Determinantes de la demanda de dinero de largo plazo. Una estimación dinámica con series de tiempo mensual para Venezuela (1986-2007)

Long-run determinants of the demand for money. A dynamic estimation using monthly data for Venezuela (1986-2007)

Leonardo Maldonado

MPRA Paper from University Library of Munich, Germany

Abstract: The main objective is to identify the long-run determinants of the demand for money in Venezuela. A dynamic estimation is made, using monthly data spanning the period 1986-2007. Not knowing a priori which variables are endogenous or exogenous allow us to assume a vector autoregression (VAR) process before conducting a dynamic cointegration analysis. We incorporate the evolution of the variability of real market prices as well as the alternative currency market. Signs of weak exogeneity in money demand made it difficult to verify the dynamic relationship in contrast to the endogeneity in variables that reflect the opportunity cost.

Keywords: demanda de Dinero; saldos reales; multiplicadores; Venezuela; demand for money; multiplier; cointegration (search for similar items in EconPapers)
JEL-codes: E41 E51 E58 O23 (search for similar items in EconPapers)
Date: 2009
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Published in Revista Encrucijadas: Dialogos y Perspectivas 1.4(2009): pp. 450-479

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:88698

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