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Los bancos centrales están continuamente interesados en obtener estimaciones precisas de la demanda de dinero debido a que su comportamiento en el tiempo desempeña un papel clave sobre distintas variables monetarias y sobre la estabilidad del sistema financiero. En este trabajo se emplea la técnica de mínimos cuadrados ordinarios completamente modificados FMOLS, por sus siglas en inglés) de Pedroni (2002) para estimar los coeficientes de largo plazo de la demanda de dinero en 15 países latinoamericanos. Esta técnica permite agrupar información sobre las relaciones comunes de largo plazo, y a su vez trata la dinámica de corto plazo y los efectos fijos como heterogéneos para cada economía del panel. Se encuentra evidencia de existe una relación de cointegración en la función de demanda de dinero, la cual tiene una elasticidad con respecto al ingreso del 0.94, y una semielasticidad de la tasa de interés del -0.01. Central banks have long been interested in obtaining precise estimations of money demand given the fact that its evolution plays a key role over several monetary variables and the stability of the financial system. I use Pedroni's (2002) fully modified ordinary least square (FMOLS) to estimate the coefficients of the long-run money demand for 15 Latin American countries. The FMOLS technique pools information regarding common long-run relations while allowing the associated short-run dynamics and fixed effects to be heterogeneous across different economies of the panel. For this group of countries, I find evidence of a cointegrating money demand, an income elasticity of 0.94, and an interest rate semielasticity of -0.01. [ABSTRACT FROM AUTHOR]

Using recently developed panel unit root and panel cointegration tests and the Fully-Modified OLS methodology (FMOLS), this paper estimates the impact of remittances on the economic growth of selected upper and lower income Latin American & Caribbean (LAC) countries over the 1990-2007 period. Despite the large flow of remittances to the region, there have been relatively few empirical studies assessing the impact of remittances on economic growth in LAC. Panel unit root tests suggest that several of the macro variables included in the model exhibit unit roots, yet, at the same time, Pedroni's panel cointegration test determined that there is a cointegrating relationship among the variables in the estimated model. The FMOLS estimates suggest that remittances have a positive and significant effect on economic growth in both groups of countries. The estimates also indicate that both the degree of economic freedom and credit provided by the banking system have a positive and significant effect on economic growth in upper (middle) income LAC countries. The sign of the interaction term between remittances and the credit (and EFI) variables suggest that remittances act as substitutes for these variables. Finally, the effect of remittances on both sets of countries is stronger in the presence of a financial (credit) variable. [ABSTRACT FROM AUTHOR]

Abstract: This study investigated the long run relationship between urbanization, energy consumption and carbon dioxide emission in seven regions, namely, East Asia and Pacific, East Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa, South Asia, Sub-Saharan Africa, and Western Europe. To achieve the goal of the study, the fully modified ordinary least square (FMOLS) was employed taking the period 1980–2008. The results show that while 84% of the countries have a positive long run relationship between urbanization, energy consumption, and carbon dioxide emission, only 16% the countries have mixed results. Some countries have a negative long run relationship and others, especially low income countries have no relationship between urbanization, energy consumption, and carbon dioxide emission. Furthermore, a one way long run relationship between energy consumption and carbon dioxide emission and urbanization was found in a number of countries while a one way long run relationship between urbanization and energy consumption and carbon dioxide emission was found in other countries. [Copyright &y& Elsevier]

In this study, we explore the hypotheses that (a) workers' remittances enhance economic growth in Latin American countries, and (b) workers' remittances help reduce poverty in Latin American countries. In recent decades, workers' remittances have become an important source of income for many developing countries and, as a global aggregate, workers' remittances are the largest source of foreign financing after foreign direct investment. This paper analyzes the effects of workers' remittances on economic growth and poverty in 21 Latin American countries. The study uses annual data covering all Latin American countries for the period 1980–2018. We employ panel least squares and panel fully-modified least squares (FMOLS) methods. In addition, we estimate the short-run and long-run effects of workers' remittances on economic growth and poverty on individual countries with the Autoregressive Distributed Lag (ARDL-ECM) approach to co-integration analysis. The results reveal that workers' remittances have a positive effect on long-run economic growth in the majority of the countries studied, but have mixed effects in the short-run. They also suggest that workers' remittances tend to lower poverty rates in Latin America. [ABSTRACT FROM AUTHOR]