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Copyright of Panorama Económico (1870-2171) is the property of Economic Panorama Magazine / Revista Panorama Economico and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Money neutrality has complex consequences for small, open, and dollarized economies. For instance, it can cause external debt, when used as a stabilizer of the stock of circulating money in the face of negative exogenous shocks, not to contribute to economic growth in times of stagnation. The purpose of this paper is to describe this problem for the Ecuadorian case using a cointegration methodology and a vector error correction (VEC) model estimated over the 2000-2019 period (quarterly). The resulting impulse-response functions of the VEC model present evidence in favor of the money neutrality hypothesis, and the simulation of an exogenous negative shock in oil prices qualitatively describes the potential interaction between circulating currency, external debt, and production in dollarization. The paper concludes by presenting multiple empirical monetary-real patterns that may be useful for future research on dollarization. [ABSTRACT FROM AUTHOR]

What does the Gross Domestic Product really tell us? This statistic is based on the view that it is not the production of wealth that drives an economy, but its consumption. However, all of these studies miss the point that GDP is a close relative of the money supply. It is for this reason that the present work tries to estimate the degree of relationship that exists between the GDPN and the Bolivian money supply based on the data from the year 2000 to 2019. The methodology used is both inductive and deductive, based on economic theory and statistical techniques such as correlation analysis, the Engle & Granger and Johansen tests. Obtaining as a result, an almost perfect correlation and a cointegration that suggests that both variables have a solid long-term relationship. [ABSTRACT FROM AUTHOR]

Copyright of Gestão e Regionalidade is the property of Universidade Municipal de Sao Caetano do Sul and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

En este artículo se investiga el impacto del creciente uso de medios de pago electrónicos sobre la demanda de dinero en efectivo (billetes y monedas) a partir de la estimación de dos modelos, uno con datos de panel y otro con datos de corte transversal. Ambas metodologías ofrecen visiones complementarias en la evaluación de la incidencia de los medios de pago electrónicos como determinantes del circulante. Se encuentra que existe un intenso proceso de sustitución entre circulante y medios de pago electrónicos, que es común a la mayoría de las economías analizadas. Sin embargo, existen factores idiosincráticos que explican la alta heterogeneidad de la demanda de circulante entre países. En economías emergentes el uso de medios de pago electrónicos es aún incipiente, por lo que se espera que la demanda de circulante continúe reduciéndose. Sin embargo, lo anterior no es antecedente para que en el corto plazo estas economías lleguen a ser "sociedades sin dinero". [ABSTRACT FROM AUTHOR]

The form of transmission of monetary policy to control the money supply in the economy is through its influence on the behavior of market interest rates, thus impacting aggregate demand and the price level. In this research, through a cointegration test and regression models, it is determined that the central objective of the Monetary Policy Interest Rate related to the control of economic variables is fulfilled, however, at market interest rate levels, it has a marginal effect, having instead a greater influence on its behavior the Interbank Interest Rate and the Consumer Price Index. [ABSTRACT FROM AUTHOR]

Copyright of Ensayos - Revista de Economía is the property of Ensayos Revista de Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Telos is the property of Revista Telos and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper revisits Keynes's writings from Indian Currency and Finance (1913/1971) to The General Theory (1936b/1973) with a focus on financial instability. The analysis reveals Keynes's astute concerns about the stability/fragility of the banking system, especially under deflationary conditions. Keynes's writings during the Great Depression uncover insights into how this event may have informed his General Theory. By exploring the connection between the experience of the Great Depression and the theoretical framework, Keynes presents in The General Theory, we can see that the assumption of a constant money stock featuring in that work is central. The analysis underscores the case that The General Theory is not a special case of the (neo-) classical theory that is relevant only to "depression economics"--refuting the interpretation offered by J. R. Hicks (1937) in his seminal paper "Mr. Keynes and the classics: A suggested interpretation". As a scholar of the Great Depression and Federal Reserve chairman at the time of the modern crisis, Ben Bernanke provides an important intellectual bridge between the historical crisis of the 1930s and the modern crisis of 2007-2009. The paper concludes that, while policy practice has changed, the "classical" theory Keynes attacked in 1936 remains hegemonic today. The common (mis-)interpretation of The General Theory as depression economics continues to describe the mainstream's failure to engage in relevant monetary economics. [ABSTRACT FROM AUTHOR]

