La demanda de M4 y la substitucion de moneda en Mexico, 1978-1990
In: Brazilian journal of political economy: Revista de economia política, Band 16, Heft 2, S. 143-153
ISSN: 0101-3157
The objective of this essay is to analyze the demand for M4 and the capital flows in Mexico for the period 1978-1990. The empirical evidence shows the existence of a stable demand for M4, which depends, in the long run, on income and interest rate. In the short run, changes in the satisfaction rate and the currency substitution effect are relevant factors to explain M4. The presence of currency substitution implies that the authorities must take account of the differentials in the interest rates between Mexico and the United States. (Rev Econ Polit/DÜI)