EconStor >
University of Oslo >
Department of Economics, University of Oslo >
Memorandum, Department of Economics, University of Oslo >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/63107
  
Title:A stable demand for money despite financial crisis: The case of Venezuela PDF Logo
Authors:Bjørnland, Hilde C.
Issue Date:2003
Series/Report no.:Memorandum, Department of Economics, University of Oslo 2003,12
Abstract: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 the domestic interest rate, that remains stable over major policy changes and large shocks. The long run properties emphasize that both inflation and exchange rate depreciations have negative effects on real money demand. The long run relationship is embedded in a dynamic equilibrium correction model with constant parameters.
Subjects:Money demand
open economy
cointegration
dynamic specifications
equilibrium correction models
JEL:C22
C32
E41
Document Type:Working Paper
Appears in Collections:Memorandum, Department of Economics, University of Oslo

Files in This Item:
File Description SizeFormat
362316961.pdf476.54 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/63107

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.