Results 211 to 220 of about 2,371 (254)

Currency substitution in Thailand

Journal of Policy Modeling, 2001
Abstract In this article we investigate whether currency depreciation in Thailand has resulted in currency substitution away from the Thai baht. By using quarterly data over the 1977–90 period and an M2 money demand function that includes the exchange rate in addition to income and interest rate, we show that indeed depreciation of the baht has ...
Mohsen Bahmani-Oskooee, Ampa Techaratanachai   +1 more
exaly   +2 more sources

Currency substitution and speculative attacks on a currency board system

Journal of International Money and Finance, 2002
Abstract A currency board arrangement (CBA) is supposed to be robust against attacks. Currency substitution complicates life, with controversial implications for floating versus fixed exchange rate regimes. After reporting evidence of currency substitution in Hong Kong, a monetary model incorporating currency substitution is used to estimate the ...
Yue Ma
exaly   +2 more sources

Currency Substitution in Laos

Asian Economic Journal, 2016
This study investigates the determinants of currency substitution in Laos based on the function of money demand. The empirical model is estimated using the autoregressive distributed lag approach to cointegration for the period 1993–2012. Our estimation results indicate that the interest rate differential is a significant currency substitution ...
Inthiphone Xaiyavong, Toshihisa Toyoda
exaly   +2 more sources

Substituting a substitute currency

International Review of Economics & Finance, 2008
Abstract This study evaluates the dynamics between the dollar and euro balances in the Estonian economy. The focus is to apply the traditional currency substitution model to the substitution of the substitute currency, the dollar and euro-related foreign currency balances.
openaire   +1 more source

Portfolio Theory and Currency Substitution

Journal of Money, Credit and Banking, 1985
ONE OF THE MAJOR REASONS Friedman (1953) and Johnson (1972) advocated flexible exchange rates was to eliminate supply side monetary substitutability, which can incapacitate domestic monetary policy. However contributors to the currency substitution literature, including Miles (1978), Girton and Roper (1981), and McKinnon (1982) have argued that when ...
openaire   +1 more source

Currency Substitution and Currency Crises

Journal of Economics and Management, 2007
This paper investigates the relationship between the collapse timing of exchange rate regime and degree of substitutability of foreign currency for domestic currency as a medium of exchange. According to the spirit of Chen et al. (1981), Tsaur (1987), Chang et al.
Yu-Fong Sun, Tien-Wang Tsaur
openaire   +1 more source

Currency Substitution and Financial Innovation

Journal of Money, Credit and Banking, 1993
This paper explores the domestic effects as well as the international transmission of financial innovation. The analysis is carried out in a cash-in-advance model with two currencies and tw o goods in which income velocity is variable because of inventory-type considerations in the determination of the demand for money.
openaire   +1 more source

Currency denominations, currency substitutions, and the price level

Journal of Macroeconomics, 1983
Abstract In a 1976 Journal of Political Economy paper, Chen has shown that gross substitutability is a necessary and sufficient condition for the deletion of a desirable currency denomination to be inflationary. The present note corrects and extends the theory by showing that such deletion is inflationary even if monies are complements.
Chen, Chau-Nan, Tsaur, Tien-Wang
openaire   +1 more source

Syriac Substitute-Currencies

Iraq, 1939
In a note, published in 1934, on the currencies of East Syria under the Roman Empire, I described some clay tesserae from Palmyra which resemble coins in their shape and types, and suggested that they might have been used to supplement the regular metallic currency in emergencies.
openaire   +1 more source

Is There Currency Substitution in Korea?

International Area Review, 2010
This paper examines the existence of currency substitution in Korea. By examining the money demand in Korea using quarterly 3-month forward exchange rate premium as a proxy for expected change in exchange rate, this paper concludes that currency substitution does not exist in Korea during the post financial crisis period after 1997.
openaire   +1 more source