MONEY AND CREDIT IN THE BRAZILIAN ECONOMY: A MODEL WITH ERROR CORRECTION VECTORS

Detalhes bibliográficos
Autor(a) principal: Guzmán, Rolando M.
Data de Publicação: 2009
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/10426
Resumo: This article searches for the relation between money, credit and aggregated product in the Brazilian experience during the 1980/1989 period. A key element of the study is the estiamtion of Errors Correction Vectors Model which allows the identification of relations between variables in the short and long terms, in opposition to conventional methodologies which analyze only shortterm relations. The text starts with the stocastic properties of the different series, paying special attention to its integration orders. Then de model is estimaded through the method of maximuin similarity outlined by Johansen (1989) and Johansen/Juselius (1990). At the end, the estimation is used for analyzing the time pattern of impulses and answers between the variables. A relevant outcome is that changes of product have been caused mainly by monetary shocks while the credit shorks exerted a smaller influence.
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spelling MONEY AND CREDIT IN THE BRAZILIAN ECONOMY: A MODEL WITH ERROR CORRECTION VECTORSMOEDA E CRÉDITO NA ECONOMIA BRASILEIRA: UM MODELO COM VETORES DE CORREÇÃO DE ERROSMoeda. Crédito. Brasil.This article searches for the relation between money, credit and aggregated product in the Brazilian experience during the 1980/1989 period. A key element of the study is the estiamtion of Errors Correction Vectors Model which allows the identification of relations between variables in the short and long terms, in opposition to conventional methodologies which analyze only shortterm relations. The text starts with the stocastic properties of the different series, paying special attention to its integration orders. Then de model is estimaded through the method of maximuin similarity outlined by Johansen (1989) and Johansen/Juselius (1990). At the end, the estimation is used for analyzing the time pattern of impulses and answers between the variables. A relevant outcome is that changes of product have been caused mainly by monetary shocks while the credit shorks exerted a smaller influence.Este artigo investiga a relação entre a moeda, o crédito e o produto agregado, à luz da experiência brasileira no período 1980/1989. Um elemento essencial do estudo é a estimação de um modelo com Vetores de Correção de Erros (VEC), o que permite a identificação das relações entre as variáveis no curto e no longo prazo, ao contrário das metodologias convencionais que analisam exclusivamente as relações no curto prazo. O texto inicia com um estudo das propriedades estocásticas das diferentes séries, prestando atenção particular às suas ordens de integração. Posteriormente, o modelo é estimado através do método de máxima verossimilhança proposto por Johansen (1989) e Johansen & Juselius (1990) Finalmente, a estimativa é utilizada para analisar o padrão temporal de impulsos e respostas entre as variáveis Um resultado relevante é o de que as flutuações do produto têm sido causadas predominantemente por choques monetários, com os choques de caráter creditício tendo uma importância menor.UFRGS2009-09-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/1042610.22456/2176-5456.10426Análise Econômica; Vol. 10 No. 18 (1992): setembro de 1992Análise Econômica; v. 10 n. 18 (1992): setembro de 19922176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/10426/6108Copyright (c) 2019 Análise Econômicainfo:eu-repo/semantics/openAccessGuzmán, Rolando M.2019-08-29T12:48:24Zoai:seer.ufrgs.br:article/10426Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2019-08-29T12:48:24Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv MONEY AND CREDIT IN THE BRAZILIAN ECONOMY: A MODEL WITH ERROR CORRECTION VECTORS
MOEDA E CRÉDITO NA ECONOMIA BRASILEIRA: UM MODELO COM VETORES DE CORREÇÃO DE ERROS
title MONEY AND CREDIT IN THE BRAZILIAN ECONOMY: A MODEL WITH ERROR CORRECTION VECTORS
spellingShingle MONEY AND CREDIT IN THE BRAZILIAN ECONOMY: A MODEL WITH ERROR CORRECTION VECTORS
Guzmán, Rolando M.
Moeda. Crédito. Brasil.
title_short MONEY AND CREDIT IN THE BRAZILIAN ECONOMY: A MODEL WITH ERROR CORRECTION VECTORS
title_full MONEY AND CREDIT IN THE BRAZILIAN ECONOMY: A MODEL WITH ERROR CORRECTION VECTORS
title_fullStr MONEY AND CREDIT IN THE BRAZILIAN ECONOMY: A MODEL WITH ERROR CORRECTION VECTORS
title_full_unstemmed MONEY AND CREDIT IN THE BRAZILIAN ECONOMY: A MODEL WITH ERROR CORRECTION VECTORS
title_sort MONEY AND CREDIT IN THE BRAZILIAN ECONOMY: A MODEL WITH ERROR CORRECTION VECTORS
author Guzmán, Rolando M.
author_facet Guzmán, Rolando M.
author_role author
dc.contributor.author.fl_str_mv Guzmán, Rolando M.
dc.subject.por.fl_str_mv Moeda. Crédito. Brasil.
topic Moeda. Crédito. Brasil.
description This article searches for the relation between money, credit and aggregated product in the Brazilian experience during the 1980/1989 period. A key element of the study is the estiamtion of Errors Correction Vectors Model which allows the identification of relations between variables in the short and long terms, in opposition to conventional methodologies which analyze only shortterm relations. The text starts with the stocastic properties of the different series, paying special attention to its integration orders. Then de model is estimaded through the method of maximuin similarity outlined by Johansen (1989) and Johansen/Juselius (1990). At the end, the estimation is used for analyzing the time pattern of impulses and answers between the variables. A relevant outcome is that changes of product have been caused mainly by monetary shocks while the credit shorks exerted a smaller influence.
publishDate 2009
dc.date.none.fl_str_mv 2009-09-30
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/10426
10.22456/2176-5456.10426
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/10426
identifier_str_mv 10.22456/2176-5456.10426
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/10426/6108
dc.rights.driver.fl_str_mv Copyright (c) 2019 Análise Econômica
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2019 Análise Econômica
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv Análise Econômica; Vol. 10 No. 18 (1992): setembro de 1992
Análise Econômica; v. 10 n. 18 (1992): setembro de 1992
2176-5456
0102-9924
reponame:Análise Econômica (Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str Análise Econômica (Online)
collection Análise Econômica (Online)
repository.name.fl_str_mv Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ||rae@ufrgs.br
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