Economics at your fingertips  

Determinants of the income velocity of money in Portugal: 1891–1998

Ana Bela Nunes, Miguel Aubyn (), Nuno Valério and Rita Sousa ()
Additional contact information
Ana Bela Nunes: Universidade de Lisboa
Nuno Valério: Universidade de Lisboa

Portuguese Economic Journal, 2018, vol. 17, issue 2, No 2, 99-115

Abstract: Abstract This paper performs a long-run time series analysis of the behaviour of the income velocity of money in Portugal between 1891 and 1998 by assessing the importance of both macroeconomic and institutional factors and looking for particularities in the Portuguese case. We estimate two cointegration vectors for the income velocity of money, macroeconomic variables and institutional variables. It is apparent that one of these vectors reflects the relationship between income velocity and macroeconomic variables, while the other reflects the relationship between income velocity and institutional variables. Moreover, a regression analysis reveals that the usual U-shaped pattern is displayed with a relatively late inflection point located around 1970, which is consistent with the Spanish case. It is further noted that this is a feature of countries with a late economic and institutional development process.

Keywords: Velocity of money; Portugal; Cointegration; Institutional determinants (search for similar items in EconPapers)
JEL-codes: E41 E50 N10 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/10258/PS2

DOI: 10.1007/s10258-017-0141-1

Access Statistics for this article

Portuguese Economic Journal is currently edited by Luís F. Costa

More articles in Portuguese Economic Journal from Springer, Instituto Superior de Economia e Gestao
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

Page updated 2021-10-13
Handle: RePEc:spr:portec:v:17:y:2018:i:2:d:10.1007_s10258-017-0141-1