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Currency Substitution: A Multicurrency Study For Canada

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Author Info
ISMAIL MAHOMED BANA
JAGDISH HANDA

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Abstract

In this paper we examine currency substitution in Canadian money demand s-a-via the currencies of seven industrialized countries. A multicurrency variant of the money demand function is estimated to test for the presence and extent of this substitution. The results (except for the British pound) conform to expectations and show complementarity between currencies. It is also found that the degree of currency substitution under flexible rates exceeds that under fixed rates. We also question the validity of the tests for the presence of currency substitution which do not distinguish between exchange rate regimes. [430]

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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 1 (1987)
Issue (Month): 3 (October)
Pages: 71-86
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Handle: RePEc:taf:intecj:v:1:y:1987:i:3:p:71-86

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Marc Miles & Marion Stewart, 1980. "The effects of risk and return on the currency composition of money demand," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 116(4), pages 613-626, December. [Downloadable!] (restricted)
  2. McKinnon, Ronald & Tan, Kong-Yam, 1983. "Currency Substitution and Instability in the World Dollar Standard: Reply," American Economic Review, American Economic Association, vol. 73(3), pages 474-76, June. [Downloadable!] (restricted)
  3. Aliber, Robert Z, 1976. " The Firm under Pegged and Floating Exchange Rates," Scandinavian Journal of Economics, Blackwell Publishing, vol. 78(2), pages 309-22.
  4. Stephen S. Poloz, 1980. "Simultaneity and the Demand for Money in Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 13(3), pages 407-20, August. [Downloadable!] (restricted)
  5. Fama, Eugene F., 1984. "Forward and spot exchange rates," Journal of Monetary Economics, Elsevier, vol. 14(3), pages 319-338, November. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Alberto Giovannini & Bart Turtelboom, 1992. "Currency Substitution," NBER Working Papers 4232, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Jagdish Handa, 1988. "Substitution Among Currencies: A Preferred Habitat Hypothesis," International Economic Journal, Korean International Economic Association, vol. 2(2), pages 41-61, June. [Downloadable!] (restricted)
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