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Journal articles on the topic 'Currency substitution'

Author: Grafiati

Published: 4 June 2021

Last updated: 31 January 2023

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1

Traa, Bob M. "Indirect currency substitution." Economics Letters 18, no. 2-3 (January 1985): 233–36. http://dx.doi.org/10.1016/0165-1765(85)90188-0.

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2

Genc, Ismail H., Hasan Sahin, and Turan Erol. "Currency Substitution in Turkey." American Journal of Applied Sciences 2, no. 5 (May 1, 2005): 920–25. http://dx.doi.org/10.3844/ajassp.2005.920.925.

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3

Xaiyavong, Inthiphone, and Toshihisa Toyoda. "Currency Substitution in Laos." Asian Economic Journal 30, no. 1 (March 2016): 67–89. http://dx.doi.org/10.1111/asej.12085.

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4

Arize, Augustine C. "Currency Substitution in Korea." American Economist 35, no. 2 (October 1991): 67–72. http://dx.doi.org/10.1177/056943459103500209.

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5

Selcuk, Faruk. "Currency substitution in Turkey." Applied Economics 26, no. 5 (May 1994): 509–18. http://dx.doi.org/10.1080/00036849400000019.

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6

Bahmani-Oskooee, Mohsen, and Ampa Techaratanachai. "Currency substitution in Thailand." Journal of Policy Modeling 23, no. 2 (February 2001): 141–45. http://dx.doi.org/10.1016/s0161-8938(00)00030-2.

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7

Alami, Tarik H. "Currency substitution versus dollarization." Journal of Policy Modeling 23, no. 4 (May 2001): 473–79. http://dx.doi.org/10.1016/s0161-8938(01)00063-1.

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8

Boon, Martin, Clemens Kool, and Casper De Vries. "Simulating currency substitution bias." Economics Letters 28, no. 3 (January 1988): 269–72. http://dx.doi.org/10.1016/0165-1765(88)90129-2.

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9

Sturzenegger, Federico A. "Hyperinflation with Currency Substitution: Introducing an Indexed Currency." Journal of Money, Credit and Banking 26, no. 3 (August 1994): 377. http://dx.doi.org/10.2307/2078008.

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10

Sıklar, Ilyas, Veysel Karagol, and Suzan Sahin. "Is There Any Meaningful Ratchet Effect in the Process of Currency Substitution? Evidence from Turkey." Business and Economic Research 7, no. 2 (August 11, 2017): 146. http://dx.doi.org/10.5296/ber.v7i2.11500.

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Currency substitution is an important phenomenon that has emerged with the liberalization of economies. In the Turkish economy, the studies about the currency substitution have gained momentum as a result of the extreme depreciation of the domestic currency in early 2000s. Switching to the flexible exchange rate system practice after the 2000-2001 crisis and putting into implement the inflation targeting strategy since 2005 have significantly reduced the currency substitution rate. Since 2014, the depreciation of domestic currency has made the currency substitution phenomenon a current issue again. This study analyses the main determinants of currency substitution phenomenon by considering the demand for money in the context of Turkey. Developed empirical model is estimated by using ARDL methodology for 2003-2016 periods by using monthly data obtained from Turkish economy. Estimation results indicate that interest rate differential is an important variable in the process of currency substitution in Turkey. Besides, estimation results also support the existence of a strong ratchet effect in the allocation of deposits between local and foreign currencies. These results together show that strong policies with higher credibility should be pursued with a longer period of time to make reverse currency substitution in effect and to assure economic units to turn back local currency denominated deposits.

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11

TOGAY, Selahattin. "CURRENCY SUBSTITUTION: REASONS AND IMPACTS." Ekonomik Yaklasim 8, no. 26 (1997): 87. http://dx.doi.org/10.5455/ey.10259.

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12

Thomas, Lee R. "Portfolio Theory and Currency Substitution." Journal of Money, Credit and Banking 17, no. 3 (August 1985): 347. http://dx.doi.org/10.2307/1992629.

