In this paper, the evolution of the various components of the broad monetary aggregate M3 at which the ECB attaches leading indicator properties of inflation expectations in the euro area is studied. During the fifteen years that the ECB defines and executes the stability-oriented monetary policy, M3 has not followed the developments that initially would be compatible with the inflation target announced. For its part, the components of the aggregate, in terms of their participation in it, have followed different paths. In this paper, an analysis of stationarity and cointegration of the series is done. The causes of such behavior in the light of the evolution of prices, interest rates and economic growth are searched, using dummy variables for periods of greater instability in the financial markets. We employ the Dynamic Ordinary Least Square (DOLS) estimator, augmenting the estimated relation with lead and lag differences of the explanatory variables to control for endogeneity and serial correlation of the regressors.
The education system offers specialised training in professional skills for running new companies that students often fail to use due to a lack of entrepreneurial motivation. As an alternative, the faculty of Strategic Management I at the University of A Coruña (UdC) proposes an activity to stimulate entrepreneurship through an indirect action. Over the course of a semester, students must prepare a case study of an organisation in their area. They have to carry out a strategic analysis, identify its strategic formulation and propose improvements and growth vectors. They are confronted with two types of organisations: profit and non-profit organisations. The students' continuous contact with the organisations promotes commitment to their vision and values, indirectly stimulating their entrepreneurial vocation. The results of this experience show the greater potential of Non-Governmental Organisations (NGOs) in stimulating entrepreneurial vocations.
<p>En este trabajo realizamos un análisis empírico de la evolución del agregado monetario M3 y de sus componentes en Colombia, con el propósito de evaluar las propiedades de estabilidad de cada uno de los activos que forman M3. El análisis se realiza con base en pruebas de raíces unitarias y cointegración. La estacionariedad de las series se estudia mediante las pruebas de ADF-GLS y M-type test, así como con pruebas que consideran la posibilidad de cambio estructural. El estudio prosigue empleando el modelo de vectores de corrección de errores (VECM) y mínimos cuadrados ordinarios totalmente modificados (FMOLS) para estimar la relación de largo plazo entre los componentes de M3 y las variables macroeconómicas determinantes. Los resultados obtenidos nos permiten afirmar que la estabilidad de la demanda de los diferentes componentes de M3 se mantiene, a pesar de distintos shocks que han afectado a la economía colombiana durante estos años.</p><p align="center"><strong> </strong></p><p align="center">THE (IN)STABILITY OF MONEY DEMAND IN COLOMBIA, 2003-2020</p><p align="center"><strong>ABSTRACT</strong></p><p>An empirical analysis is made of the evolution of M3 and its components in Colombia during the period 2003-2020. The purpose is to evaluate the stability of each of the assets that make up the aggregate M3. Unit-root and co-integration tests are used. The stationarity of the series is studied by ADF-GLS and M-type tests, as well as with tests that incorporate the possibility of structural change. In the following we implement two different methodologies to estimate the long-run relationship between M3 components and the macroeconomic determinant variables [Vector Error Correction Model (VECM) and Fully Modified Ordinary Least Squares (FMOLS)]. The results obtained allow us to affirm that the stability of the demand of the different components of M3 is maintained, in spite of different shocks that have affected the Colombian economy over these years.</p>
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