Currency Substitution And Its Implications: A Survey

Julide Yildirim

Ege Academic Review, 2001, vol. 1, issue 1, 65-91

Abstract: Monetary theory traditionally assumes that economic agents hold the domestic currency for transactions and speculative purposes. However the v/idespread financial innovation has made the movements offunds and transfer of information across markets more rapid and less costly, leading to an increased degree of currency substitution. Currency substitution has important implications for the conduct of monetary policy, exchange rate determination and stability of demand for money functions. This study aims to provide an elaborate survey of the implications of currency substitution.

JEL-codes: E4 (search for similar items in EconPapers)
Date: 2001
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