1) Investigación >
Trabajos no publicados >

Por favor, use este identificador para citar o enlazar este ítem:

Título : The Demand for Bank Loans in Venezuela: A Multivariate Cointegration Analysis
Autor : Vera, Leonardo
Palabras clave : Demand for Loans
Credit Market
Error Correction Model
Fecha de publicación : 31-Dec-2013
Resumen : In order to disentangle the stagnant behavior of the credit market in Venezuela this study focuses on the evolution and specific role played by the demand for loans. Using monthly time series we estimate a credit demand function for the period 1986:1 to 2000:12. The estimation is based on a minimum theoretical specification which sees credit demand as driven by firm’s financial decisions. Cointegration tests indicate that there is one stationary long-run relationship between the real stock of loans, an index of real sales, the interest rate on loans, the real exchange rate and the economy mark-up. The short-run dynamics of the demand for real loans is subsequently modeled by means of a Vector Error Correction Model. The general-to-specific methodology has served to restrict the error correction vector, thereby obtaining two final dynamic models to explain the short-term movements of real credit. The results are consistent with the view that the interest is exogenous and the quantity of bank borrowing is largely demand determined.
Aparece en las colecciones: Trabajos no publicados

Ficheros en este ítem:

Fichero Descripción Tamaño Formato

Los ítems de DSpace están protegidos por copyright, con todos los derechos reservados, a menos que se indique lo contrario.


Valid XHTML 1.0! DSpace Software Copyright © 2002-2008 MIT and Hewlett-Packard - Comentarios