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Ratchet Effects In Currency Substitution
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Book Synopsis Ratchet Effects in Currency Substitution An Application to the Kyrgyz Republic by : Joannes Mongardini
Download or read book Ratchet Effects in Currency Substitution An Application to the Kyrgyz Republic written by Joannes Mongardini and published by . This book was released on 2006 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency substitution is now a common issue in the design of monetary policy in most transition economies. This paper analyzes the persistence of this phenomenon in the Kyrgyz Republic by including a ratchet variable in the model specification. The main conclusion of the paper is that, while some degree of persistence is present in the allocation of bank deposit, currency substitution in the economy at large has not yet reached a point where reversing it would be difficult. In this regard, there is still room for monetary policy to influence currency allocation in the private sector.
Book Synopsis Rachet Effects in Currency Substitution by : Mr.Joannes Mongardini
Download or read book Rachet Effects in Currency Substitution written by Mr.Joannes Mongardini and published by International Monetary Fund. This book was released on 1999-07-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency substitution is now a common issue in the design of monetary policy in most transition economies. This paper analyzes the persistence of this phenomenon in the Kyrgyz Republic by including a ratchet variable in the model specification. The main conclusion of the paper is that, while some degree of persistence is present in the allocation of bank deposit, currency substitution in the economy at large has not yet reached a point where reversing it would be difficult. In this regard, there is still room for monetary policy to influence currency allocation in the private sector.
Book Synopsis The Hysteresis of Currency Substitution by : Neven T. Valev
Download or read book The Hysteresis of Currency Substitution written by Neven T. Valev and published by . This book was released on 2007 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is widely documented that currency substitution (using foreign money in transactions) increases in periods of high inflation but does not decline once inflation is reduced. The paper uses survey data from Bulgaria, which experienced this phenomenon, to investigate the origins of this ratchet effect. We find that expected devaluation of the domestic currency, while relatively high, does not play a major role in sustaining the dollarization of transactions. Conversely, preferences for the use of foreign money are strongly influenced by people's perception that foreign money is already widely used in the economy.
Book Synopsis Ratchet Effects in Currency Substitution by : Joannes Mongardini
Download or read book Ratchet Effects in Currency Substitution written by Joannes Mongardini and published by . This book was released on 1999 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Network Externalities and Dollarization Hysteresis by : Nienke Oomes
Download or read book Network Externalities and Dollarization Hysteresis written by Nienke Oomes and published by International Monetary Fund. This book was released on 2003-05-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dollarization in Russia increased rapidly during the early 1990s, but failed to come down in the second half of the 1990s in spite of exchange rate stabilization. To explain this "dollarization hysteresis," this paper develops a model in which network externalities in the demand for currency can generate multiple stable steady states for the dollarization ratio. The model is estimated using a new source of data on dollar currency holdings in Russia. On the basis of these estimates, which confirm the existence of network externalities, the paper discusses several policies that could result in a permanent decrease in dollarization.
Book Synopsis Currency Substitution and Vehicle Currencies by : Stephen H. Thomas
Download or read book Currency Substitution and Vehicle Currencies written by Stephen H. Thomas and published by . This book was released on 1991 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currency Substitution by : Kari Heimonen
Download or read book Currency Substitution written by Kari Heimonen and published by . This book was released on 1996 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Yhteenveto.
Book Synopsis Dollarization in Lebanon by : Mr.Johannes Mueller
Download or read book Dollarization in Lebanon written by Mr.Johannes Mueller and published by International Monetary Fund. This book was released on 1994-10-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Book Synopsis Substituting a Substitute Currency by : Kari Heimonen
Download or read book Substituting a Substitute Currency written by Kari Heimonen and published by . This book was released on 2007 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study evaluates substitution of foreign currency balances in Estonia, a transition economy neighbouring countries participating in EMU. The focus is on substitution between dollar and euro balances in the three basic functions of money - unit of account, store of value and means of payment. While traditional models for currency substitution concentrate on substitution between a domestic currency and aggregate foreign currency balances, we look for substitution between the dollar and the euro or euro-related foreign currency balances. We find substitution between dollarization and euroization to be asymmetric in the short run, which suggests that inertia, irreversibility and ratchet effects favour the euro. No significant evidence of asymmetries in the long run was detected. In general, the traditional model for currency substitution explains the dynamics of the euro and dollar as substitute foreign currencies.
Book Synopsis Currency Substitution by : Alberto Giovannini
Download or read book Currency Substitution written by Alberto Giovannini and published by . This book was released on 1992 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 sizable 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.
Book Synopsis Currency Substitution by : Anne Vandenabeele
Download or read book Currency Substitution written by Anne Vandenabeele and published by . This book was released on 2000 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effects of Currency Substitution on the Response of the Current Account to Supply Shocks by : Carlos Vegh
Download or read book Effects of Currency Substitution on the Response of the Current Account to Supply Shocks written by Carlos Vegh and published by . This book was released on 1987 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Laursen-Metzler Effect Under Currency Substitution by : Partha Sen
Download or read book The Laursen-Metzler Effect Under Currency Substitution written by Partha Sen and published by . This book was released on 1986 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On the Effects of Currency Substitution on the Optimal Inflation Tax and on the Response of the Current Account to Supply Shocks by : Carlos A. Végh Gramont
Download or read book On the Effects of Currency Substitution on the Optimal Inflation Tax and on the Response of the Current Account to Supply Shocks written by Carlos A. Végh Gramont and published by . This book was released on 1987 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Dollarization and Currency Substitution in Turkey by :
Download or read book Financial Dollarization and Currency Substitution in Turkey written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :145197423X Total Pages :128 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff Papers, Volume 47, No. 2 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff Papers, Volume 47, No. 2 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2000-01-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes portfolio diversification, leverage, and financial contagion. It studies the extent to which basic principles of portfolio diversification explain “contagious selling” of financial assets when there are purely local shocks. The paper demonstrates that the elementary portfolio theory offers key insights into “contagion.” Most important, portfolio diversification and leverage are sufficient to explain why an investor will find it optimal to significantly reduce all risky asset positions when an adverse shock impacts just one asset.
Book Synopsis Understanding Dollarization by : Emre Ozsoz
Download or read book Understanding Dollarization written by Emre Ozsoz and published by Walter de Gruyter GmbH & Co KG. This book was released on 2016-05-24 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: A very commonly observed phenomenon in developing and emerging market economies is the use of another country’s currency (whether the US dollar or another currency) in lieu or in addition to the local currency. The most common type of this financial phenomenon is partial (de facto) dollarization where foreign currencies are used side by side with local currency for saving and borrowing purposes in addition to serving as medium of exchange. Governments in these countries have been encouraging dollarization for years by allowing their citizens to save and borrow from local banks in foreign currency. Yet the existence of multiple currencies on banks' balance sheets on both the asset and liability side poses risks to the health and stability of the banking system. This book evaluates the practical aspects of partial dollarization in countries such as Turkey, South Korea, Peru, and Cambodia among others. Starting with the origins of the phenomenon, the impact on banking systems and financial depth of the credit markets are discussed along with risks to the banking systems. Challenges faced by Central Banks and banking regulators are evaluated using recent country studies.
