Dissertations / Theses on the topic 'Currency substitution'

This study investigates the determinants and effects of currency and asset substitution in Turkey using quarterly data from 1987:1 to 2002:4. The empirical results from the application of Johansen procedure to a four-variable system containing currency-asset substitution proxy (M2Y/M2)), real income, real exchange rate, and ratchet effect proxy (past peak values of the depreciation of the real exchange rate) suggest the presence of a single cointegration vector among the variables. The results further suggest the endogeneity of the degree of currency substitution for the parameters of the cointegration vector. According to the theory consistent and data-acceptable long-run relationship between the variables, there is a strong ratchet (hysteresis) effect in currency-asset substitution in Turkey. The study contains also the policy implications of both currency substitution and the ratchet effect arising from real exchange rate change shocks in the Turkish economy.

This study aims to investigate currency substitution and financial dollarization in Turkey. The extend of dollarization in Turkey appears to be very high according to both the conventional currency substitution and the recently developed financial dollarization measures. This has serious policy implications as a source of financial fragility through currency/maturity mismatches and balance sheet effects. The empirical part of this study contained an investigation of the long run relationships between the variables in a system containing currency substitution ratio, expected exchange rate change and rates of return on domestic and foreign currency denominated assets. The results of the Johansen cointegration analysis based on quarterly data for the 1987-2004 period appeared not to be strongly supporting the General Portfolio Balance Model (GPBM). The theoretical part of this study suggests that the GPBM can be reduced to the Sequential Portfolio Balance Model (SPBM) under the uncovered interest parity (UIP) hypothesis. Consequently, the GPBM may be misleading under UIP. The Johansen cointegration results suggested the validity of the UIP for the Turkish data. The estimation of the SPBM suggested that there is a long-run relationship between currency substitution and expected exchange rate change in Turkey. The elasticity of currency substitution appeared to be high but consistent with those estimated for other high inflation developing countries. The results further supported the presence of a ratchet/hysteresis effect proxied by a trend variable. All these results are consistent with the argument that currency substitution and financial dollarization are important especially in high inflation countries.

This dissertation discusses the relationship between inflation, currency substitution and dollarization that has taken place in Argentina for the past several decades. First, it is shown that when consumers are able to hold only domestic monetary balances (without capital mobility) an increase in the rate of inflation will produce a balance of payments deficit. We then look at the same issue but with heterogeneous consumers, this heterogeneity being generated by non-proportional lump-sum transfers. Second, we discussed some necessary assumptions related to currency substitution models and concluded that there was no a-priori conclusion on whether currencies should be assumed to be "cooperant" or "non-cooperant" in utility. That is to say, whether individuals held different currencies together or one instead of the other. Third, we went into discussing the issue of currency substitution as being a constraint on governments inflationary objectives rather than a choice of those governments to avoid hyperinflations. We showed that imperfect substitutability between currencies does not "reduce the scope for rational (hyper)inflationary processes" as it had been previously argued. It will ultimately depend on the parametrization used and not on the intrinsic characteristics of imperfect substitutability between currencies. We further showed that in Argentina, individuals have been able to endogenize the money supply by holding foreign monetary balances. We argued that the decision to hold foreign monetary balances by individuals is always a second best due to the trade-off between holding foreign monetary balances and consumption. For some levels of income, consumption, and foreign inflation, individuals would prefer to hold domestic monetary balances rather than foreign ones. We then modeled the distinction between dollarization and currency substitution. We concluded that although dollarization is necessary for currency substitution to take place, the decision to use foreign monetary balances for transactions purposes is largely independent from the dollarization process. Finally, we concluded that Argentina should not fully dollarize its economy because dollarization is always a second best to using a domestic currency. Further, we argued that a fixed exchange system would be better than a flexible exchange rate or a "crawling-peg" system because of the characteristics of the political system and the possibilities of "mass praetorianism" to develop, which is intricately linked to "populist" solutions.

This dissertation consists of three chapters on development economics. The first two chapters are in the area of international macroeconomics. The third chapter is in an area that is the intersection of macroeconomics and population economics. The first chapter studies currency substitution in an environment where agents' inflation tax evasive demand for foreign money is balanced by the concern for the possibility that the government may impose economy-wide capital controls under which foreign currency transactions are costly. We contrast implications of constant beliefs regarding capital controls with those obtained under endogenous beliefs. With endogenous beliefs, agents expect a greater likelihood of capital controls as economy-wide currency substitution rises. Our results show a persistent demand for foreign money under endogenous beliefs despite efforts by the government to reduce inflation. The second chapter is a theoretical study of currency substitution in an overlapping-generations economy. We focus on the role of beliefs in determining the relative demands for domestic and foreign money. Domestic money suffers from a lack of confidence leading agents to demand foreign money as an alternate store-of-value. We study equilibria in which the level of confidence in domestic money evolves as a function of expected future aggregate domestic money demand: agents increase their demand for domestic money only if aggregate economy-wide real domestic money demand is expected to rise. The third chapter is a study of intertemporal substitution and fertility dynamics. The demographic experience of Iran after the revolution poses an interesting puzzle. A brief increase in period fertility after the 1979 revolution interrupted a trend of decline that had started in the 1950s. The rise in fertility, however, appears to have lasted only a few years: in the late 1980s fertility decline resumed its course at an even faster pace. We present evidence that suggests that the changes in Iranian fertility since the revolution were in part a birth timing phenomenon. The revolution may well have been a transient economic shock which temporarily depressed the relative "price" of children and caused adjustment in fertility patterns which, at least in an ex post sense, is suggestive of intertemporal substitution.
Ph. D.

This thesis examines the empirical validity of the efficient market hypothesis, currency substitution, purchasing power parity theory, interest rate parity theory and the monetary approach to exchange rate for the foreign exchange markets of Japan, Singapore and Hong Kong. The empirical results give support to the efficient market hypothesis, mixed evidence for the existence of currency substitution, a strong indication for the long run purchasing power parity theory, support for the inclusion of expectations variable in the interest parity theory, and rejection of the monetary approach to the exchange rate.

