| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP759 |
| DP759 Currency Substitution | |
| Alberto Giovannini; Bart Turtelboom | |
| 发表日期 | 1993-04-30 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | 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 currencies using a cash-in-advance model and a model where money yields liquidity services. The effects of currency substitutability on exchange rates, international adjustment and the inflation tax are discussed. The paper also reviews the empirical facts on the size of currency substitution in developed and developing countries. Whereas currency substitution is found to be sizeable in some developing countries and on the rise in the European Community, estimates of the ability to substitute foreign for domestic currency are often found to be unreliable due to data, methodological and conceptual problems. Policy implications of currency substitution for international monetary cooperation and inflationary finance are explored. |
| 主题 | International Macroeconomics |
| 关键词 | Currency substitution Dollarization Foreign currency deposits Liquidity Money demand |
| URL | https://cepr.org/publications/dp759 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529926 |
| 推荐引用方式 GB/T 7714 | Alberto Giovannini,Bart Turtelboom. DP759 Currency Substitution. 1993. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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