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nominal GDP growth, averaging over three percentage points when M1 is
considered, and over four percentage points regarding M2, taking into account
both measures of money supply. The money mean has been well above its
median, suggesting a tendency to expand the monetary levels. The maximum
figure both in nominal GDP and money supply have been at a par. However, the
contraction of M1 has reached a larger level than the nominal GDP itself. The
coefficient of variation between M1 and M2 is fairly similar.
6. Results
An estimate was performed regarding the neutrality of money for the Mexican
economy, by means of cointegrating equations. This is in order to obtain both long
and short-term coefficients, seeking to differentiate the effect of both time spans in
Table 1. Mexico. GDP nominal and real, M1 and M2. 1993:1-2014:2
(Percentage growth, annual basis)
Mean
2.6%
12.5%
15.6%
16.8%
Median
3.2%
10.1%
13.5%
13.8%
Maximum
8.5%
41.4%
43.5%
42.7%
Minimum
-8.1%
-5.5%
-12.3%
5.1%
CV
3.87
5.51
5.67
3.76
observations
82
82
82
82
Note. CV stands for coefficient of variation.
Source: Estimated on the basis of Banco de Mexico and INEGI.
(GDP-GDP
-4
)/
GDP
-4
(GDPn-GDPn
-4
)/
GDPn
-4
(M1-M1
-4
)/
M1
-4
(M2-M2
-4
)/
M2
-4
Statistic