Recent research has shown that money substitutes - whether in the form of foreign currency or of more exotic instruments such as privately-issued moneys - are common in developing and transition countries, and have important consequences for macroeconomic and financial sector policy. The aim of this thesis is to advance our theoretical and empirical understanding of the determinants of money substitution in developing and transition economies. We begin in Chapter 1 by addressing the need for a general theoretical framework for the analysis of money substitutes. Reviewing both the classical and the modern theoretical literature on money, we conclude that the Credit theory of money - an ancient but until recently neglected theory which conceives of money as a unilateral financial contract between its issuer and its bearer - is a useful framework for such analysis. In Chapter 2, we undertake an empirical analysis of non-cash settlements (NCS) in Croatia. Using time series econometric analysis, we demonstrate that the instruments used to settle NCS are at least in part substitutes for the national currency, created endogenously by the enterprise sector in response to constraints on their participation in the official monetary and banking system. We turn to the most important form of money substitute in developing and transition countries - foreign currency - in Chapter 3, where we present a new review of the theoretical and empirical literature on dollarisation. In particular, we track the evolution of theoretical models of dollarisation in response to the increasing empirical importance of financial dollarisation relative to currency substitution. In Chapter 4 we undertake an empirical study of the determinants of deposit dollarisation in the two transition economies of Estonia and Lithuania by building and interpreting dynamic, multiple equation, econometric models. We find that a simple, portfolio theoretic account of the dollarisation process furnishes a good explanation, but also that data availability limits the level of analytical detail that this approach can attain.

Thesis (Ph. D.)--Southern Illinois University Carbondale, 2007.
"Department of Economics." Keywords: Real exchange rate fluctuations, Currency substitution, Macroeconomic interdependence, Real exchange rate, African, Exchange rate fluctuations Includes bibliographical references (p. 120-128). Also available online.

Demonetization is an economic tool used to reduce the size of an underground economy. Though studies on the effectiveness of demonetization have increased over the past 50 years, there is little literature on the ineffectiveness of demonetization and subsequent factors that could explain a lack of change, or an increase, in illegal activity. This paper examines past cases of demonetization to determine the effectiveness of demonetization, and investigates the incentive for foreign currency substitution as a mechanism for criminals to circumvent regulatory scrutiny. Major findings of this paper include a positive but statistically insignificant correlation between demonetization and growth in the shadow economy, and a statistically significant positive relationship between exchange rate appreciation and demonetization. Finally, this paper applies these findings to test the “Modi effect” of Indian Rupee (INR) demonetization.

O termo realocação da poupança interna se refere ao fato de que os instrumentos de política econômica e de planejamento econômico que passam a possibilitar o autofinanciamento do Estado pelo mecanismo de emissão monetária só podem ser materializados por meio do lado real da economia, através da reestruturação do processo de formação da poupança interna. Realocação, neste caso, vem a ser sinônimo de “reutilização” e “alavancagem”, isto é, os instrumentos de formação das finanças públicas são determinados por um mecanismo de criação e de destruição automáticas de moeda e de posterior reutilização da mesma moeda emitida anteriormente. Neste sistema, o Estado determina o volume de recursos públicos através da emissão monetária, pelo fato desta moeda possuir “lastro fiduciário”, em razão de sua respectiva “destruição automática” no momento exato de sua criação.
The term reallocation of domestic saving refers to the fact that the instruments of economic policy and economic planning that allow the self-financing of the State from its own currency by the mechanism of monetary emission can only be materialized in the real economy by the restructuring of the process of formation of the domestic saving. Reallocation in this case comes to be synonymous with “reuse” and “leverage”, that is, public finance techniques are determined by a mechanism for automatic creating and destruction of currency, and subsequent reuse of the same currency issued formerly. In this system, the State determines the amount of available public resources through monetary emission, given that this currency has “real fiduciary backing” based on its respective “automatic destruction” at the exact moment of its creation.

This thesis comprises three empirical studies about the consequences of full dollarization for three major economic factors: (1) the exchange rate pass-through, (2) fiscal sustainability, and (3) bond market behavior. The main contributions of this thesis are first, to show that two of the most cited benefits of full dollarization can be called into question in the Ecuadorian economy; and second, making a comparative analysis between dollarized and non dollarized countries, to highlight an advantage of full dollarization: it may to some extent isolate the real economy from financial shocks.

This is a study of the Argentinean Complementary Currency System el Club de Trueque (CT), which during its peak in the year of 2002 provided for its 2.5 million members. Focus is put on its initial years of 1995-1996 and the monetary experiments that would lead to a means of payment that partly would substitute the Argentinean peso during the convertibility crisis. This essay explains how the CT managed to create trust in their currency. Although the CT is a well researched phenomenon, this thesis offers some new information. First of all, the monetary development within the CT was not only driven by a practical need to lower transaction costs due to fast expansion—as previously assumed—rather, a confidence crisis was from the very start crucial for its development. Another important discovery is that although the club was created during a period of strong recession and high rates of unemployment, personal economic problems did not, in fact, seem to be the motivation behind its invention; rather the motives were based on a criticism against the functions of the contemporary economic system.
Esta tesis trata sobre el Club de Trueque (CT), un sistema monetario complementario, el cual creó posibilidades de mantenimiento para sus 2,5 millones de miembros durante la crisis económica de Argentina en el año 2002. El foco de este estudio es la fundación del club durante los años 1995-1996. En este período se hicieron experimentos monetarios que iban a generar un medio de pago que parcialmente reemplazó al peso argentino durante la crisis de convertibilidad. Esta tesis explica como el CT logró crear confianza en su moneda. Aunque el CT ha sido objeto de muchas investigaciones, ésta tesis ofrece información nueva. Ante todo, el desarrollo monetario en el CT no sólo tuvo su origen en la necesidad práctica de bajar los costos a causa de la rápida expansión del movimiento, sino que también, una crisis de confianza fue decisiva para el desarrollo desde el principio. Otro descubrimiento importante es que la razón por la cual el club se formó no fue exclusivamente debido a problemas económicos personales, a pesar de que se fundó durante una recesión fuerte con tasas altas de desempleo. Los motivos tenían más que ver con un criticismo ideológico al sistema económico contemporáneo.

