IDEAS home Printed from https://ideas.repec.org/a/col/000165/005051.html
   My bibliography  Save this article

La demanda por dinero en Colombia: un poco más de evidencia en el período reciente

Author

Listed:
  • Hernández Monsalve, Mauricio A.
  • Posada Posada, Carlos Esteban

Abstract

Resumen: los agregados monetarios en Colombia en los últimos anos han venidocreciendo a ritmos superiores a los del ingreso nominal, pero las metas de inflación se vienen cumpliendo satisfactoriamente. El objetivo de este artículo es analizar la experiencia colombiana reciente al respecto, mencionar alguna evidencia internacional que se asocie al caso colombiano y poner a prueba la hipótesis según la cual en el país hubo un crecimiento compensatorio de la demanda de dinero. Usando los coeficientes estimados en un estudio anterior basado en una metodología de panel, se creó una serie de demanda por dinero para Colombia y se concluyó que la trayectoria reciente de la demanda de saldos reales es determinante y coincidente con la cantidad de liquidez que decide introducir el banco central al mercado.

Suggested Citation

  • Hernández Monsalve, Mauricio A. & Posada Posada, Carlos Esteban, 2006. "La demanda por dinero en Colombia: un poco más de evidencia en el período reciente," Perfil de Coyuntura Económica, Universidad de Antioquia, CIE, July.
    • Handle: RePEc:col:000165:005051
    as

