Vol. 14 No. 27 (2018)

Artículos

Monetary asymmetries in Canada, the united states and Mexico: an empirical analysis, 1980-2015

Published 2025-12-07

  • Ruth Ortiz Zarco
    • ,
  • Nancy Ivonne Müller Durán

Ruth Ortiz Zarco
Facultad de Economía de la UNAM

Nancy Ivonne Müller Durán
Facultad de Economía Universidad Nacional Autónoma de México

Abstract

We make the case for the heterogeneous endogeneity of the money supply of Canada, the United States and Mexico. It is shown in this paper that such countries' financial systems exhibit different levels of development, a stylized fact determining a lower effectiveness of Mexico's monetary policy transmission mechanism vis-à-vis both Canada and the United States. A CVAR model is developed to test our hypothesis. Our results reveal the existence of monetary asymmetries in the case of the Mexican economy, which represent the paper's main contribution.

Keywords

Endogenous money, money supply, Granger causality, cointegrated autoregressive vectors

PDF (Spanish)

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