Le contrôle non destructif électromagnétique (CNDE) est appliqué dans des domaines variés pour l'exploration de défauts cachés affectant des structures. De façon générale, le principe peut se poser en ces termes : un objet inconnu perturbe un milieu hôte donné et illuminé par un signal électromagnétique connu, et la réponse est mesurée sur un ou plusieurs récepteurs de positions connues. Cette réponse contient des informations sur les paramètres électromagnétiques et géométriques des objets recherchés et toute la difficulté du problème traité ici consiste à extraire ces informations du signal obtenu. Plus connu sous le nom de " problèmes inverses ", ces travaux s'appuient sur une résolution appropriée des équations de Maxwell. Au " problème inverse " est souvent associé le " problème direct " complémentaire, qui consiste à déterminer le champ électromagnétique perturbé connaissant l'ensemble des paramètres géométriques et électromagnétiques de la configuration, défaut inclus. En pratique, cela est effectué via une modélisation mathématique et des méthodes numériques permettant la résolution numérique de tels problèmes. Les simulateurs correspondants sont capables de fournir une grande précision sur les résultats mais à un coût numérique important. Sachant que la résolution d'un problème inverse exige souvent un grand nombre de résolution de problèmes directs successifs, cela rend l'inversion très exigeante en termes de temps de calcul et de ressources informatiques. Pour surmonter ces challenges, les " modèles de substitution " qui imitent le modèle exact peuvent être une solution alternative intéressante. Une manière de construire de tels modèles de substitution est d'effectuer un certain nombre de simulations exactes et puis d'approximer le modèle en se basant sur les données obtenues. Le choix des simulations (" prototypes ") est normalement contrôlé par une stratégie tirée des outils de méthodes de " plans d'expérience numérique ". Dans cette thèse, l'utilisation des techniques de modélisation de substitution et de plans d'expérience numérique dans le cadre d'applications en CNDE est examinée. Trois approches indépendantes sont présentées en détail : une méthode d'inversion basée sur l'optimisation d'une fonction objectif et deux approches plus générales pour construire des modèles de substitution en utilisant des échantillonnages adaptatifs. Les approches proposées dans le cadre de cette thèse sont appliquées sur des exemples en CNDE par courants de Foucault

