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Rachet Effects in Currency Substitution

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  • Joannes Mongardini
  • Johannes Mueller

Abstract

Currency substitution is now a common issue in the design of monetary policy in most transition economies. This paper analyzes the persistence of this phenomenon in the Kyrgyz Republic by including a ratchet variable in the model specification. The main conclusion of the paper is that, while some degree of persistence is present in the allocation of bank deposit, currency substitution in the economy at large has not yet reached a point where reversing it would be difficult. In this regard, there is still room for monetary policy to influence currency allocation in the private sector.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/102.

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Length: 23
Date of creation: 01 Jul 1999
Date of revision:
Handle: RePEc:imf:imfwpa:99/102

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Cited by:
  1. Lazea, Valentin & Cozmanca, Bogdan Octavian, 2003. "Currency substitution in Romania," MPRA Paper 19813, University Library of Munich, Germany.
  2. repec:hal:journl:hal-00270544 is not listed on IDEAS
  3. Olga Aslanidi, 2008. "Dollarization in Transition Economies: New Evidence from Georgia," CERGE-EI Working Papers wp366, The Center for Economic Research and Graduate Education - Economic Institute, Prague.

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