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velocity and Money Demand in an Economy with Cash and Credit Goods

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dc.contributor.author Vera, Leonardo
dc.contributor.author Zambrano Sequín, Luis
dc.date.accessioned 2014-08-18T03:25:32Z
dc.date.available 2014-08-18T03:25:32Z
dc.date.issued 2014-08-17
dc.identifier.uri http://repositorio.uahurtado.cl/handle/11242/1859
dc.description Based on a standard set of factors pointed out by the literature we analyze the recent and rapid accumulation of international reserves in Venezuela. Among other things, we characterize the Venezuelan case and conduct a statistical analysis using a quarterly time series model between 1996 and 2004. The specification follows closely Aizenman and Marion (2002). Both a static and dynamic econometric version of the model allows us to report some of the factors that influence the decision to hold foreign exchange reserves. When we calculate the adequate level of reserves, using the econometric specifications, we found that excess reserves are not currently high and that the results do not diverge much from the traditional Heller’s methodology. Finally, we undertake an evaluation of the alternatives pointed out for excess reserves manage-ment in Venezuela. es_CL
dc.language.iso en_US es_CL
dc.rights Attribution 3.0 Unported es_CL
dc.rights.uri http://creativecommons.org/licenses/by/3.0/ es_CL
dc.subject.lcsh Reservas de dinero es_CL
dc.title velocity and Money Demand in an Economy with Cash and Credit Goods es_CL
dc.type Artículo es_CL


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