Econometric Analysis of Currency Substitution: A Case of Latvia
AbstractThe 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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Bibliographic InfoPaper provided by Bank of Finland, Institute for Economies in Transition in its series BOFIT Discussion Papers with number 4/2000.
Length: 98 pages
Date of creation: 20 May 2000
Date of revision:
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Postal: Bank of Finland, BOFIT, P.O. Box 160, FI-00101 Helsinki, Finland
Phone: + 358 10 831 2268
Fax: + 358 10 831 2294
Web page: http://www.suomenpankki.fi/bofit_en/
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currency substitution; exogeneity; unit roots; causality; cointegration; parameter constancy;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-09-16 (All new papers)
- NEP-IFN-2007-09-16 (International Finance)
- NEP-MON-2007-09-16 (Monetary Economics)
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- International Monetary Fund, 2002. "Macroeconomic Adjustment in a Highly Dollarized Economy: The Case of Cambodia," IMF Working Papers 02/92, International Monetary Fund.
- Gérard Duchêne & Ramona Jimborean & Boris Najman, 2006. "Structure of Monetary Assets in Transition Economies: Financial Innovation and Structural Transformation," UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers) hal-00270544, HAL.
- 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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