrado Brum

    (Banco Central del Uruguay)

  • Elizabeth Bucacos

    (Banco Central del Uruguay)

  • Patricia Carballo

    (Banco Central del Uruguay)


Under the monetary regime put into practice since 2007 in Uruguay, which uses interbank interest rate as an instrument, liquidity management has become more and more important. As a result, money demand estimation is still essential in order to project supply and demand liquidity factors. This paper adjusts a model for real money demand by adding to traditional explanatory variables – real output and nominal interest rate – an additional variable that measures relative volatility of real returns of a dollar-denominated fixed-income substitute asset and money itself. In the long-run relationship found, real money balances are positively related with real output with unitary elasticity and those balances are inversely related with nominal interest rate. Besides, the volatility variable has a positive influence on money demand and acts as an exogenous variable. The error-correction model specified satisfies usual stability requisites.

Suggested Citation

  • Conrado Brum & Elizabeth Bucacos & Patricia Carballo, 2010. "La demanda de dinero en una economía dolarizada. Una estimación para Uruguay," Documentos de trabajo 2010013, Banco Central del Uruguay.
  • Handle: RePEc:bku:doctra:2010013

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    Cited by:

    1. German Cubas, 2011. "A Dynamic Stochastic General Equilibrium Model for Policy Analysis in Uruguay," Documentos de trabajo 2011013, Banco Central del Uruguay.
    2. German Cubas, 2012. "The Rate of Reserve Requirements and Monetary Policy in Uruguay: a DSGE Approach," Documentos de trabajo 2012011, Banco Central del Uruguay.
    3. Mr. Rafael A Portillo & Ms. Yulia Ustyugova, 2015. "A Model for Monetary Policy Analysis in Uruguay," IMF Working Papers 2015/170, International Monetary Fund.
    4. Ana Inés Arbiza, 2018. "¿Es estable la demanda de dinero? Análisis del caso Uruguayo," Documentos de trabajo 2018009, Banco Central del Uruguay.
    5. Jorge Basal & Patricia Carballo & Fernanda Cuitiño & Serafín Frache & José Mourelle & Helena Rodríguez & Verónica Rodríguez & Leonardo Vicente, 2016. "Un modelo estocástico de equilibrio general para la economía uruguaya," Documentos de trabajo 2016002, Banco Central del Uruguay.

    More about this item


    Money demand; portfolio; cointegration; Uruguay;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean


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