La maladie de Pompe est une maladie lysosomale causée par des mutations sur l'enzyme α-glucosidase acide (GAA), responsable de la dégradation du glycogène lysosomal. Le déficit en GAA provoque l'accumulation de glycogène dans de multiples tissus, conduisant à une maladie neuromusculaire complexe avec une morbidité et mortalité élevées. En plus des symptômes connus, nos études montrent que le déficit en GAA affecte l’activation et le fonctionnement des cellules immunitaires chez les patients et le modèle murin de la maladie de Pompe. En particulier, nous avons observé une suractivation des cellules T effectrices, ainsi qu’un défaut dans l’induction et la fonction des cellules T régulatrices (Tregs). De plus, les souris atteintes de la maladie de Pompe présentent de l’inflammation tissulaire précoce, ce qui pourrait contribuer à la physiopathologie de la maladie. Ces résultats pourraient ouvrir des nouvelles voies pour étudier des stratégies qui retardent la progression de la maladie. Dans une deuxième série d'expériences, nous montrons qu'une thérapie génique ciblée au foie avec un transgène GAA sécrétable conduit à une meilleure correction de la maladie dans un modèle murin immunodéficient de la maladie, par rapport au traitement enzymatique substitutif existant. Étant donné que les Treg jouent un rôle essentiel dans la thérapie génique ciblée au foie, en induisant une tolérance immunitaire vers les transgènes hépatiques, de futures études devront évaluer l'impact des altérations immunitaires associées à cette maladie sur l'efficacité de la thérapie génique
Pompe disease is a lysosomal storage disease caused by mutations on the enzyme acid α-glucosidase (GAA), responsible for degrading lysosomal glycogen. GAA deficiency causes the accumulation of glycogen in multiple tissues, particularly in muscles and central nervous system, leading to a complex neuromuscular disease with high morbidity and mortality. In addition to the known symptoms, our studies in Pompe disease patients and mice show that GAA deficiency affects the activation and function of immune cells, particularly of T cells, leading to a higher activation of effector cells and impaired induction and suppressive function of regulatory T cells (Tregs). Moreover, Pompe disease mice present tissue inflammation at early stages of the disease, altogether suggesting that alterations in the immune system could contribute to the disease pathophysiology. These findings could open new venues to investigate strategies that delay the progression of the disease. In a second set of experiments we show that liver-directed gene therapy with a secretable GAA transgene results in superior disease rescue in an immunodefficient Pompe disease mouse model, when compared to the current enzyme replacement therapy. Because Tregs play an essential role in liver-directed gene therapy, by inducing immune tolerance towards hepatic transgenes, future studies will have to evaluate the potential impact of immune alterations associated to Pompe disease on the efficacy of liver-targeted gene transfer
La enfermedad de Pompe es una enfermedad lisosomal (lysosomal storage disease, LSD) causada por mutaciones en la enzima α-glucosidasa ácida (GAA), que hidroliza el glucógeno en glucosa en los lisosomas. La disfunción de esta enzima causa la acumulación de glucógeno en múltiples tejidos, principalmente en células musculares y neuronas. Como resultado, los pacientes desarrollan hipertrofia cardíaca, debilidad muscular, insuficiencia respiratoria, alteraciones cognitivas y muerte prematura por paro cardiorrespiratorio. Actualmente la enfermedad de Pompe se trata con terapia de reemplazo enzimático (Enzyme replacement therapy, ERT) con GAA recombinante humana (rhGAA). Este tratamiento ha demostrado corregir la patología cardíaca y extender la esperanza de vida de los pacientes. Sin embargo, la eficacia de la ERT en los músculos respiratorios y esqueléticos es parcial, y nula en el sistema nervioso central (SNC). Además, la proteína rhGAA es altamente inmunogénica, por lo que el tratamiento no es efectivo en ciertos pacientes. Otros inconvenientes son el elevado coste de la ERT y la necesidad de infusiones continuadas a lo largo de la vida del paciente. En este estudio mostramos que la terapia génica dirigida al hígado mediante vectores adeno-asociados (AAV) expresando una versión modificada de la GAA revierte de forma significativa la enfermedad a nivel de la musculatura esquelética y del SNC, en un modelo animal de la enfermedad de Pompe. Además, mostramos que este tratamiento es superior en eficacia al tratamiento estándar por ERT, incluso a dosis reducidas de vector AAV. Con tal de comprender mejor los mecanismos de acción de estos dos tratamientos, hemos llevado a cabo un estudio farmacocinético de los niveles de GAA en circulación y en múltiples tejidos en los dos casos. Dicho estudio muestra que niveles reducidos pero constantes de GAA en circulación proporcionados por el hígado permiten una mayor acumulación de GAA en los tejidos en comparación a la ERT, mejorando así la eficacia del tratamiento. Debido a que las reacciones inmunes contra el vector AAV y el transgén son un obstáculo importante en la aplicación clínica de la terapia génica, y a que alteraciones en los lisosomas han demostrado tener un impacto sobre el sistema inmune en diferentes modelos, también hemos estudiado el sistema inmune en el caso de la enfermedad de Pompe. Mediante estos estudios, hemos observado que la acumulación de glucógeno en los lisosomas de células inmunes está asociada a una mayor activación de estas células, tanto en pacientes como en ratones con enfermedad de Pompe, y particularmente en las células T. Además, ratones con enfermedad de Pompe presentan inflamación en los tejidos ya en las primeras etapas de la enfermedad. Por otra parte, mostramos que el mayor estado de activación de las células T podría deberse a alteraciones en el metabolismo de estas células, como resultado de las alteraciones lisosómicas. Finalmente, los ratones con enfermedad de Pompe presentan un defecto en la inducción de células T reguladoras Foxp3+ (Tregs), y estas células tienen un menor potencial inhibidor en comparación con Tregs de ratones sanos. Alteraciones en el sistema inmunitario podrían contribuir a la fisiopatología de la enfermedad. Por lo tanto, estos hallazgos podrían abrir nuevos caminos para investigar estrategias que retrasen la progresión de la enfermedad. Además, las Tregs juegan un papel esencial en la terapia génica dirigida al hígado, mediante la inducción de tolerancia inmune hacia transgenes expresados por hepatocitos. Por lo tanto, futuros estudios deberán evaluar el impacto de las alteraciones inmunitarias asociadas a la enfermedad de Pompe sobre la eficacia de la terapia génica
La malaltia de Pompe és una malaltia lisosomal (lysosomal storage disease, LSD) deguda a mutacions en l'enzim α-glucosidasa àcida (GAA), que hidrolitza el glicogen en glucosa als lisosomes. La disfunció d'aquest enzim causa l'acumulació de glicogen en múltiples teixits, principalment en cèl·lules musculars i neurones. Com a resultat, els pacients presenten hipertròfia cardíaca, debilitat muscular, insuficiència respiratòria, alteracions cognitives i mort prematura per aturada cardiorespiratòria. Actualment, la malaltia de Pompe és tractada amb teràpia de reemplaçament enzimàtic (Enzyme replacement therapy, ERT) amb GAA recombinant humana (rhGAA). Aquest tractament ha demostrat corregir la patologia cardíaca i estendre l'esperança de vida dels pacients. No obstant, l'eficàcia de l'ERT en els músculs respiratoris i esquelètics és parcial, i nul·la en el sistema nerviós central (SNC). A més, la proteïna rhGAA és altament immunogènica, de manera que el tractament no és efectiu en certs pacients. Altres inconvenients són l'elevat cost de l'ERT i la necessitat d'infusions continuades al llarg de la vida del pacient. En aquest estudi mostrem que la teràpia gènica dirigida al fetge mitjançant vectors adeno-associats (AAV) expressant una versió modificada de la GAA millora de forma significativa la malaltia a nivell de la musculatura esquelètica i del SNC, en un model animal de la malaltia de Pompe. A més, mostrem que aquest tractament és superior en eficàcia al tractament estàndard per ERT, fins i tot a dosis reduïdes de vector AAV. Per tal de comprendre millor els mecanismes d'acció d'aquests dos tractaments, hem dut a terme un estudi farmacocinètic dels nivells de GAA en circulació i en múltiples teixits en ambdós casos. Aquest estudi mostra que nivells reduïts però constants de GAA en circulació proporcionats pel fetge permeten una major acumulació de la GAA en els teixits en comparació a la ERT, millorant així l'eficàcia del tractament. Degut a que les reaccions immunes contra el vector AAV i el transgèn són un obstacle important en l'aplicació clínica de la teràpia gènica, i a que alteracions en els lisosomes han demostrat tenir un impacte sobre el sistema immune en differents models, també hem avaluat el sistema immune en el cas de la malaltia de Pompe. Mitjançant aquests estudis, hem observat que l'acumulació de glicogen en els lisosomes de les cèl·lules immunes està associada a una major activació d'aquestes cèl·lules en pacients i ratolins amb malaltia de Pompe, particularment en les cèl·lules T. A més, ratolins amb malaltia de Pompe presenten inflamació dels teixits ja en les primeres etapes de la malaltia. D’altra banda, hem observat que el major estat d'activació de les cèl·lules T podria ser degut a alteracions en el metabolisme d'aquestes cèl·lules, com a resultat de les alteracions lisosomals. Finalment, els ratolins amb malaltia de Pompe presenten un defecte en la inducció de cèl·lules T reguladores Foxp3+ (Tregs), i aquestes cèl·lules tenen un menor potencial inhibidor en comparació amb les Tregs de ratolins sans. Alteracions en el sistema immunitari podrien contribuir a la fisiopatologia de la malaltia. Per tant, aquestes observacions podrien obrir nous camins a l’hora d’investigar estratègies que retardin la progressió de la malaltia. A més, les Tregs juguen un paper essencial en la teràpia gènica dirigida al fetge, mitjançant la inducció de tolerància immune cap a transgens expressats per hepatòcits. Per tant, futurs estudis hauran d'avaluar l'impacte de les alteracions immunitàries associades a la malaltia de Pompe sobre l'eficàcia del tractament per teràpia gènica

