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Investigación económica
versión impresa ISSN 0185-1667
Inv. Econ vol.62 no.245 Ciudad de México jul./sep. 2003
Artículos
Asymmetries of Demand for Money Functions Amongst EMU Countries
Asimetrías de las funciones de demanda por dinero entre los países del EMU
* Levy Economics Institute of Bard College, USA. E-mail: p.arestis@levy.org
** University of the West of England, United Kingdom
*** University of Leeds, United Kingdom. E-mail: mcs@lubs.leeds.ac.uk.
The European Central Bank (ECB) uses a "two pillar" strategy to achieve its objective of price stability within the euro area. Even in the absence of explicit monetary targeting, stability between money and prices still affects the role of monetary aggregates in the conduct of monetary policy. The stability of the money-price link depends ultimately on the properties of the demand-for-money relationship. This paper deals with the demand-for-money functions in individual EMU countries, whether such demand functions can be identified and, where identified, whether the functions are broadly similar in different countries. A change in the ECB interest rate should trigger the same change in the short-term interest rate in all EMU countries. As a consequence, the cost of borrowing would also change, which in turn would affect the demand for bank loans. The size of this resulting effect may vary from country to country, depending on the institutional setting, and could give rise to asymmetries in the monetary mechanism. The authors find significant differences in the interest rate semi-elasticities from country to country within the EMU, which, the authors argue, could pose serious problems in the conduct of the ECB' s common monetary policy.
El Banco Central Europeo (BCE) emplea "dos pilares" estratégicos para lograr su objetivo de estabilidad de precios dentro la zona del euro. Aun en ausencia de un objetivo monetario explicito, la estabilidad de la relación entre el dinero y los precios mantiene los efectos del papel de los agregados monetarios en la conducción de la política monetaria. La estabilidad de la relación dinero-precios depende a la larga de las propiedades de la demanda por dinero. Este artículo se ocupa de las funciones de la demanda por dinero en los distintos países de la Unión Monetaria Europea, de si tales funciones de demanda pueden ser identificadas, y en caso de que lo sean, si las funciones serán similares en los diferentes países. Un cambio en la tasa de interés del BCE provocaría un cambio idéntico en la tasa de interés en el corto plazo para todos los países de la Unión. Como una consecuencia, el costo de prestar podría además cambiar, lo cual afectará la demanda de préstamos del banco. El tamafío del efecto resultante puede variar de país a país, dependiendo del marco institucional, y ello puede dar lugar a asimetrías en los mecanismos monetarios. Los autores encuentran diferencias significativas en la semi-elasticidad de la tasa de interés de país a país dentro de la Unión: los autores argumentan que esto puede ocasionar serios problemas en la conducción de la política monetaria común por parte del BCE.
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Received: July 2002; Accepted: February 2003
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