Demanda de dinero en América Latina, 1996-2016
Una Aplicación De Cointegración en Datos De Panel
Bibliographic Data
| ID | 6166622 |
|---|---|
| Authors | Alfredo Villca (0000-0002-9579-6632, Universidad EAFIT), Alejandro Torres (0000-0002-5500-5226, Universidad EAFIT), Carlos Esteban Posada (0000-0001-6519-1803, Universidad EAFIT), Hermilson Velásquez (0000-0002-2588-1356, Universidad EAFIT) |
| Year | 2020 |
| Issue | 85 |
| Pages | 233-264 |
| Publication date | 2020-06-23 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Revista Desarrollo y Sociedad (JOURNAL) |
| Journal identifiers | ISSN: 0120-3584 • E-ISSN: 1900-7760 |
| Publisher | Universidad de los Andes (PUBLISHER • VE) |
| DOI | 10.13043/dys.85.6 |
| OpenAlex | W2908884486 |
| Language | ES |
| Citations received | 1 |
| References cited | 37 |
The study of money demand enables us to understand the macroeconomic effects of monetary policy. In this paper, we estimate the money demand for 15 Latin American countries from 1996 to 2016, using panel cointegration and FMOLS estimation methods. We also estimate a model of dynamic common factors to test for the existence of common trends between countries. The results show a long run relationship between money demand, income, and interest rates. However, there is no evidence of common factors between countries, which is consistent with the heterogeneity observed in the estimated elasticities. Contrary to what we expected, in several cases, the estimated income elasticity is greater than one, which could be associated with agents’ higher risk perceptions which affect their liquidity preferences
Cointegration · Demand for money · Econometrics · Economics · Estimation · Income elasticity of demand · Interest rate · Latin Americans · Market liquidity · Monetary economics · Monetary policy · Panel data · Welfare economics · Economic Theory and Policy · Fiscal Policy and Economic Growth · Monetary Policy and Economic Impact
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| Highly cited | No |
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