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La demanda de dinero y las innovaciones financieras en Venezuela: equilibrio de largo plazo

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  • Armando Rodríguez Zerpa, José U. Mora Mora

Abstract

Resumen Dado que los resultados obtenidos en la literatura no muestran consenso sobre el im- pacto de las innovaciones financieras en la demanda de dinero, este trabajo investiga sobre la estabilidad de la demanda de dinero de largo plazo en Venezuela en presencia de innovaciones financieras durante el periodo: 1984Q1- 2008Q4 mediante un análisis de cointegración. Para ello, se construye la razón circulante/depósitos (CD) y una varia- ble ratchet (RCD), a partir de la anterior, a objeto de medir el efecto de las innovaciones financieras. La evidencia empírica revela que existe una relación de equilibrio de largo plazo entre el logaritmo de los saldos reales, el logaritmo del nivel del ingreso real, la tasa de interés real, la tasa de inflación, la tasa de depreciación de la moneda local, y las innovaciones financieras, pudiendo interpretarse esta relación como una demanda dine- ro. Esto sugiere que cuando se introducen nuevos instrumentos financieros, se produce una disminución en la demanda de saldos reales, lo cual induce a pensar que los agentes económicos realizan una reasignación de sus recursos que afecta la composición del portafolio, y por tanto, la demanda de dinero, siendo este evento muy propio de econo- mías caracterizadas por elevadas y persistentes tasas de inflación, problemas de balanza de pagos, inestabilidad en el mercado cambiario e incertidumbre económica y política.

Suggested Citation

  • Armando Rodríguez Zerpa, José U. Mora Mora, 2013. "La demanda de dinero y las innovaciones financieras en Venezuela: equilibrio de largo plazo," Revista CIFE, Universidad Santo Tomás, June.
  • Handle: RePEc:col:000195:012368
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    File URL: http://revistas.usantotomas.edu.co/index.php/cife/article/view/1417
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    demanda de dinero; innovaciones financieras; cointegración; economías latinoamericanas.;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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