Currency substitution: new evidence from emerging economies
نویسندگان
چکیده
منابع مشابه
Discussion Paper Series The Effects of Uncertainty on Currency Substitution and Inflation: Evidence from Emerging Economies
This paper examines the effects of inflation and currency substitution volatility on the average rates of inflation and currency substitution for twelve emerging market economies. Using a bivariate GARCH-in-Mean model, which accommodates for asymmetric and spillover effects of inflation and currency substitution innovations on their volatilities, we find that for the majority of the countries i...
متن کاملHow does Political Violence Affect Currency Substitution? Evidence from Egypt
In this paper we estimate a time-series model of the financial asset portfolio shares in Egypt, distinguishing between assets of varying degrees of liquidity and between domestic currency and foreign currency deposits. While financial liberalization and financial stability are found to have encouraged domestic residents to increase the share of their portfolio composed of domestic currency asse...
متن کاملLiberalization Sequencing and Currency Instability: A Case Study of 20 Emerging Economies
Abstract Financial crises and currency instabilities within developing and emerging economies during the last decade had a tremendous impact on the economic performance and increased vulnerability of economies against domestic and foreign shocks. The timing of capital liberalization is one of the significant debates among other issues related to currency instability, and it would be more conven...
متن کاملFirms as Surrogate Intermediaries: Evidence from Emerging Economies
A firm can finance investment either by borrowing or by drawing on cash balances, so that financial asset and liability changes tend to have opposite signs. In contrast, financial intermediaries borrow in order to lend, so that financial asset and liability changes have the same sign. Large non-financial firms in China and India behave like intermediaries rather than textbook non-financial firm...
متن کاملInternationalization of Firms from Emerging Economies: Theory, Evidence and Policy
India and China have emerged as an important source of outward foreign direct investment (OFDI) in the global economy. The increasing presence of their enterprises in the advanced countries has posed a challenge both to theory of internationalization of firms and public policy alike to explain why this has happened. In this paper, an attempt is made to examine, in comparative framework, the tre...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Economics Letters
سال: 2003
ISSN: 0165-1765
DOI: 10.1016/s0165-1765(02)00207-0