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13

Seater, John. "The demand for currency substitution." Panoeconomicus 55, no. 4 (2008): 405–37. http://dx.doi.org/10.2298/pan0804405s.

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14

Gupta, Rangan. "Currency Substitution and Financial Repression." International Economic Journal 25, no. 1 (March 2011): 47–61. http://dx.doi.org/10.1080/10168731003753875.

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15

Guidotti, Pablo E. "Currency Substitution and Financial Innovation." Journal of Money, Credit and Banking 25, no. 1 (February 1993): 109. http://dx.doi.org/10.2307/2077823.

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16

Carneiro, Francisco G., and Joao R. Faria. "Currency substitution and indexed money." Applied Economics Letters 4, no. 3 (March 1997): 163–66. http://dx.doi.org/10.1080/135048597355438.

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17

Sibert, Anne, and Lihong Liu. "Government finance with currency substitution." Journal of International Economics 44, no. 1 (February 1998): 155–72. http://dx.doi.org/10.1016/s0022-1996(97)00023-8.

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18

Arifovic, Jasmina. "Evolutionary dynamics of currency substitution." Journal of Economic Dynamics and Control 25, no. 3-4 (March 2001): 395–417. http://dx.doi.org/10.1016/s0165-1889(00)00031-2.

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19

Boyer, Russell S., and Geoffrey H. Kingston. "Currency substitution under finance constraints." Journal of International Money and Finance 6, no. 3 (September 1987): 235–50. http://dx.doi.org/10.1016/0261-5606(87)90001-5.

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20

Handa, Jagdish, and I. M. Bana. "Currency substitution and transactions costs." Empirical Economics 15, no. 3 (September 1990): 231–43. http://dx.doi.org/10.1007/bf02426967.

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21

Sharma, Subhash C., Magda Kandil, and Santi Chaisrisawatsuk. "Currency substitution in Asian countries." Journal of Asian Economics 16, no. 3 (June 2005): 489–532. http://dx.doi.org/10.1016/j.asieco.2005.04.013.

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22

Seater, John J. "The Demand for Currency Substitution." Economics: The Open-Access, Open-Assessment E-Journal 2, no. 2008-35 (2008): 1. http://dx.doi.org/10.5018/economics-ejournal.ja.2008-35.

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23

International Monetary Fund. "Currency Substitution and Financial innovation." IMF Working Papers 89, no. 39 (1989): 1. http://dx.doi.org/10.5089/9781451977295.001.

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24

Schilling, Linda M., and Harald Uhlig. "Currency Substitution under Transaction Costs." AEA Papers and Proceedings 109 (May 1, 2019): 83–87. http://dx.doi.org/10.1257/pandp.20191017.

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We consider a setting where agents can choose between two currencies to conduct their goods purchases. The usage of either currency comes with currency-specific transactions costs. For example, purchasing some goods with cryptocurrencies rather than dollars is easier and may avoid taxes. We explore an extension of Schilling-Uhlig (2019), allowing for asymmetry in transaction costs as well as dollar-bitcoin exchange fees. Agents alternate in their role as buyers and sellers, necessitating currency. A central bank steers the dollar inflation path, while bitcoins are in fixed supply. We characterize the nonstochastic equilibrium and the resulting exchange rate dynamics.

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25

Isaac, Alan G. "Currency substitution: Intuition and implications." Atlantic Economic Journal 13, no. 4 (December 1985): 87–88. http://dx.doi.org/10.1007/bf02304050.

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26

Arce, Oscar J. "Speculative hyperinflations and currency substitution." Journal of Economic Dynamics and Control 33, no. 10 (October 2009): 1808–23. http://dx.doi.org/10.1016/j.jedc.2009.03.007.

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27

Özbilgin, H. Murat. "Currency substitution, inflation, and welfare." Journal of Development Economics 99, no. 2 (November 2012): 358–69. http://dx.doi.org/10.1016/j.jdeveco.2012.04.003.

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28

Smith, Constance E. "Substitution, Income, and Intertemporal Effects In Currency-Substitution Models." Review of International Economics 3, no. 1 (February 1995): 53–59. http://dx.doi.org/10.1111/j.1467-9396.1995.tb00051.x.

