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Econometric Analysis of Currency Substitution: A Case of Latvia

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  • Sarajevs, Vadims

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    (BOFIT)

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    Abstract

    The paper provides a comprehensive econometric analysis of currency substitution for Latvia. Rather than drawing inferences on the degree of currency substitution from domestic money demand modelling, the most common approach to empirical analysis of the phenomenon, direct modelling of currency substitution ratio is ap-plied. Extensive model construction, estimation, evaluation and testing are per-formed. Methodological issues are also discussed. No simple policy recommenda-tions can be made at this stage of research, but a number of instruments are identi-fied, which can be used by the authorities to influence currency substitution behaviour.

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    File URL: http://www.suomenpankki.fi/bofit_en/tutkimus/tutkimusjulkaisut/dp/Documents/dp0400.pdf
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    Bibliographic Info

    Paper provided by Bank of Finland, Institute for Economies in Transition in its series BOFIT Discussion Papers with number 4/2000.

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    Length: 98 pages
    Date of creation: 20 May 2000
    Date of revision:
    Handle: RePEc:hhs:bofitp:2000_004

    Contact details of provider:
    Postal: Bank of Finland, BOFIT, P.O. Box 160, FI-00101 Helsinki, Finland
    Phone: + 358 10 831 2268
    Fax: + 358 10 831 2294
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    Web page: http://www.suomenpankki.fi/bofit_en/
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    Related research

    Keywords: currency substitution; exogeneity; unit roots; causality; cointegration; parameter constancy;

    This paper has been announced in the following NEP Reports:

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    Citations

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    Cited by:
    1. Vetlov, Igor, 2001. "Dollarization in Lithuania: An Econometric Approach," BOFIT Discussion Papers 1/2001, Bank of Finland, Institute for Economies in Transition.
    2. Harrison , Barry & Vymyatnina, Yulia, 2007. "Currency substitution in a de-dollarizing economy: The case of Russia," BOFIT Discussion Papers 3/2007, Bank of Finland, Institute for Economies in Transition.
    3. Komárek Luboš & Melecký Martin, 2001. "Currency Substitution in the Transition Economy : A Case of the Czech Republic 1993-2001," The Warwick Economics Research Paper Series (TWERPS) 613, University of Warwick, Department of Economics.
    4. Komárek Luboš & Melecký Martin, 2001. "Demand for Money in the Transition Economy : The Case of the Czech Republic 1993–2001," The Warwick Economics Research Paper Series (TWERPS) 614, University of Warwick, Department of Economics.
    5. Heimonen, Kari, 2008. "Substituting a substitute currency," International Review of Economics & Finance, Elsevier, vol. 17(1), pages 66-84.
    6. International Monetary Fund, 2002. "Macroeconomic Adjustment in a Highly Dollarized Economy: The Case of Cambodia," IMF Working Papers 02/92, International Monetary Fund.
    7. Gérard Duchêne & Ramona Jimborean & Boris Najman, 2006. "Structure of Monetary Assets in Transition Economies: Financial Innovation and Structural Transformation," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00270544, HAL.
    8. Sarajevs, Vadims, 2000. "Money Shocks in a Small Open Economy with Dollarization, Factor Price Rigidities, and Nontradeables," BOFIT Discussion Papers 12/2000, Bank of Finland, Institute for Economies in Transition.

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