After mentioning Marx's explanation of capitalist benefits, Steuart's distinction between "production benefits" and "profits of alienation" is retaken. If the price system coincides with the value system, these benefits disappear (circulation is neutral), which Marx assumes, and which allows him to concentrate on the essentials of surplus value: that is unpaid work. In the essay the consequences of abandoning this assumption are examined, the "transformation problem" is pointed out, some Sraffa examples and hypotheses are retaken, and through a simple matrix presentation some relevant consequences are analyzed; for example, that aggregate monetary gains differ from total surplus value. It also refers to the profits of financial capital (interest and capital gains) and, in an introductory manner, the importance of the phenomenon is mentioned to explain the prices and monopoly profits, a core feature of contemporary capitalism. [ABSTRACT FROM AUTHOR]

In the last two decades, the monetary aggregate M3, reference aggregate of the Eurpoean Central Bank (ecb), has experienced a strong tendency towards its accumulation in the most liquid components: currency in circulation and overnight deposits, to the detriment of the modalities of deposits with an agreement maturity, and other less weighting components. Although this behaviour is compatible with a long period of low interest rates, it is important to look for other explanations, complementary and/or alternative, to the strong concentration of money demand in the most liquid components. This drift of the reference aggregate can have consequences on price stability, the ultimate objective of the ecb, while it can be a potential factor in the modification of saving behavior. In this paper, along with the analysis of the evolution of the seven components of M3 1997-2018, we present the results of an empirical work on the stability of the relationship between the demand for money and the macroeconomic variables that determine it. The results show that the strong financial disturbances and uncertainties as a result of the crisis, as well as the unconventional decisions on monetary policy adopted by the ecb have some explanatory capacity of the studied phenomenon. [ABSTRACT FROM AUTHOR]

Copyright of Cauriensia: Revista Anual de Ciencias Eclesiásticas is the property of Instituto Teologico San Pedro de Alcantara de Caceres and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Dilemas Contemporáneos: Educación, Política y Valores is the property of Dilemas Contemporaneos: Educacion, Politica y Valores and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Espacios is the property of Talleres de Impresos Oma and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper studies the feedback relation between inflation and inflation uncertainty in six Latin American economies during 1960-2018. Uncertainty was calculated using conditional volatility, estimated using GJR-GARCH-M models. The main conclusions are as follows: the majority of economies conformed to the Friedman-Ball hypothesis; the Cukierman-Meltzer hypothesis was corroborated in the cases of Bolivia, Mexico, Paraguay; positive shocks were found to have a significant impact on inflation uncertainty, and, thanks to the adoption of inflation targets (ITs) by governments, there was empirical evidence that volatility decreased in those economies which implemented ITs. [ABSTRACT FROM AUTHOR]

The article presents a brief overview of the Argentina monetary history from the colonial period until the 1870s. The colonial economy is approached, the transition and the period of national organization. The issuing institutions are identified and monetary developments are analyzed describing conflicts and crises, as well as their effects on the national currency. The role of fiscal performance in the value of the currency and interest bid around its alteration is emphasized. [ABSTRACT FROM AUTHOR]

Copyright of Revista Numismática Hécate is the property of Revista Numismatica Hecate and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El artículo discurre sobre la creación de dinero en las economías modernas. Los autores comentan sobre la influencia de las políticas financieras de los bancos centrales en la creación de dinero. También se considera el papel de los bancos centrales en la compra de activos, la cual afecta la cantidad de dinero en circulación.

El artículo discurre sobre el papel del dinero en las economías modernas. Los autores comentan sobre los diferentes tipos de dinero, incluyendo efectivo en circulación, depósitos bancarios y reservas del banco central. También se considera la importancia del dinero en los depósitos de valor, la unidad de cuenta y el medio de cambio.

