Ratchet Effects in Currency Substitution: An Application to the Kyrgyz Republic
Joannes Mongardini () and
Additional contact information
Johannes Mueller: International Monetary Fund
IMF Staff Papers, 2000, vol. 47, issue 2, 3
Currency substitution has been 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 up to start of the Russia crisis by including a ratchet variable in the model specification. It concludes that, while some degree of persistence was present in the allocation of bank deposits at that time, currency substitution in the economy at large had not yet reached a point where reversing it would have been costly. Copyright 2000, International Monetary Fund
References: Add references at CitEc
Citations: View citations in EconPapers (53) Track citations by RSS feed
Downloads: (external link)
http://www.imf.org/external/Pubs/FT/staffp/2000/00-02/pdf/mongardi.pdf main text (application/pdf)
http://www.imf.org/external/Pubs/FT/staffp/2000/00-02/mongard1.csv supplementary data (text/plain)
http://www.imf.org/external/Pubs/FT/staffp/2000/00-02/mongard2.csv supplementary data (text/plain)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:pal:imfstp:v:47:y:2000:i:2:p:3
Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/41308/PS2
Access Statistics for this article
More articles in IMF Staff Papers from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().