Currency Substitution
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Currency Substitution
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Author : Victor A. Canto
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Currency Substitution written by Victor A. Canto and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
This work grew out of a series of investigations begun by the authors in 1980 and 1981. Specifically the authors pursued two lines of inquiry. First, to advance the state of the theoretical lit erature to better explain the crises of liberalization which seemed to be afflicting the third world in general and Latin America in particular. To do this, several different kinds of models were in vestigated and adapted. These are presented in Chapters 2, 3 and 5. Secondly an analysis of the empirical evidence was conducted in order to gain insight into the processes that were thought to be occurring and the theoretical models that were being developed. Some of this work appears in Chapters 3, 4, 5 and 6. Other work by the authors on these issues has been published elsewhere and is referenced herein. There are a great many people whose work and whose com ments have influenced this work. We would like to especially thank Guillermo Calvo, Michael Connolly, Sebastian Edwards, Roque Fernandez, Michael Darby, Robert Clower, Neil Wallace, John Kareken, Paul McNelis, Jeffrey Nugent, Jaime Marquez, Lee Ohanian, Leroy Laney, Jorge Braga de Macedo, Dale Henderson, vii Matthew Canzoneiri, Arthur Laffer, Marc Miles, and George Von Furstenberg whose ideas and comments gave rise to much of our work. We would like to thank Suh Lee for his assistance with the computations in Chapter 5.
Currency Substitution In Developing Countries
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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1992-05-01
Currency Substitution In Developing Countries written by Mr.Guillermo Calvo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-05-01 with Business & Economics categories.
This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not; second, how the presence of currency substitution affects the choice of nominal anchors in inflation stabilization programs; third, the effects of changes in the rate of growth of the money supply on the real exchange rate; fourth, the interaction between inflationary finance and currency substitution; and, finally, issues related to the empirical verification of the currency substitution hypothesis.
Proceedings Of A Conference On Currency Substitution And Currency Boards
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Author : Nissan Liviatan
language : en
Publisher: World Bank Publications
Release Date : 1993-01-01
Proceedings Of A Conference On Currency Substitution And Currency Boards written by Nissan Liviatan and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-01-01 with Business & Economics categories.
Eighteen well-known policymakers and economists discuss the rising use of currency substitution in Latin America. They examine the effects of currency boards on substitute currencies and on national stabilization programs. Latin American countries including Argentina, Bolivia, Peru, and Uruguay increasingly use dollars as a substitute for domestic currency. The experts debate whether the region should encourage or resist this trend. Topics include the effects of substitution on inflation, liquidity, and exchange rates. The discussions on Argentina, Peru, and Brazil focus on the ways in which currency boards have affected stabilization in these countries. They consider whether such boards can strengthen fiscal discipline and speed economic adjustment. A currency board issues money that is converted into a foreign reserve currency at a fixed exchange rate. This independent institution takes over the central bank's role as the sole issuer of base money. It also manages the exchange rate to keep the currency stable and convertible.
Currency Substitution
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Author : Mr.Benedict J. Clements
language : en
Publisher: International Monetary Fund
Release Date : 1992-08-01
Currency Substitution written by Mr.Benedict J. Clements and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-08-01 with Business & Economics categories.
This paper analyzes the determinants of currency substitution in Bolivia in the period following the 1984/85 hyperinflation. We find that expected exchange rate depreciation and actual interest rate differentials between boliviano and dollar deposits in the Bolivian banking system are statistically significant determinants of the degree of currency substitution. However, the explanatory power of these variables is low compared to variables that measure the degree of inertia in the currency substitution process. Thus, further reductions in inflation or higher interest rates for boliviano bank deposits are likely to have but a small effect on dollarization.
Currency Substitution In Developing Countries
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Author : Diana Brand
language : en
Publisher:
Release Date : 1993
Currency Substitution In Developing Countries written by Diana Brand and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
Government Finance In A Model Of Currency Substitution
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Author : Ms.Anne C. Sibert
language : en
Publisher: International Monetary Fund
Release Date : 1993-10-01
Government Finance In A Model Of Currency Substitution written by Ms.Anne C. Sibert and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-10-01 with Business & Economics categories.
Our model is a variant of the cash-in-advance model. Goods must be purchased in the seller’s currency, but currency may be traded before shopping at a cost. This cost is a measure of substitutability. The model is applied to seignorage taxation. We show that optimal money growth is positive and increasing in substitutability if and only if first- and second-period consumption are gross substitutes. If governments act independently, money growth is suboptimally low if currencies are sufficiently substitutable and too high otherwise.
Smuggling Currency Substitution And Unofficial Dollarization
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Author : Alex Mourmouras
language : en
Publisher: International Monetary Fund
Release Date : 2000-10
Smuggling Currency Substitution And Unofficial Dollarization written by Alex Mourmouras and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-10 with Business & Economics categories.
Large quantities of U.S. dollars and other hard currencies circulate alongside domestic currencies in many countries of the former Soviet Union, in Central, Eastern, and Southeastern Europe, the Middle East, Latin America and elsewhere. Over half of all U.S. currency outside banks is located abroad, and the foreign stock of U.S. currency has been growing about 3 times as fast as the domestic stock during the 1990s. Similarly, 30-40 percent of the deutsche marks outstanding are held outside Germany.2 The high degree of unofficial dollarization is one reason some emerging market policymakers sought to go the extra step of officially dollarizing their economies.3
Currency Substitution In Developing Countries
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Author : Guillermo A. Calvo
language : en
Publisher:
Release Date : 1999
Currency Substitution In Developing Countries written by Guillermo A. Calvo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Currency Substitution
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Author : Kari Heimonen
language : en
Publisher:
Release Date : 1996
Currency Substitution written by Kari Heimonen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Currency substitution categories.
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Currency Substitution And Financial Innovation
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-05-08
Currency Substitution And Financial Innovation written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-05-08 with Business & Economics categories.
This paper presents a cash-in-advance framework, with variable income velocity, where the domestic effects, as well as the international transmission, of financial innovation can be analyzed. In particular, the discussion emphasizes the role of currency substitution and of cross-border transfers of seigniorage in determining the general equilibrium effects of financial innovation.