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In the present work the Drude weight is calculated to study the capacity of conduction at finite temperatures in one-dimensional rings with the potencial given by the sequences of different degrees of randomness and threaded by a time independent magnetic flux. In this context, the tight-binding approximation is used to solve the Schrödinger equation,also permitting the potencials, given by substitution sequences, to be implemented in a simple way. We study four situations in which the potencial is given by periodic and random sequence. The transport properties exhibited by the system in each case are to reflect the degree of randomness presented by these potencials, although in a nontrivial manner if one considers a hierarchy of disorder based on the Fourier transform of the sequences. The role played by temperature in the capacity of conduction, as compared with the role played by the potencials, is also described.
No presente trabalho, através do cálculo do peso de Drude estudamos a capacidade de condução a temperaturas finitas, em anéis unidimensionais com potenciais dados por seqüências de diferentes graus de desordem e atravessados por fluxo magnético independente do tempo. Neste contexto, utilizamos o modelo tight-binding na resolução da equação de Schrödinger, o que permite inserir os potenciais, dados por seqüências de substituição, de maneira simples. Estudamos quatro casos em que esse potencial seja dado por seqüências não periódicas. Os resultados são comparados com os dois casos limites de organização, a saber, as seqüências periódica e desordenada. Observa-se que o grau de desordem apresentado por estes potenciais reflete-se nas propriedades de transporte exibidas pelo sistema em cada caso, embora de maneira não trivial se considerada uma hierarquia de desordem baseada na transformada de Fourier das seqüências. Descreve-se também a influência da temperatura, frente à influência dos potenciais, na capacidade de condução.

Les concepts de matériaux multiferroïques et/ou magnétoélectriques permettent d'envisager de nouveaux dispositifs de mémoires plus performants et moins consommateurs d'énergie. Malheureusement de tels matériaux présentant ces propriétés à température ambiante ne sont pour l'instant pas disponibles. Les matériaux qui font l'objet des études présentées dans ce manuscrit, les ferrites de gallium Ga2-xFexO3, 0,7 ≤ x ≤ 1,4, sont d'excellents candidats. Le présent travail de thèse en a étudié les propriétés électriques, tant sur matériaux massifs que couches minces. Nous avons mesuré une polarisation sur composés massifs du même ordre de grandeur que celle précédemment déterminée par calculs ab initio. Une considérable réduction des courants de fuite habituellement observés en couches minces a été possible grâce à la substitution de Fe2+ par Mg2+. Une polarisation réversible et un effet magnétoélectrique ont alors pu être mis en évidence. Compte tenu du caractère ferrimagnétique à température ambiante des couches minces considérées, ceci constitue la première manifestation d'un matériau multiferroïque et magnétoélectrique à réel intérêt applicatif.

碩士
東吳大學
經濟學系
103
It has almost been 35 years since China adopted the policy of reform and opening in 1978. In the meantime, China has experienced rapid economic growth and accumulated lots of trade plus and foreign exchanges, leading to the gradually rising international status of Renminbi. Due to the reality that economic and trade exchanges become more frequently between China and Taiwan, the residents in Taiwan could put Renminbi into their investment portfolio. We develop a dynamic general equilibrium model of a small open economy with perfect foresight and asset substitution to explore the comparative static analysis of steady states. We then use the steady state properties of the model to investigate the behavior of relevant macroeconomic variables.

碩士
國立臺灣大學
國家發展研究所
95
This paper employs monthly data over the 1996-2006 periods to investigate whether currency depreciation in Indonesia has resulted in currency substitution away from Rupiah. To take account of currency substitution, the demand for money that includes the exchange rate in addition to income, interest rate, also an interaction dummy variable between time dummy and exchange rate. The methodology is based on an application of the Johansen and Juselius（1990）cointegration technique. There is no evidence of currency substitution in real M1 equation.

碩士
逢甲大學
經濟學系
104
Abstract The paper sets up an open economy macroeconomics model that is under floating exchange rate regime. The model includes the tourism goods market， the non-tourism goods market， the monetary market and foreign exchange market. And the concept of currency substitution is incorporated into the model. Then we try to discuss the effect of dynamic adjustment process of the tourism goods price and exchange rate in the short and long run while the government declares the tourism policy will be adjusted. According to the research we find out that once the government announces to increase the number of foreign tourists in the future， under the condition of the degree of currency substitution and the degree of capital mobility being both relatively small， the exchange rate will appear falls and the tourism goods price may appear mis-adjustment. When the government announces to increase domestic money supply in the future， in either case， the tourism goods price will appear increased， an exchange rate will appear undershooting or overshooting.

