Monetary disorder and financial regimes - The demand for money in Argentina, 1900-2006

Matteo Mogliani, Giovanni Urga and Carlos Winograd ()

PSE Working Papers from HAL

Abstract: Argentina is a unique experience of protracted economic instability and monetary disorder. In the framework of a long-term view, we investigate the demand for narrow money in Argentina from 1900 to 2006, shedding some light on the existence of money demand equilibria in extremely turbulent economies. The paper examines the effect of monetary regime changes by dealing with the presence of structural breaks in long-run equations. We estimate and test for regime changes through a sequential approach and we embed breaks in long-run models. A robust cointegration analysis can be hence performed in a single-equation framework. We find that estimated parameters are in sharp contrast with those reported in the literature for Argentina, but in line with those reported for industrialized countries, while significant structural breaks appear consistent with major policy shocks that took place in Argentina during the 20th century.

Keywords: money demand; financial regimes; structural breaks; single-equation cointegration; cointegration test; Argentina monetary history (search for similar items in EconPapers)
Date: 2009-12
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac and nep-mon
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00575107v1
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://shs.hal.science/halshs-00575107v1/document (application/pdf)

Related works:
Working Paper: Monetary disorder and financial regimes - The demand for money in Argentina, 1900-2006 (2009)
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:hal:psewpa:halshs-00575107

Access Statistics for this paper

More papers in PSE Working Papers from HAL
Bibliographic data for series maintained by CCSD ().