The Determinants of the Behaviour of the Income Velocity of Money in Portugal 1891-1998: An Econometric Approach

Ana Bela Nunes, Miguel Aubyn (), Nuno Valerio and Rita Sousa ()

No 2011/45, Working Papers GHES - Office of Economic and Social History from ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa

Abstract: This paper performs a long-run time series analysis of the behaviour of the income velocity of money in Portugal 1891-1998, and assesses the importance of both macroeconomic and institutional factors in shaping its path. We look for particularities of the Portuguese case in the international context. By means of a cointegrated vector autoregression, we find that institutional variables matter. Moreover, regression analysis shows that the general U-shaped pattern is displayed with the inflection point located in 1973, in line with the Spanish case.

Keywords: Velocity of money; Portugal; Cointegration; Institutional determinants JEL classification : E41; N10; N13; N14 (search for similar items in EconPapers)
Date: 2011
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