碩士
國立臺灣大學
國際企業學系
86
The 1970s were the ages of alternation. The economic situation of each country appeared severe confusion in the past accompanied by oil crisis , significant changes of exchange rate regimes and financial systems. Under such a circumstance, the traditional money demand function wasn*t able to include all important factors influencing money demand completely. Therefore, the study added expected exchange rate depreciation and foreign rate which both implied the returns of foreign assets to the money demand fun Our research target was Japanese Yen. There was no denying about the miracle of Japanese*s economic situation after World War two. In fact the financial policies of Japan before 1970 were quite conservative and close. The governmental institution began to deregulation gradually in 1970s under the pressures of financial improvement .The main goal of the study is to realize whether Japan existed currency substitution phenomenon from 1979 to 1997 or not . First we confirmed that all variables were non-stationary with unit root test, then we found long-term relationships within all variables with co-integration tests, and we made use of the error-correction model to calculate the short-term dynamic function. According to the research result, we could find some conclusions as follows: 1. The narrow money supply(M1) of Japanese Yen indeed existed currency substitution phenomenon; 2. The adjustment period for the money demand of Japan to long- term equilibrium was about 5 to 6 quarters; 3. The co-integration test showed that the participation of the rate of the US treasury could get another equilibrium relationship, but the sign of the foreign rate was opposite of our expectation. The persuasive reason was that owing to the strong appreciation expectation of the public, the public would not adjust their portfolio via reducing Japanese Yen positions to increasing US dollar positions even the rate of US treasury rose.

碩士
東吳大學
經濟學系
95
This research sets up a portfolio balance model of currency substitution, consider a small open economy which includes four kinds of assets: domestic money, foreign money, domestic bonds foreign bond, and introduce monetary demand function of the relative rate of returns of these assets, utilize Johansen cointegration methodology to test the period 1987:3 to 2006:4 in Taiwan. Empirical results not only show no matter M1A or M1B with real income, domestic interest rate, foreign interest rate, expected depreciation rate which existed long-term equilibrium relationship, but also prove in the long run currency substitution is significant in Taiwan.

碩士
銘傳大學
經濟學研究所
92
Based on the sticky-price monetary model, this paper combines Dornbusch (1976) with MacDonald (1988) to establish the empirical model and then tests the effect of currency substitution on exchange rate for Taiwan’s data from 1989:1 to 2003:7. According to the cointegration approach developed by Johansen and error correction model, the results suggest that these exists currency substitution phenomenon in the long-run and the degree of currency substitution is significantly positive related to exchange rate.

博士
國立政治大學
經濟研究所
95
This paper has four purposes: (1) Research in the influence and relevant topics about adopting depreciation rate of the domestic currency as policy instrument. (2) Show the dynamics transition process from the fixed, to the crawling peg, and then to the flexible exchange rate regimes, and analyze the central factor about time of collapse of exchange rate regimes. (3) Research in the reason about the exchange-rate-based stabilization program fails, and it may be ignored by the existing literature. (4) Analyze the influence of the currency substitutability affects the effect of exchange rate policy, even to cause difficulty and failure. In order to achieve the research purposes, the content of this paper divides into five chapters, except that chapter 1 is the introduction and chapter 5 is conclusion; the rest is organized as follows: In chapter 2, this paper expands Calvo (1981) model, combining the spirit of Chen, Tsaur and Chou (1981), Tsaur (1987), Chang, Lai and Tsaur (1991) and the approach of Liviatan (1891), Engel (1989), Calvo (1985), we set up the framework for small open economy with currency substitution environments to explore the policy effects of a rise in the rate of devaluation domestic currency on economy. We find that if two currencies are higher (lower) degree of Edgeworth substitution, then a rise in the rate of devaluation domestic currency induced a current account surplus (deficit) on the transition path. This chapter also aims at the currency substitution degree the difference, the analysis about a rise in the rate of devaluation domestic currency to the social welfare influence effect. We show that no matter is the currency substitution degree size, a rise in the rate of devaluation domestic currency to have two kind of different situations to the social welfare influence, one is the definite welfare drops; another is an ambiguous. In chapters 3, we investigate 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, Tsaur and Chou (1981), Tsaur (1987), Chang, Lai and Tsaur (1991), we set up a transaction-based monetary model in which money provides liquidity services to reduce transaction costs, domestic and foreign currencies are introduced into the system. The results of study show (1) no matter what degree of substitutability of foreign currency for domestic currency, the collapse timing of the exchange rate regime is earlier than the natural collapse timing, and (2) the collapse timing depends on the degree of currency substitution or complement. We find that the extreme degree of substitutability of currencies led to earlier currency crisis; however, moderate degree of substitutability of currencies prolong currency crisis. We also explore the dynamic transition process from the fixed to the crawling peg, and then to the flexible exchange rate regimes. We find that the extent of the decrease in foreign exchange reserves is the key whether the fixed exchange rate is able to transform into the crawling peg exchange rate regime. In chapter 4, we investigate the relationship between the failures of exchange-rate-based stabilization program and degree of foreign currency substitutability. According to Végh (1995), we set up a transaction-based monetary model with currency substitution in which foreign currencies provides liquidity services to reduce transaction costs. The reason of failure on exchange-rate-based stabilization program is that it violates intertemporal current account balance constraint. In order to prolong the time of the currency crisis occurs, the exchange-rate-based stabilization program must regard the degree of currency substitution. When the degree of currency substitution is high, the monetary authority must reduce the rate of devaluation domestic currency largely, and when the degree of currency substitution is low, the monetary authority must narrow scale to reduce the rate of devaluation domestic currency, and prolong time of policy collapse occurrence.

碩士
嶺東科技大學
財務金融研究所
97
Depending on many countries in the open economy, if the existence of the phenomenon of currency substitution, the dollarization will be solve the high inflation, therefore the effect of currency substitution may affect the implementation of the effectiveness of dollarization policy and have different social welfare. In this paper, Sun Yu-Fong (2008) established by the currency substitution model, and based on Lamdany and Dorlhiac (1987), Lai Ching-Chong (1994) used to explore the effect of currency substitution in the dollarization policy for the implementation of the process of social welfare. In this paper, we found that the effect of currency substitution would affect the social welfare, so if ignore the effect of currency substitution that will misjudge the effect of dollarization policy to make the wrong choice.

