Resumen

CHAVEZ MUNOZ, Nelson Manolo  y  PEREIRA SILVA, Jackson Paul. EVALUATION OF THE EFFECTS OF ENDOGENOUS MONEY IN REAL CYCLES: A POST- Keynesian POSITION. Dimens.empres. [online]. 2017, vol.15, n.1, pp.84-104. ISSN 1692-8563.  https://doi.org/10.15665/rde.v15i1.424.

The study analyzes the effects that are of endogeneity of money as it postulates the Post-Keynesian school in the rate of growth of emerging countries such as Colombia, Chile and Argentina and advanced countries like United Kingdom, United States and Canada; making a comparison of the results between the two groups of countries. Moreover, an economic model for each group of countries where domestic credit and international reserves independently explain the monetary base, in order to try to argue the endogeneity of this is estimated. The paper presents an approach to the theoretical framework of the topic from the post-Keynesian approaches, including the theory of the monetary circuit, which becomes important in this work, since agents argue that the production process expanded through bank credit, which is part of what is intended to demonstrate. On the other hand, econometric models were estimated using the methodology of panel data for the years between 1994 and 2011. Econometric estimates show first that the growth rate of the two groups of countries is explained by the monetary base and the money multiplier inelastically; while the monetary base responds inelastically to domestic credit and international reserves in the two groups of countries.

Palabras clave : Endogenous money; real cycles; post-Keynesian school.

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