Indicadores Derivados de Agregados Monetários

Fernando Neto and José Júnior

No 47, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: This work has objective to verify, from causality and cointegration tests, if monetary aggregates can anticipate fluctuations in by products and prices in Brazil. Monthly data, for monetary aggregates, IPCA and real GDP, from jan/95 to mar/02 have been used. The broad money supply were evaluated in their original form in order to represent financial wealth, weighed by the Divisia index, as an attempt for estimating better measures of macroeconomic liquidity, and adjusted for gathering of the Net Domestic Credit in primary terms. The results do not indicate that the balance found using the Divisia index has contributed to improving the performance of primary aggregates for the purposes of the experiment. The broader concepts, stemming from the M3 and M4, mainly the Net Domestic Credit gathered from the M3, had shown time antecedence with the real product. Fluctuations in the prices, in turn, can be anticipated mostly the financial wealth and liquidity indicators.

Date: 2002-09
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.bcb.gov.br/content/publicacoes/WorkingPaperSeries/wps47.pdf (application/pdf)

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: https://EconPapers.repec.org/RePEc:bcb:wpaper:47

Access Statistics for this paper

More papers in Working Papers Series from Central Bank of Brazil, Research Department
Bibliographic data for series maintained by Rodrigo Barbone Gonzalez ().