碩士
東吳大學
經濟學系
100
Recently, studies of currency substitution model with optimized microfoundation. We analyze the effects of trade elasticity、 currency substitution elasticity、and the cost elasticity of holding currency on dynamic system, based on the model of Tsaur and Huang (2005), by cash-in-advance approach but not money in the utility function approach. It shows that when the Marshall-Lerner condition holds, the adjustment of real exchange rates exists unique stable saddle path. However as the Marshall Lerner condition does not hold, the economic system will be unstable under the zero growth rate of foreign money. Moreover, if the foreign monetary growth rate is positive, and the currency substitution elasticity is the same with the cost elasticity of holding currency, then the economic system will be unstable as the currency substitution elasticity is smaller, and the adjustment of real exchange rates will be indeterminate while the currency substitution elasticity is large enough. Finally, if the currency substitution elasticity is different from the cost elasticity of holding currency, the adjustment depends on the relative magnitude between currency substitution elasticity and trade elasticity. When the currency substitution elasticity relatively small or the smaller trade elasticity with relatively large currency substitution elasticity, economic system will be unstable. However, as long as currency substitution elasticity and trade elasticity are large at the same time, the economic system may express indeterminate adjustment pathway. The analyzed conclusions by means of money in the utility function may be only some possibilities analyzed by cash-in-advance approach.

碩士
國立臺灣大學
經濟學研究所
103
With the development of the Renminbi settlement system for cross-border trade in Hong Kong, the scale of Renminbi circulation in Hong Kong keeps on increasing, and the Renminbi substitution is also enhancing. We first analyze the phenomenon of Hong Kong’s Renminbi currency substitution, then establish the monetary demand model by the money-in-the-utility function. We can derive the currency substitution theoretical model. The empirical analysis employs the generalized method of moments technique to estimate the currency substitution coefficients. Finally, conclusions and suggestions are made for further research.

碩士
淡江大學
金融研究所
81
This study empirically examines the currency substitution nomenon in Taiwan area. The period studied begins the first ter in 1981 and ends the second quarter in 1992. The approach to conduct this study is based on the choice theory established in microeconomics. The CES type function is adopted, and two assumptions that money holders ve in holding either domestic or foreign money are that of sactions and speculations motivations are used to derive the sociated optimal solution of the ratio of domestic and money holding. Empirical estimation based on the optimal ons are then executed and the parameter representing the city of substitution are obtained. Important results are as follows: (1)Economic structural changes do occur after the second in 1986 which is the period characterized by rapid appreciations of the N.T. dollar. (2)There is no currency substitution detected before the quarter in 1986 for either M1A and M1B aggregates. (3)Currency substitution exists after the second quarterin under the formulations based on both the transactions speculations motivations for M1A aggregates. (4)The M1B aggregates do not show significant degree of substitu- tion with the foreign money holding in the second

碩士
國立中山大學
經濟學研究所
103
Based on the Calvo and Rodriguez (1977) model featuring portfolio balance framework, this paper deals with currency substitution and inflation hedges in an open sized economy. We draw attention to the asset substitutability and the relative qualities of various assets as hedges against inflation in both crawling peg policy and flexible exchange rate policy. Under crawling peg policy, a reduction in the rate of depreciation will lead the residents decrease their amount of domestic currencies and increase their amount of foreign currencies and inflation hedges. When under flexible exchange rate policy, if the central bank would let the monetary supply to continually increase, the residents will decrease their amount of domestic currencies and increase their amount of foreign currencies and inflation hedges.

碩士
東吳大學
經濟學系
97
This paper is extended by the currency substitution model derived by Tsaur and Huang (2005) and Tsaur (2005). Furthermore, I exclude the assumption that the foreign price basis on the traded goods is zero. We consider the model when the government taxed on the traded goods with the trade promotion service charges, import tariff, and taxed on foreign money balances, how do the real variables are effected in both long-term and short-term dynamic adjustment when there is a shock on these three kinds of tax in the economy. From the result of research, the effect of the real exchange rate and the real foreign money balances depend on the increasing ratio of the foreign price basis on the traded goods and foreign inflation rate, no matter to reduce the trade promotion service charges or import tariff. However, the domestic money balances would not be changed. In addition, the real exchange rate may have an undershooting and the real domestic money balances may have an overshooting in the short-term. While the government is to expand the finance and increase the foreign money balances tax, it will reduce the citizen holding of the foreign currency for the long term. The effect of the holding of the domestic currency will depend on two currencies which are gross substitutes, gross complements or independent. The effect of the real exchange rate in the long-term is also depended on the increasing ratio of the foreign price base on the traded goods and foreign inflation rate, but in the short-term, the real exchange rate and the real domestic money balances may have an undershooting, overshooting or misadjustment in the economy.

碩士
嶺東科技大學
財務金融研究所
100
This paper constructs a currency substitution environment of the small open economy under the combination of Turnovsky (1987 ) and Liviatan (1981) to explore the domestic currency optimum growth law can also follow the Friedman full liquidity rule . First, this paper investigates the government to the effect of monetary policy accompanied by lump sum taxation. We find that when the relationship between the two kinds of currency for the currency independent, then the optimal growth rate of domestic currency required to comply with the Friedman full liquidity rule; when the relationship between the two currency gross substitute or gross supplement, then the optimal growth of domestic currency rate is not the Friedman full liquidity rule. Second, this paper investigates the government to adopt a monetary policy accompanied by imposition of income tax effect. We found that the relationship between regardless of the two kinds of currency for the currency independent, gross substitute or gross supplement, then optimal growth rate of domestic currency is not the Friedman full liquidity rule.

碩士
國立臺灣大學
經濟學研究所
100
By Tsaur’ s(2011) free exchange rate system and the announcement effect of Gray and Turnovsky(1979), this paper intends to investigate the long run equilibrium, the dynamic adjustment of the real exchange rate and the output in response to anticipated and unanticipated fiscal policy. Results indicate that if the foreign inflation rate is zero, there will be no effect on the real exchange rate and the output when the government expenditure increases in the long run. If the foreign inflation rate is positive, these variables will increase by the fiscal expansion. When the foreign inflation rate is positive, whether the adjustment paths of the real exchange rate will be overshooting, undershooting or misjump depending on the foreign inflation and parameters in the model. The government can reduce the impact effect of the real exchange rate by policy pre-announcement; moreover, the earlier the government announced, the smaller the impact effect of the real exchange rate is. Finally, the greater the degree of substitution or the smaller the foreign inflation is, the smaller the impact effect of the real exchange rate is.

