Currency Substitution

Author: Victor A. Canto
Editor: Springer Science & Business Media
ISBN: 9400932618
File Size: 74,74 MB
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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
Language: en
Pages: 198
Authors: Victor A. Canto, Gerald Nickelsburg
Categories: Business & Economics
Type: BOOK - Published: 2012-12-06 - Publisher: Springer Science & Business Media

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
Proceedings of a Conference on Currency Substitution and Currency Boards
Language: en
Pages: 103
Authors: Nissan Liviatan
Categories: Currency boards
Type: BOOK - Published: 1993-01-01 - Publisher: World Bank Publications

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
Currency Substitution in Developing Countries
Language: en
Pages: 32
Authors: Mr.Guillermo Calvo, Mr.Carlos A. Végh Gramont
Categories: Business & Economics
Type: BOOK - Published: 1992-05-01 - Publisher: International Monetary Fund

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
Currency Substitution and Financial innovation
Language: en
Pages: 24
Authors: International Monetary Fund
Categories: Business & Economics
Type: BOOK - Published: 1989-05-08 - Publisher: International Monetary Fund

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
Currency Substitution
Language: en
Pages: 32
Authors: Mr.Benedict J. Clements, Mr.Gerd Schwartz
Categories: Business & Economics
Type: BOOK - Published: 1992-08-01 - Publisher: International Monetary Fund

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,