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Un siglo y medio de velocidad de circulación del dinero en españa: Estimación y determinantes

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  • Carreras, Albert
  • García-Iglesias, Concepción
  • Kilponen, Juha

Abstract

We present the yearly evolution of the Spanish income velocity of money (M2) and we explain its behavior from 1850 to 2000. The Spanish income velocity of money displays a downward trend until 1973 and shows the expected U-shaped pattern at the end of the twentieth century. An international comparison shows how the Spanish trend change occurs with a lag due to the late industrialization. We estimate the determinants of the velocity—the inverse of the demand for money—for the period 1850–1997. A cointegration analysis and an error correction model investigate the importance of the institutional variables in explaining the long-run behavior of the income velocity of money in Spain. The findings reveal a greater stability in the long-run velocity model when the institutional variables are considered.

Suggested Citation

  • Carreras, Albert & García-Iglesias, Concepción & Kilponen, Juha, 2006. "Un siglo y medio de velocidad de circulación del dinero en españa: Estimación y determinantes," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 24(2), pages 215-249, January.
    • Handle: RePEc:cup:reveco:v:24:y:2006:i:02:p:215-249_00
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