Copyright of Sinapsis: Revista de Investigaciones de la Escuela de Administración y Mercadotecnia del Quindío EAM is the property of Escuela de Administracion y Mercadotecnia del Quindio and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Criterio Libre is the property of Revista Criterio Libre and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Sinapsis: Revista de Investigaciones de la Escuela de Administración y Mercadotecnia del Quindío EAM is the property of Escuela de Administracion y Mercadotecnia del Quindio and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El artículo discurre sobre el crecimiento económico en Nueva Granada (la actual Colombia) durante la segunda mitad del siglo 18. El autor comenta sobre algunas de las características atribuidas al desarrollo económico, incluyendo los precios y la oferta monetaria. También se analiza el cálculo del producto bruto interno durante este periodo.

An accurate liquidity forecast is necessary for an effective implementation of monetary policy. Its quality is determined by the quality of its components: the projected demand for bank reserves and of the, so called, autonomous monetary factors, such as the demand for bills and coins of the public, the monetary effect of public sector and external sector operations, and some operations with the financial sector. The objective of the paper is to improve one component of this process, the daily forecast of the short term demand for bills and coins. Therefore, two models, that treat calendar effects, business day effects, and annual and monthly seasonal effects, were estimated. Both showed a good short-term forecasting performance. [ABSTRACT FROM AUTHOR]

This article discusses the economic aspects of Peru's war of independence in the 1820s. It examines the printing of money and the minting of coins in the region and their importance in financing the independence movement. The author analyzes the economic reforms undertaken by the then-Viceroyalty of Peru in an attempt to fund the war and to maintain a functioning society in its aftermath. The extent to which these fiscal reforms and economic policies aided in the country's war for independence is also explored.

In this model, monetary policy follows an inflation targeting scheme, using the interbank interest rate as the instrument of policy, while the money supply remains endogenous. On the other hand, a limit for the fiscal deficit as a percentage of GDP is set as the rule for fiscal policy, public expenditure remaining endogenous. In the monetary policy rule, the smoothing interest rate derives from the optimizing behavior of the central bank. This model shows the macroeconomic dynamics that appears in two opposite scenarios: that of total credibility in the inflation target of the central bank, and that of no credibility whatsoever, and it is found that i) there can be convergence towards the stationary equilibrium, even when the Taylor Rule is not followed, and ii) if there is total credibility in the central bank, a contractionary monetary policy can lead to inflation undershooting. [ABSTRACT FROM AUTHOR]

Copyright of Papeles de Europa is the property of Universidad Complutense de Madrid and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Papeles de Europa is the property of Universidad Complutense de Madrid and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article discusses the economic policies established by the Spanish monarchy in the region of Aragon during the 17th century. The author examines the supply and demand for money, particularly silver coinage, which had a low value despite high demand, leading to depreciation, according to the author. He also comments on the process by which the government and the elites of Aragon worked together in an attempt to reform the monetary system as well as the economic policies in several regions throughout Spain.

The following paper is an attempt to explore some dimensions involved in the use of money by subaltern sectors from José León Suárez, province of Buenos Aires. We claim that the specific practices of consumption, credit and saving, that take place at the intersection between the perceptions about income and the formal and informal mechanisms regulating the relationship to money, tend to widen the inequalities found in those social sectors. In this sense, our paper claims that consumption practices are structured by perceptions around income, that is, the nature of the job involved - whether formal or informal - the regularity and periodicity of wages, and the modality of wage payment - bank account or otherwise. Within this framework, we may find differential access to credit - in banks and retail stores as well as "credit rating" and "trust" among relatives and neighbors and small local stores - that entail associated ways of dealing with time both as an experience and something that can be calculated upon. All these dimensions, crisscrossed by regulations, exclusions and controls that shape the ways of spending, frame differential approaches to the use of money and saving. [ABSTRACT FROM AUTHOR]

Se analizan los factores que influyen en la denominación de los billetes suministrados al público mexicano por el Banco de México a través de los bancos. En particular, se propone un modelo que estima la demanda de los consumidores en lo que se refiere a la denominación promedio de los billetes e identifica los determinantes de los incentivos que tienen los bancos para proporcionar denominaciones mayores a las esperadas.

