Los sectores productivos y su incidencia en la creación de dinero endógeno en el Ecuador, periodo 2000-2016

Abstract

The present study analyzes the incidence of the Productive Sectors in the creation of Endogenous Money in Ecuador for the period 2000-2016. To reach this purpose, the post-Keynesian theory of endogenous money is used, which establishes a positive relationship between production and total liquidity. In order to analyze the statistical causality between production and total liquidity, it uses the Vector Autoregression (VAR) methodology and proposes the analysis of GDP and Total Liquidity, and subsequently disaggregates the GDP by Productive Sectors (Primary, Secondary and Tertiary) and by the branches of activity that make up each of the three sectors and their impact on the aforementioned total liquidity. The results of this research contrast, as the theory points out, that there is a positive relationship between GDP and total liquidity; in addition, in most cases, the different branches of the Primary, Secondary and Tertiary sectors cause total liquidity. Considering these results, we would expect the application of economic policies that allow strengthening those productive sectors that mostly create money in the Ecuadorian economy.