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The Currency Substitution Model of Exchange Rates

In: The Theory And Empirics Of Exchange Rates

Author

Listed:
  • Imad A Moosa

    (Monash University, Australia)

  • Razzaque H Bhatti

    (Gulf University for Science and Technology, Kuwait)

Abstract

The following sections are included:IntroductionCurrency Substitution and DollarizationImplications of Currency SubstitutionDeterminants of Currency SubstitutionExchange Rate Determination Under Currency SubstitutionThe Calvo–Rodriguez Overshooting Currency Substitution ModelAssumptions of the ModelThe Asset MarketThe Goods MarketA Diagrammatic Illustration of the Currency Substitution ModelThe Importance of Currency Substitution in a Regional SettingSome Policy and Analytical Issues Related to Currency SubstitutionShould Currency Substitution be Encouraged?Discouraging the Use of Foreign CurrenciesCurrency Substitution and Nominal AnchorsMonetary Expansion and the Real Exchange RateInflationary Finance under Currency SubstitutionRecapitulation

Suggested Citation

  • Imad A Moosa & Razzaque H Bhatti, 2009. "The Currency Substitution Model of Exchange Rates," World Scientific Book Chapters, in: The Theory And Empirics Of Exchange Rates, chapter 9, pages 260-291, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812839541_0009
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