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

Maldonado, Leonardo (2009): Determinantes de la demanda de dinero de largo plazo. Una estimación dinámica con series de tiempo mensual para Venezuela (1986-2007). Published in: Revista Encrucijadas: Dialogos y Perspectivas , Vol. 4, No. 1 (2009): pp. 450-479.

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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.

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