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Semi-Nonparametric Estimates of Currency Substitution: the Demand for Sterling in Europe

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  • Leigh Drake
  • Adrian R. Fleissig

Abstract

The paper presents new evidence of significant substitution between European domestic monetary assets and foreign holdings of sterling. The finding of significant cross-country currency substitution implies reduced costs of transition towards monetary union and easier European policy convergence. Elasticities of substitution, using the Morishima measure, are estimated from the semi-nonparametric Fourier flexible form. Copyright Blackwell Publishing Ltd 2004.

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  • Leigh Drake & Adrian R. Fleissig, 2004. "Semi-Nonparametric Estimates of Currency Substitution: the Demand for Sterling in Europe," Review of International Economics, Wiley Blackwell, vol. 12(3), pages 374-394, August.
  • Handle: RePEc:bla:reviec:v:12:y:2004:i:3:p:374-394
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    Cited by:

    1. Haroon Sarwar & Zakir Hussain & Masood Sarwar, 2011. "A Semi-Nonparametric Approach to the Demand for Money in Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 16(2), pages 87-110, Jul-Dec.
    2. Sarwar, haroon & Hussian, zakir & Awan, masood sarwar, 2011. "Money Demand Functions for Pakistan (Divisia Approach)," MPRA Paper 34361, University Library of Munich, Germany.

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