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Currency substitution and the transactions demand for money in Vietnam

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Author Info
Michaël GOUJON () (Université Auvergne)
Sylviane GUILLAUMONT JEANNENEY () (Centre d'Etudes et de Recherches sur le Développement International)
Christopher ADAM () (Université Oxford)

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Abstract

We estimate the demand for money in Vietnam during the 1990s within a framework which distinguishes between currency substitution and portfolio dimensions of dollarization. This leads to a representation for the demand function in which the long-run income elasticity of demand is no longer constant but is a function of the expected rate of depreciation. We find evidence for currency substitution only in the long-run, and for portfolio effects only in the short-run. We interpret this as being consistent with the existence of costs associated with changing the transactions technology.

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Paper provided by CERDI in its series Working Papers with number 200228.

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Length: 22
Date of creation: 2002
Date of revision:
Handle: RePEc:cdi:wpaper:193

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Related research
Keywords: Currency Substitution; Demand for Money; Dollarization; Vietnam.;

References listed on IDEAS
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  1. Tan, Eu Chye, 1997. "Money Demand amid Financial Sector Developments in Malaysia," Applied Economics, Taylor and Francis Journals, vol. 29(9), pages 1201-15, September. [Downloadable!] (restricted)
  2. Buch, Claudia M, 2001. "Money Demand in Hungary and Poland," Applied Economics, Taylor and Francis Journals, vol. 33(8), pages 989-999, June. [Downloadable!] (restricted)
  3. Subramanian S. Sriram, 1999. "Survey of Literature on Demand for Money: Theoretical and Empirical Work with Special Reference to Error-Correction Models," IMF Working Papers 99/64, International Monetary Fund.
  4. Bahmani-Oskooee, Mohsen & Malixi, Margaret, 1991. "Exchange Rate Sensitivity of the Demand for Money in Developing Countries," Applied Economics, Taylor and Francis Journals, vol. 23(8), pages 1377-83, August.
  5. Robert Dekle & Mahmood Pradhan, 1997. "Financial Liberalization and Money Demand in ASEAN Countries: Implications for Monetary Policy," IMF Working Papers 97/36, International Monetary Fund.
  6. Adam Bennett & Eduardo Borensztein & Tomás J. T. Baliño, 1999. "Monetary Policy in Dollarized Economies," IMF Occasional Papers 171, International Monetary Fund.
  7. Chowdhury, Abdur R, 1997. "The Financial Structure and the Demand for Money in Thailand," Applied Economics, Taylor and Francis Journals, vol. 29(3), pages 401-09, March. [Downloadable!] (restricted)
  8. Eu Chye Tan, 1997. "Money demand amid financial sector developments in Malaysia," Applied Economics, Taylor and Francis Journals, vol. 29(9), pages 1201-1215, September. [Downloadable!] (restricted)
  9. Adam, Christopher, 1992. "On the Dynamic Specification of Money Demand in Kenya," Journal of African Economies, Oxford University Press, vol. 1(2), pages 233-70, August.
  10. Adam, Christopher, 1999. "Financial Liberalisation and Currency Demand in Zambia," Journal of African Economies, Oxford University Press, vol. 8(3), pages 268-306, October.
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