Copyright of Economía del Caribe is the property of Fundacion Universidad del Norte and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Relevance of Money as an institution for society turns ms paramount to have a monetary theory available which allows for rigorous explanation of the reasons why fiat money has a positive equilibrium value and for accurate analysis of the relationships between itself and the economic system as a whole. To reconcile these two objectives inside exogenous money models is clearly impossible. Endogenous money models have emerged as an answer to this limitation, and they suppose exchange frictions that can only be avoided through money. Among them the most useful are search models, given their flexibility to introduce mierofoundations and analyze monetary issues such as inflation, money supply, in-equilibrium optimal distribution of monetary assets, among others. [ABSTRACT FROM AUTHOR]

This paper shows that an economic policy change in 1982 brought about a conspicuous alteration in the relationship between money, prices and the exchange rate in Mexico. Before that year, the long-term demand for currency fit the velocity equation, and inflation was driven mainly by the money gap. After a striking changeover, from 1983 until 2000, the demand for money took a very different form, and inflation was determined by the markup without an explicit currency effect. However, the long-term relationship that links the levels of output, the exchange rate and foreign prices with that of nominal money holds for the whole sample. [ABSTRACT FROM AUTHOR]

Se trata la implementación de la política monetaria mediante el estudio comparativo de dos sistemas extremos de banca central. En el primer sistema, el banco central opera una facilidad permanente que acepta y remunera los depósitos y otra que presta fondos a los bancos contra garantías adecuadas, sin intervenir de otra forma en el mercado. En el segundo, el banco central participa en el mercado del Tesoro según los principios del mercado abierto sin el apoyo de facilidades permanentes.

El foco de este trabajo son las políticas que se proponen el control simultáneo del tipo de cambio y las condiciones monetarias (por ejemplo, una tasa de interés instrumental), con libre movilidad del capital y en contextos en que existe exceso de oferta de moneda internacional y el banco central establece metas para el tipo de cambio y la tasa de interés. En este artículo se calcula la tasa de interés local máxima que permite en cada momento que la política de esterilización sea sostenible; se define el grado de autonomía monetaria como la diferencia entre dicha tasa, por un lado, y la suma de la tasa de interés internacional y la de aumento del tipo de cambio, por otro, y se analiza la dinámica del grado de autonomía. Ejemplos numéricos con datos de Argentina y otros sugieren que la política de esterilización es sostenible y que existe un considerable grado de autonomía monetaria en contextos que no resultan para nada extraordinarios en muchas economías en desarrollo. [ABSTRACT FROM AUTHOR]

The financial markets face a year 2007 a sweet and sour sensation. While the operations tied to the stock exchange ones and of funding presented a few brilliant results in 2006 and they support very optimistic expectations for the present year, those of collective investment, insurances and derivative, still having introduced important innovations in the last years, they will obtain more modest numbers, and, even, in some case, important reductions of volume. Alternative investments, changes in the regulatory frame and the repercussion of the last dispositions of taxability character sublie at the back of these forecasts. This investigation tries to obtain an explanation to this behaviour. [ABSTRACT FROM AUTHOR]

Money supply in Venezuela has multiplied from 18 trillion bolivars in 2003 to more than 100 trillion at end 2006. Chiefly on account of public spending, monetary growth stimulated consumption. Vehicle sales, for example, doubled in 2006 over the previous year and reached over 300,000 units. Imports were driven by exchange controls and limited ways for trading exchange on the parallel market. To deal with excess liquidity, banks cut consumer credit interest rates; but local industry and agriculture benefited little from surging demand. The number of manufacturing establishments, for example, fell from 11,198 in 1999 to 6,756 at end 2005. Private investors were inhibited by concern over the future of private property under the socialist system announced by Chávez. Shopping center growth is closely linked with the current sales explosion of imported consumer goods, ushering radical changes in retail practices. Shopping centers were first run as condos, with space owned by shops and franchisees, for builders sold store units to raise construction funds. This practice changed with the Sambil mall in 1998, where space was rented and builders retained control of operations. Management selected the kinds of shops that rented space and dictated business hours. Today's shopping centers encourage consumers to extend their stay, recording a total of 525 million visits in 2005. Franchising parallels the growth of shopping centers. Franchises contributed as much as 4.6 percent of the non-petroleum GDP in 2005, offering 40,000 jobs plus and another 80,000 indirectly. Franchises in Venezuela numbered 332, of which 64 percent are local; this compares with more than 70 percent foreign franchises in 1996. Food & beverages account for 30 percent of franchises, followed by apparel with 12 percent. Food & beverages also head the number of franchise establishments, with 44 percent of a total 6,755. [ABSTRACT FROM AUTHOR]

