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Un siglo y medio de velocidad de circulación del dinero en españa: Estimación y determinantes*

Albert Carreras, García-Iglesias, Concepción and Juha Kilponen

Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 2006, vol. 24, issue 2, 215-249

Abstract: We present the yearly evolution of the Spanish income velocity of money (M2) and we explain its behavior from 1850 to 2000. The Spanish income velocity of money displays a downward trend until 1973 and shows the expected U-shaped pattern at the end of the twentieth century. An international comparison shows how the Spanish trend change occurs with a lag due to the late industrialization. We estimate the determinants of the velocity—the inverse of the demand for money—for the period 1850–1997. A cointegration analysis and an error correction model investigate the importance of the institutional variables in explaining the long-run behavior of the income velocity of money in Spain. The findings reveal a greater stability in the long-run velocity model when the institutional variables are considered.

Date: 2006
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Handle: RePEc:cup:reveco:v:24:y:2006:i:02:p:215-249_00