This dissertation consists of three essays that focus on the determinants and implications of exchange rate behavior in emerging markets. The first essay studies foreign exchange intervention conducted by the National Bank of Georgia. Various econometric methodologies are applied to study both the determinants and effectiveness of intervention. A unique daily data set is employed in the analysis. The major intervention motives of leaning-against-the-wind and of decreasing volatility are revealed. Intervention influences the exchange rate as intended after some lag. However, this effectiveness is achieved at the price of increased volatility of the exchange rate. In the second and third essays, the issue of currency substitution is studied. Two-currency monetary models are specified to analyze and explain currency substitution from different perspectives. These models focus on economic observables that influence a households decision to switch to a foreign currency, namely the exchange rate, interest rates of savings in foreign and domestic currencies, and domestic and foreign inflation. The second essay studies the significance and rationalizes currency substitution in Georgia. The paper finds that this issue is of first-order importance in the country. The actual dynamics of currency substitution...

碩士
嶺東科技大學
財務金融研究所
99
The small open economy with currency substitution environments. Analysis (1) Currency substitution (complementary) will affect the balance of the local uncertainty. (2) Nominal domestic currency the growth rate of prices the rate of expansion impact. (3) Nominal domestic currency the growth rate of on the balanced growth rate impact. We are find that (1) local indeterminacy is more likely to appear if the case of currency complementary. (2) When the currency substitution (complementary) to improve the growth rate of nominal domestic currency expansion will make the price rise (fall) is a high possibility. (3) When currency substitution (complementary) to improve the nominal growth rate will make capital of its currency, the real growth rate of its currency decline (rise) is a high possibility.

碩士
國立臺北大學
經濟學系
101
This thesis studies the relation between government expenditure financing and domestic economy’s long-run output growth and inflation within a small open economy model with currency substitution. In contrast to Holman and Neanidis’ (2006, JEDC) assumption that domestic agents are allowed to participate in international capital markets, we consider the case where domestic agents do not have access to international capital markets. In addition, we make the first attempt in the literature to consider consumption tax financing and import tariff financing. It turns out that we reach reversed results as compared to what are obtained by Holman and Neanidis, therefore pointing out the important role of international capital market participation on the issue of public spending financing. In particular, we find that when real balances are required only for consumption purchases, consumption tax financing, import tariff financing, and money financing are mutually equivalent and are optimal from the perspectives of maximizing output growth. From the perspectives of minimizing long-run inflation, income tax is the optimal financing mode and consumption tax financing and import tariff financing are the worst. Currency substitution does not play a role in this case. If both consumption and gross investment are liquidity constrained, then import tariff financing only is optimal from the perspectives of maximizing output growth and consumption tax financing is the worst. From the perspectives of minimizing long-run inflation, consumption tax financing is the optimal financing mode and import tariff financing is the worst. An increase in the share of foreign currency in circulating or in the substutability between domestic and foreign currencies reinforces the effects.

碩士
明新科技大學
企業管理研究所
99
This study used a point of view from the portfolio balance model, building a monetary demand function of currency substitution. To investigate whether the inflation risk can be avoided that include the gold future as a hedge tool. The study period is from July 1997 to April 2010, we adopted Unit Root Test, and Johansen Cointegration to analyze whether the national monetary delivery volume, national real income, national interest rate, foreign interest rate, real exchange rate and gold future had a long and steady relation. The empirical results showed that national monetary delivery volume, national real income, national interest rate, foreign interest rate, real exchange rate and gold future existed cointegration relationship, each variable had a long and steady relation; it also showed that the people in order to avoid the inflation risk, the gold future will be included as a hedge tool, and the gold future will be increased.

The main purpose of this paper is to identify a stable money demand function for Angola. Using monthly data from 2012:01 until 2019:01, we run a Vector Error Correction model, for the long-run relationships experimenting with different monetary aggregates. Then, an Auto Regressive Distributed Lag model is used to access the forecasting power of the corresponding excess liquidities regarding the inflation rate. The results indicate that there is currency substitution in Angola, but instability of money demand can be overcome by using broader monetary aggregates that include foreign currency deposits.
O objetivo principal deste estudo é identificar uma função procura de moeda estável para Angola e comparar o poder de previsão de diferentes agregados monetários relativamente à inflação. Com dados mensais desde 2012:01 até 2019:01 foi estimado um Vector Error Correction Model onde foram utilizadas especificações alternativas no processo de estimação. Foi também estimado um modelo Autoregressive Distributed Lag para prever a inflação no curto prazo. Os resultados sugerem que existe substituição de moeda em Angola levando à instabilidade da função procura de moeda. No entanto, também é possível verificar que este problema pode ser superado através do uso de agregados monetários mais amplos que incluam depósitos em moeda estrangeira.
Mestrado em Economia

碩士
國立臺灣大學
經濟學研究所
105
In order to study the fluctuation of the substitution the RMB for NTD in Taiwan, this paper selects the following three variables: the proportion of RMB in the NTD supply in broad definition as the index of RMB substitution, the expectation of exchange rate of RMB and NTD, and the difference of price level between China and Taiwan. The paper applies the vector auto regressive (VAR) model to analyze the RMB substitution in Taiwan. We found that the increasing rate of RMB substitution affected by the long term RMB transaction demand and speculative motive. However, the price inflation in China affects RMB, which indirectly has a negative impact on the increasing rate of RMB circulation. We use Chow test to check the following three economic events affecting ratio of RMB holding in Taiwan: in March 2014, the People''s Bank of China(PBOC) expanded the fluctuation range of the daily quota of RMB; in June 2014, the central parity of the RMB exchange rate against the US dollar, the People''s Bank of China has an irregular increase; in August 2015, the People''s Bank of China (PBOC) announced the adjustment of the central parity of the RMB exchange rate.