This essay exposes the principal links between international reserves, money supply and fiscal revenue in Venezuela, to consider their possible impacts on exchange rate, prices and product from 1997 to 2005. The objective is to evaluate the relevancy of a monetary reform with the characteristics of the Real Plan of Brazil (1994), principal reference of the policy suggested. This work ends up by denying the need and convenience of changing the number of zeros of the bolivar, monetary Venezuelan sign. [ABSTRACT FROM AUTHOR]

Copyright of Desarrollo Económico is the property of Instituto de Desarrollo Economico y Social and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El artículo presenta un análisis empírico de la demanda de billetes y monedas en Argentina. Uno de los puntos estudiados de la demanda de dinero es la determinación de los activos que deben considerarse dinero. El objetivo de este trabajo es la estimación empírica de una función que explique el comportamiento de la demanda de billetes durante un determinado período. Se espera encontrar un conjunto de variables y estimar cualitativa y cuantitativamente los efectos que tienen los cambios sobre las variaciones de las cantidades de billetes mantenidos.

El artículo explora la demanda del dinero y la rapidez de los depósitos. Según el artículo, los estudios sobre la demanda del dinero adoptan una posición ambigua acerca de sus funciones. Se sugiere que hay que elegir entre la demanda como un instrumento de transacciones económicas o como activo financiero. El artículo también discute el factor del interés implícito proporcionado al depositante.

Se presenta un trabajo que explora el tema del comportamiento de los agregados monetarias en economías pequeñas, abiertas al exterior y con tipo de cambio fijo. Se pretende descubrir las regularidades en la conducta monetaria del conjunto de países estudiados. El período del estudio es el de 1953 a 1970. Se examinan las relaciones de causalidad entre los agregados monetarios. Se examina el comportamiento monetario congruente con el mantenimiento de un régimen de cambio fijo.

El artículo presenta resultados obtenidos por un estudio realizado para analizar el comportamiento de la inflación y la demanda real de dinero durante el periodo 1970-1982 en México. Uno de los resultados obtenidos sugiere que los coeficientes utilizados explican el trastorno no esperada en la oferta monetaria y confirman la hipótesis que el desequilibrio monetario fue un factor importante en la dolarización del sistema financiero mexicano.

El artículo examina el mercado de dinero en Nueva York. Se menciona las varias características del mercado como su flexibilidad a las condiciones cambiantes y su limitación en cuanto a las relaciones personales. Este mercado de fondos a corto plazo no es un mercado formal, sino integrado por varios participantes y mercados especializados. El artículo también menciona su relación con el Sistema de la Reserva Federal.

El artículo discute aspectos sobre los depósitos en moneda extranjera en América Latina. La reglamentación relativa a los depósitos de la moneda extranjera es cuantiosa en la región a causa de la falta de una sola legislación bancaria. Se menciona que sólo las instituciones autorizadas para operar en cambios pueden recibir este tipo de depósitos. El artículo también examina los tipos de interés que devengan los depósitos.

Copyright of Revista Cultura Económica is the property of Pontificia Universidad Catolica Argentina and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El artículo habla de un análisis realizado para determinar los efectos del multiplicador monetario como un factor de la creación secundaria de dinero en varios países latinoamericanos. Se presenta diversas variables que podían afectar la oferta de dinero como la proporción de billetes y monedas a depósito tanto como eventos económicos. El artículo también discute los resultados de un modelo económico utilizado para examinar los afectos.