A demanda por moeda no Brasil: o que ocorreu a partir de 1980?

Abstract

The estimates are based on quarterly data for the 1966185 period; this is divided into two subperiods, i.e., 196679 and 198085, such that structural changes due to the financial innovations of the 1980's could be tested for. Two basic specifications for the money demand function are considered; the first is a linear relationship between the logarithm of the real money balance and the logarithm of the following variables: real income, nominal interest rate and inflation rate. The second specification assumes a real partial adjustment process to the previous model. The Paper concludes that the money demand function has shifted downwards since 1980. A discussion concerning the demand for money during the Cruzado Plan period is also undertaken.