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Currency Substitution in Eastern Europe

Bas van Aarle and Nina Budina

Politická ekonomie, 1997, vol. 1997, issue 2, 171-182

Abstract: Economical and political instability that prevailed in most Eastern European countries after reforming programs stimulates strong increase of currency substitution. An important impact of currency substitution is a reduction of controlling of monetary equilibrium by monetary institutions. It could results in higher instability of exchange rate and inflation. From the view of public finance the currency substitution produce that tax base is more elastic considering taxation. The text analyses currency substitution in the Hungary, Poland, Romania and Bulgaria.

Date: 1997
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