Author: David Cal MacWilliam
Publisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 94
Book Description
Foreign Exchange Market Liberalization and the Demand for Money in the Presence of Currency Substitution
Author: David Cal MacWilliam
Publisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 94
Book Description
Publisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 94
Book Description
Currency Substitution
Author: Kari Heimonen
Publisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 248
Book Description
Yhteenveto.
Publisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 248
Book Description
Yhteenveto.
Financial Liberalization, Currency Substitution, and Investment
Author: M. Nureldin Hussain
Publisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 38
Book Description
Abstracts in English and French.
Publisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 38
Book Description
Abstracts in English and French.
Currency Substitution and the Fluctuations of Foreign-exchange Reserves with Credibly Fixed Exchange Rates
Author: Alberto Giovannini
Publisher:
ISBN:
Category : Currency convertibility
Languages : en
Pages : 48
Book Description
This paper studies the fluctuations of foreign exchange reserves under a regime of credibly fixed exchange rates. The paper considers a variety of assumptions on the determinants of money demand and currency substitution.
Publisher:
ISBN:
Category : Currency convertibility
Languages : en
Pages : 48
Book Description
This paper studies the fluctuations of foreign exchange reserves under a regime of credibly fixed exchange rates. The paper considers a variety of assumptions on the determinants of money demand and currency substitution.
Black Market Exchange Rate, Currency Substitution and the Demand for Money in Ldcs
Author: Mohsen Bahmani-Oskooee
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Mundell's conjecture in 1963 that the demand for money could depend on the exchange rate in addition to income and interest rate has received some attention in the literature by including the official exchange rate and estimating the money demand in a few developed countries. In less developed countries, since there is a black market for foreign exchange, it has been suggested that the black market exchange rate rather than the official rate should be the determinant of the demand for money in LDCs. This proposition is tested by estimating the demand for money for 25 LDCs using the bounds testing approach to cointegration. The main conclusion is that while in some LDCs, the black market rate enters into the formulation of the demand for money, in some others the official rate is the determinant. The black market premium also played a role in some countries.
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Mundell's conjecture in 1963 that the demand for money could depend on the exchange rate in addition to income and interest rate has received some attention in the literature by including the official exchange rate and estimating the money demand in a few developed countries. In less developed countries, since there is a black market for foreign exchange, it has been suggested that the black market exchange rate rather than the official rate should be the determinant of the demand for money in LDCs. This proposition is tested by estimating the demand for money for 25 LDCs using the bounds testing approach to cointegration. The main conclusion is that while in some LDCs, the black market rate enters into the formulation of the demand for money, in some others the official rate is the determinant. The black market premium also played a role in some countries.
Foreign Currency Deposits and the Demand for Money in Developing Countries
Author: Mr.Mohsin S. Khan
Publisher: International Monetary Fund
ISBN: 1451931301
Category : Business & Economics
Languages : en
Pages : 40
Book Description
This paper examines the relative demands for domestic and foreign currency deposits by residents of developing countries. A dynamic currency substitution model that incorporates forward-looking rational expectations is formulated and then estimated for a group of ten developing countries. The results indicate that the foreign rate of interest and the expected rate of depreciation of the parallel market exchange rate are important factors in the choice between holding domestic money or switching to foreign currency deposits held abroad. From an empirical standpoint, the forward-looking framework adopted here also turns out to be superior to the conventional currency-substitution model.
Publisher: International Monetary Fund
ISBN: 1451931301
Category : Business & Economics
Languages : en
Pages : 40
Book Description
This paper examines the relative demands for domestic and foreign currency deposits by residents of developing countries. A dynamic currency substitution model that incorporates forward-looking rational expectations is formulated and then estimated for a group of ten developing countries. The results indicate that the foreign rate of interest and the expected rate of depreciation of the parallel market exchange rate are important factors in the choice between holding domestic money or switching to foreign currency deposits held abroad. From an empirical standpoint, the forward-looking framework adopted here also turns out to be superior to the conventional currency-substitution model.
Inflation Targeting and Exchange Rate Management In Less Developed Countries
Author: Mr.Marco Airaudo
Publisher: International Monetary Fund
ISBN: 1475523165
Category : Business & Economics
Languages : en
Pages : 65
Book Description
We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Publisher: International Monetary Fund
ISBN: 1475523165
Category : Business & Economics
Languages : en
Pages : 65
Book Description
We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Currency Substitution in Developing Countries
Author: Guillermo A. Calvo
Publisher:
ISBN:
Category : Circular velocity of money
Languages : en
Pages : 46
Book Description
Publisher:
ISBN:
Category : Circular velocity of money
Languages : en
Pages : 46
Book Description
Parallel Currency Markets in Developing Countries
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451943229
Category : Business & Economics
Languages : en
Pages : 52
Book Description
The paper reviews recent theoretical and empirical developments in the analysis of informal currency markets in developing countries. The basic characteristics of these markets are highlighted, and alternative analytical models to explain them are discussed. The implications for exchange rate policy —including imposition of foreign exchange restrictions, devaluation, and unification of exchange markets— in countries with a sizable parallel market are also examined.
Publisher: International Monetary Fund
ISBN: 1451943229
Category : Business & Economics
Languages : en
Pages : 52
Book Description
The paper reviews recent theoretical and empirical developments in the analysis of informal currency markets in developing countries. The basic characteristics of these markets are highlighted, and alternative analytical models to explain them are discussed. The implications for exchange rate policy —including imposition of foreign exchange restrictions, devaluation, and unification of exchange markets— in countries with a sizable parallel market are also examined.
Market Volatility and Foreign Exchange Intervention in EMEs
Author: Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
Publisher:
ISBN: 9789291319626
Category : Banks and banking, Central
Languages : es
Pages : 0
Book Description
Publisher:
ISBN: 9789291319626
Category : Banks and banking, Central
Languages : es
Pages : 0
Book Description