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Currency substitution and speculative attacks on a currency board system
Journal of International Money and Finance, 2002Abstract 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
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Currency Substitution in Russia [PDF]
, 2001 Due to high inflation and the lack of financial instruments, the Russian economy is currently highly dollarized. The share of dollars in the total amount of cash circulating in the Russian economy constitutes about 80%. What is the degree of this currency substitution phenomenon?
Fridman Alla, Verbetsky Aleksey
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Substituting a substitute currency
International Review of Economics & Finance, 2008Abstract 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.
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This paper reviews the extensive theoretical and empirical literature on currency substitution. After discussing the ambiguity surrounding the definition of currency substitution, the paper illustrates the causes of substitutability of different ...
Zheng Jianjun, Wang Shanshan
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Currency Substitution and Currency Crises
Journal of Economics and Management, 2007This 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
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Currency Substitution and Financial Innovation
Journal of Money, Credit and Banking, 1993This 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.
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Portfolio Theory and Currency Substitution
Journal of Money, Credit and Banking, 1985ONE 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 ...
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Currency denominations, currency substitutions, and the price level
Journal of Macroeconomics, 1983Abstract 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
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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.
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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.
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Is There Currency Substitution in Korea?
International Area Review, 2010This 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.
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