    Download full text from publisher

    File URL: http://aprendeenlinea.udea.edu.co/revistas/index.php/coyuntura/article/view/2315/1887
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Arize, A. C. & Shwiff, Steven S., 1998. "The appropriate exchange-rate variable in the money demand of 25 countries: an empirical investigation," The North American Journal of Economics and Finance, Elsevier, vol. 9(2), pages 169-185, December.
    2. Arrau, Patricio & De Gregorio, Jose & Reinhart, Carmen M. & Wickham, Peter, 1995. "The demand for money in developing countries: Assessing the role of financial innovation," Journal of Development Economics, Elsevier, vol. 46(2), pages 317-340, April.
    3. Arize, A. C. & Malindretos, John & Grivoyannis, Elias C., 2005. "Inflation-rate volatility and money demand: Evidence from less developed countries," International Review of Economics & Finance, Elsevier, vol. 14(1), pages 57-80.
    4. Martha Misas A. & Hugo Oliveros C. & José Darío Uribe E., 1994. "Especificación y estabilidad de la demanda por dinero en Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 13(25), pages 97-120, June.
    5. José Eduardo Gómez, 1999. "Especificación de la Demanda por Dinero con Innovación Financiera," Borradores de Economia 128, Banco de la Republica de Colombia.
    6. Luis E. Arango & Andrés González, 2000. "A Nonlinear Specification of Demand for Cash in Colombia," Money Affairs, CEMLA, vol. 0(2), pages 207-226, July-Dece.
    7. Luis Eduardo Arango & Andrés González, 1999. "A Nonlinear Specification of Demand for Narrow Money in Colombia," Borradores de Economia 135, Banco de la Republica de Colombia.
    8. Martha Misas & Enrique López & Carlos Arango & Juan Nicolás Hernández, 2003. "La Demanda de Efectivo en Colombia: Una Caja Negra a la Luz de las Redes Neuronales," Borradores de Economia 268, Banco de la Republica de Colombia.
    9. Mauricio Hernández Monsalve & Munir A. Jalil Barney & Carlos Esteban Posada, 2006. "¿Por qué ha crecido tanto la cantidad de dinero?: teoría y Evidencia Internacional (1975-2002)," Borradores de Economia 3821, Banco de la Republica.
    10. Nelson C. Mark & Donggyu Sul, 2003. "Cointegration Vector Estimation by Panel DOLS and Long‐run Money Demand," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(5), pages 655-680, December.
    11. Jose De Gregorio, 2003. "Dinero e Inflación: ¿En Qué Estamos?," Working Papers Central Bank of Chile 201, Central Bank of Chile.
    12. Donald H. Dutkowsky & H. Sonmez Atesoglu, 2001. "The Demand For Money: A Structural Econometric Investigation," Southern Economic Journal, John Wiley & Sons, vol. 68(1), pages 92-106, July.
    13. Ahmed Khalid, 1999. "Modelling money demand in open economies: the case of selected Asian countries," Applied Economics, Taylor & Francis Journals, vol. 31(9), pages 1129-1135.
    14. Mohsen Bahmani-Oskooee & Miquel-Angel Galindo Martin & Farhang Niroomand, 1998. "Exchange rate sensitivity of the demand for money in Spain," Applied Economics, Taylor & Francis Journals, vol. 30(5), pages 607-612.
    15. Andreea Andronescu & Hassan Mohammadi & James Payne, 2004. "Long-run estimates of money demand in Romania," Applied Economics Letters, Taylor & Francis Journals, vol. 11(14), pages 861-864.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alfredo Villca & Alejandro Torres & Carlos Esteban Posada & Hermilson Velásquez, 2020. "Demanda de dinero en América Latina, 1996-2016: una aplicación de cointegración en datos de panel," Revista Desarrollo y Sociedad, Universidad de los Andes,Facultad de Economía, CEDE, vol. 85(6), June.
    2. Harold Stevens Ávila Aguirre, 2013. "Comportamiento de la demanda de dinero en Colombia durante el periodo 2000: I-2010: IV," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mauricio A. Hernández & Munir Jalil Barney & Carlos Esteban Posada, 2006. "¿Por qué ha crecido tanto la cantidad de dinero?: teoría y evidencia internacional (1975-2002)§," Borradores de Economia 402, Banco de la Republica de Colombia.
    2. Tomoe Moore & Christopher Green & Victor Murinde, 2005. "Portfolio Behaviour in a Flow of Funds Model for the Household Sector in India," Journal of Development Studies, Taylor & Francis Journals, vol. 41(4), pages 675-702.
    3. Hilde Bjørnland, 2005. "A stable demand for money despite financial crisis: the case of Venezuela," Applied Economics, Taylor & Francis Journals, vol. 37(4), pages 375-385.
    4. BENDOB, Ali & SI MOHEMMED, Kamel, 2014. "La relation entre le taux de change parallèle et la demande de la monnaie Cas de l’Algérie durant 1980-2010: Une approche économétrique [The relationship between the parallel exchange rate and dema," MPRA Paper 76085, University Library of Munich, Germany, revised 2014.
    5. James Boughton, 1992. "International comparisons of money demand," Open Economies Review, Springer, vol. 3(3), pages 323-343, October.
    6. Boriss Siliverstovs, 2006. "Modelling Demand for Money in Latvia (in Russian)," Quantile, Quantile, issue 1, pages 67-79, September.
    7. John Paul Dunne & Elizabeth Kasekende, 2018. "Financial Innovation and Money Demand: Evidence from Sub‐Saharan Africa," South African Journal of Economics, Economic Society of South Africa, vol. 86(4), pages 428-448, December.
    8. Hossain, Akhand Akhtar, 2010. "Monetary targeting for price stability in Bangladesh: How stable is its money demand function and the linkage between money supply growth and inflation?," Journal of Asian Economics, Elsevier, vol. 21(6), pages 564-578, December.
    9. Duca, John V. & VanHoose, David D., 2004. "Recent developments in understanding the demand for money," Journal of Economics and Business, Elsevier, vol. 56(4), pages 247-272.
    10. Mohsen Bahmani-Oskooee & Hafez Rehman, 2005. "Stability of the money demand function in Asian developing countries," Applied Economics, Taylor & Francis Journals, vol. 37(7), pages 773-792.
    11. Kumar, Saten & Rao, B. Bhaskara, 2012. "Error-correction based panel estimates of the demand for money of selected Asian countries with the extreme bounds analysis," Economic Modelling, Elsevier, vol. 29(4), pages 1181-1188.
    12. Sharifi-Renani, Hosein, 2007. "Demand for money in Iran: An ARDL approach," MPRA Paper 8224, University Library of Munich, Germany.
    13. Mansor Ibrhim, 2001. "Financial Factors and the Empirical Behavior of Money Demand: A Case Study of Malaysia," International Economic Journal, Taylor & Francis Journals, vol. 15(3), pages 55-72.
    14. Bahmani-Oskooee, Mohsen & Tanku, Altin, 2006. "Black market exchange rate, currency substitution and the demand for money in LDCs," Economic Systems, Elsevier, vol. 30(3), pages 249-263, October.
    15. Valadkhani, Abbas, 2006. "What Determines the Demand for Money in the Asian-Pacific Countries? An Empirical Panel Investigation," Economics Working Papers wp06-11, School of Economics, University of Wollongong, NSW, Australia.
    16. Paresh Kumar Narayan, 2010. "Modelling money demand for a panel of eight transitional economies," Applied Economics, Taylor & Francis Journals, vol. 42(25), pages 3293-3305.
    17. L. Arnaut, Javier, 2008. "Demanda de dinero y liberalizacion financiera en Mexico: Un enfoque de cointegracion [Money demand and financial liberalization in Mexico: A cointegration approach]," MPRA Paper 8680, University Library of Munich, Germany.
    18. karim, mohd & guan, Tang, 2004. "Stock Prices, Foreign Opportunity Cost, and Money Demand in Malaysia: A Cointegration and Error Correction Model Approach," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 38, pages 29-62.
    19. Song, Tao & Zheng, Tingguo & Tong, Lianjun, 2008. "An empirical test of the environmental Kuznets curve in China: A panel cointegration approach," China Economic Review, Elsevier, vol. 19(3), pages 381-392, September.
    20. Coudert, Virginie & Couharde, Cécile & Mignon, Valérie, 2015. "On the impact of volatility on the real exchange rate – terms of trade nexus: Revisiting commodity currencies," Journal of International Money and Finance, Elsevier, vol. 58(C), pages 110-127.

    More about this item

    Keywords

    inflación; demanda por dinero; oferta monetaria; mercado de dinero; política monetaria;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000165:005051. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Universidad de Antioquia. Facultad de Ciencias Economicas. (Laura Maria Posada Arboleda) (email available below). General contact details of provider: https://edirc.repec.org/data/ciantco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.