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29

Daniels, Joseph P., and David D. VanHoose. "Currency substitution, seigniorage, and currency crises in interdependent economies." Journal of Economics and Business 55, no. 3 (May 2003): 221–32. http://dx.doi.org/10.1016/s0148-6195(03)00025-0.

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30

O. Ajibola, Isaiah, Sylvanus U. Udoette, Rabia A. Muhammad, and John O. Anigwe. "Currency Substitution and Exchange Rate Volatility in Nigeria: An Autoregressive Distributed Lag Approach." Central Bank of Nigeria Journal of Applied Statistics, Vol. 11 No. 2 (April 8, 2021): 1–28. http://dx.doi.org/10.33429/cjas.11220.1/8.

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This study investigates the relationship between exchange rate volatility and currency substitution in Nigeria, using Autoregressive Distributed Lag (ARDL) model. After accounting for the presence of structural breaks, evidence from the findings shows that domestic interest rate and expected changes in exchange rate are important determinants of currency substitution. In addition, there is empirical support for a positive relationship between exchange rate volatility and currency substitution both in the short- and long-run. This implies that higher real exchange rate volatility is associated with an increased level of currency substitution. In view of these findings, the paper calls for sustained efforts by the monetary authority in containing exchange rate volatility and inflation as a way of curbing the spate of currency substitution in the country.

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31

Rodriguez, Carlos Alfredo. "Money and Credit Under Currency Substitution." Staff Papers - International Monetary Fund 40, no. 2 (June 1993): 414. http://dx.doi.org/10.2307/3867320.

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32

Laopodis, Nikiforos T. "Currency Substitution And European Monetary Union." Journal of Applied Business Research (JABR) 14, no. 4 (August 29, 2011): 47. http://dx.doi.org/10.19030/jabr.v14i4.5651.

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<p>Results from cointegration and error-correction models for testing the effects of currency substitution in Greece, Portugal and Spain, in light of their upcoming participation in the European Monetary Union, revealed no significant short- or long-run currency substitution behavior in any country, suggesting that joining the union now would offer them no real benefits, unless significant economic convergence is achieved.</p>

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33

Rodriguez, Carlos. "Money and Credit Under Currency Substitution." IMF Working Papers 92, no. 99 (1992): 1. http://dx.doi.org/10.5089/9781451852196.001.

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34

Lee, S. R. "Is There Currency Substitution in Korea?" International Area Review 13, no. 3 (September 2010): 243–49. http://dx.doi.org/10.1177/223386591001300313.

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35

Désiré Adom, Assandé, Subhash C. Sharma, and A. K. M. Mahbub Morshed. "Currency substitution in selected African countries." Journal of Economic Studies 36, no. 6 (October 30, 2009): 616–40. http://dx.doi.org/10.1108/01443580911001760.

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36

He, Yijian, and Subhash C. Sharma. "Currency substitution and exchange rate determination." Applied Financial Economics 7, no. 4 (August 1997): 327–36. http://dx.doi.org/10.1080/096031097333448.

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37

Prock, Jerry, Gökçe A. Soydemir, and Benjamin A. Abugri. "Currency substitution: Evidence from Latin America." Journal of Policy Modeling 25, no. 4 (June 2003): 415–30. http://dx.doi.org/10.1016/s0161-8938(03)00013-9.

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38

Isaac, Allan G. "Exchange rate volatility and currency substitution." Journal of International Money and Finance 8, no. 2 (June 1989): 277–84. http://dx.doi.org/10.1016/0261-5606(89)90027-2.

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39

Canzoneri, Matthew B., and Behzad T. Diba. "The inflation discipline of currency substitution." European Economic Review 36, no. 4 (May 1992): 827–45. http://dx.doi.org/10.1016/0014-2921(92)90060-a.

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40

Rojas-Suárez, Liliana. "Currency Substitution and Inflation in Peru." IMF Working Papers 92, no. 33 (1992): i. http://dx.doi.org/10.5089/9781451979206.001.

