A stable demand for money despite financial crisis: The case of Venezuela.

Research, Preprint OPEN
C. Bjørnland, Hilde;
  • Publisher: Oslo: University of Oslo, Department of Economics
  • Subject: Money demand; open economy; cointegration; dynamic specifications; equilibrium correction models | C22 | C32 | E41 | Geldnachfrage | dynamic specifications | Venezuela | Finanzmarktkrise | equilibrium correction models | cointegration | open economy | Money demand
    • jel: jel:C22 | jel:C32 | jel:E41
      ddc: ddc:330

This paper investigates the demand for broad money in Venezuela, over a period of financial crisis and substantial exchange rate fluctuations. The analysis shows that there exist a long run relationship between real money, real income, inflation, the exchange rate and t... View more
  • References (21)
    21 references, page 1 of 3

    Arango, S. and I. Nadiri, (1981): Demand for money in open economies, Journal of Monetary Economics, 7, 69-83.

    Bahmani-Oskooee, M. and M: Malixi (1991): Exchange rate sensitivity of the demand for money in developing countries, Applied Economics, 23, 1377-1384.

    Copelman, M. (1996): Financial innovation and the speed of adjustment of money demand: Evidence from Bolivia, Israel and Venezuela, Board of Governors of the Federal Reserve System, International Finance Discussion Papers: 567.

    Cuddington, J. (1983): Currency substitution, capital mobility and money demand, Journal of International Money and Finance, 2, 111-133.

    Doornik, J.A. and D.F. Hendry (1997): Modelling Dynamic Systems Using PcFiml 9.0 for Windows, London: International Thomson Publishing.

    Ericsson, N.R. (1998): Empirical modeling of money demand, Empirical Economics, 23, 295- 315.

    Fuller, W.A. (1976): Introduction to Statistical Time Series, New York: Wiley.

    Girton, L. and D. Roper (1981): Theory and implications of currency substitution, Journal of Money, Credit, and Banking, XIII (1), 12-30.

    Hendry, D.F. and Neil R. Ericsson (1991): Modeling the demand for narrow money in the United Kingdom and the United States, European Economic Review, 35, 833-886.

    Johansen, S. (1988): Statistical Analysis of Cointegrating Vectors, Journal of Economic Dynamics and Control, 12, 231-254.

  • Metrics
Share - Bookmark