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Currency Substitution and Financial innovation


  • International Monetary Fund


This paper presents a cash-in-advance framework, with variable income velocity, where the domestic effects, as well as the international transmission, of financial innovation can be analyzed. In particular, the discussion emphasizes the role of currency substitution and of cross-border transfers of seigniorage in determining the general equilibrium effects of financial innovation.

Suggested Citation

  • International Monetary Fund, 1989. "Currency Substitution and Financial innovation," IMF Working Papers 1989/039, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:1989/039

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    Cited by:

    1. Mr. Guillermo Calvo & Mr. Carlos A. VĂ©gh Gramont, 1992. "Currency Substitution in Developing Countries: An Introduction," IMF Working Papers 1992/040, International Monetary Fund.

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    WP; foreign currency;


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