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41

Ngiam, K. J. "Exchange rate behavior with currency substitution." Atlantic Economic Journal 13, no. 4 (December 1985): 89. http://dx.doi.org/10.1007/bf02304051.

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42

Marquez, Jaime. "Currency substitution and economic monetary aggregates." Economics Letters 19, no. 4 (January 1985): 363–67. http://dx.doi.org/10.1016/0165-1765(85)90237-x.

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43

Kim, Kyung-Soo. "Currency substitution in a production economy." Journal of International Economics 18, no. 1-2 (February 1985): 141–58. http://dx.doi.org/10.1016/0022-1996(85)90009-1.

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44

Barnett, Richard C., and Mun S. Ho. "Sunspots, currency substitution, and inflationary finance." Journal of International Economics 41, no. 1-2 (August 1996): 73–93. http://dx.doi.org/10.1016/0022-1996(95)01417-9.

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45

Doyle, Brian M. "'Here, Dollars, Dollars...' -- Estimating Currency Demand and Worldwide Currency Substitution." International Finance Discussion Paper 2000, no. 657 (January 2000): 1–28. http://dx.doi.org/10.17016/ifdp.2000.657.

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46

Tsang, Shu-ki, and Yue Ma. "Currency substitution and speculative attacks on a currency board system." Journal of International Money and Finance 21, no. 1 (February 2002): 53–78. http://dx.doi.org/10.1016/s0261-5606(01)00015-8.

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47

Valev, Neven T. "The hysteresis of currency substitution: Currency risk vs. network externalities." Journal of International Money and Finance 29, no. 2 (March 2010): 224–35. http://dx.doi.org/10.1016/j.jimonfin.2009.06.017.

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48

Marashdeh, Omar, and Mohamad A. Khalil. "Currency Substitution And The Demand For Money In The Arab Maghreb." Journal of Applied Business Research (JABR) 9, no. 2 (October 2, 2011): 140. http://dx.doi.org/10.19030/jabr.v9i2.6087.

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The purpose of this paper is to estimate the demand for money for Al-Maghreb Al-Arabi countries by taking into account the currency substitution and rational expectation over the period 1964 to 1987. The results indicate that currency substitution exists in Morocco, Libya, and Mauritania; whereas it is absent from Algeria and Tunisia. The pooled data for the five counties indicate that currency substitution is not an important factor in determining money demand.

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49

Kumamoto, Hisao, and Masao Kumamoto. "Currency Substitution and Monetary Policy Effects: The Case of Latin American Countries." International Journal of Economics and Finance 9, no. 2 (January 11, 2017): 32. http://dx.doi.org/10.5539/ijef.v9n2p32.

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In this study, we empirically investigate how currency substitution transmits foreign monetary policy shocks to domestic countries and evaluate how the central bank respond to real exchange rate movements in three inflation-targeting Latin American countries under currency substitution, namely Chile, Mexico and Peru, between 2000 and 2011. Our model is based on a small open economy dynamic stochastic general equilibrium model that incorporates currency substitution and incomplete financial markets, and we estimate it by using Bayesian estimation techniques. Our empirical results are as follows. First, the degree of currency substitution is higher in Mexico, while it is negligible in Chile and Peru, which reflects the slight differences in the parameter values capturing the preference for the domestic currency among these countries. Second, the estimated coefficients of the real exchange rate gap in the monetary policy rule are high, meaning that the central banks in these countries actively respond to real exchange rate movements to diminish real exchange rate volatility. Third, domestic monetary policy influences the domestic economy through the real interest rate channel. On the contrary, foreign monetary policy has a significant effect in Mexico, while it is insignificant in Chile and Peru. This finding suggests the potential instability of currency substitution in that slight changes in the parameter values capturing the preference for the domestic currency alter the degree of insulation from foreign monetary policy shocks.

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50

Calvo, Guillermo, and Carlos A. Végh Gramont. "Currency Substitution in Developing Countries: An Introduction." IMF Working Papers 92, no. 40 (1992): i. http://dx.doi.org/10.5089/9781451845884.001.

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