IDEAS home Printed from https://ideas.repec.org/r/ucp/jpolec/v85y1977i3p617-25.html
   My bibliography  Save this item

A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as


Cited by:

  1. Wen-ya Chang & Ching-chong Lai, 1998. "The dynamic unsubstitutability of sterilization operations and neutral-intervention operations under dual exchange rates," Journal of Economics, Springer, vol. 68(3), pages 235-253, October.
  2. Georges Prat & Remzi Uctum, 2015. "Expectation formation in the foreign exchange market: a time-varying heterogeneity approach using survey data," Applied Economics, Taylor & Francis Journals, vol. 47(34-35), pages 3673-3695, July.
  3. Dale W. Henderson & Kenneth S. Rogoff, 1981. "New foreign asset positions and stability in a world portfolio balance model," International Finance Discussion Papers 178, Board of Governors of the Federal Reserve System (U.S.), revised 1981.
  4. Aizenman, Joshua, 1985. "Tariff liberalization policy and financial restrictions," Journal of International Economics, Elsevier, vol. 19(3-4), pages 241-255, November.
  5. Yinusa, D. Olalekan, 2009. "Macroeconomic Fluctuations and Deposit Dollarization in Sub-Saharan Africa: Evidence from Panel Data," MPRA Paper 16259, University Library of Munich, Germany, revised 2009.
  6. Adeniji, Sesan, 2013. "Investigating the Relationship between Currency Substitution, Exchange Rate and Inflation in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach," MPRA Paper 52551, University Library of Munich, Germany, revised 28 Dec 2013.
  7. Richard M. Levich, 1983. "Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency," NBER Working Papers 1112, National Bureau of Economic Research, Inc.
  8. Tsang, Shu-ki & Ma, Yue, 2002. "Currency substitution and speculative attacks on a currency board system," Journal of International Money and Finance, Elsevier, vol. 21(1), pages 53-78, February.
  9. Papazoglou, Christos & Pentecost, Eric J., 2004. "The dynamic adjustment of a transition economy in the early stages of transformation," Journal of Macroeconomics, Elsevier, vol. 26(3), pages 547-561, September.
  10. Sahay, Ratna & Vegh, Carlos, 1995. "Dollarization in transition economies: Evidence and policy implications," MPRA Paper 20490, University Library of Munich, Germany.
  11. Terra, Cristina & Valladares, Frederico, 2010. "Real exchange rate misalignments," International Review of Economics & Finance, Elsevier, vol. 19(1), pages 119-144, January.
  12. Obstfeld, Maurice & Stockman, Alan C., 1985. "Exchange-rate dynamics," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.),Handbook of International Economics, edition 1, volume 2, chapter 18, pages 917-977, Elsevier.
  13. Miguel Lebre de Freitas & Francisco José Veiga, 2006. "Currency substitution, portfolio diversification, and money demand," Canadian Journal of Economics, Canadian Economics Association, vol. 39(3), pages 719-743, August.
  14. Zou, Heng-Fu, 1993. "Dollarization and inflation in a two-country optimization model," Journal of International Money and Finance, Elsevier, vol. 12(2), pages 209-220, April.
  15. William C. Gruben & Darryl McLeod, 2004. "Currency competition and inflation convergence," Center for Latin America Working Papers 0204, Federal Reserve Bank of Dallas, revised 2004.
  16. Jorge Braga de Macedo, 1985. "Macroeconomic Policy Under Currency Inconvertibility," NBER Working Papers 1571, National Bureau of Economic Research, Inc.
  17. Seung-Dong Lee & Jonathan Sampson, 2000. "Monetary basis of trade imbalance," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 28(4), pages 427-434, December.
  18. Jaime R. Marquez, 1985. "Money demand in open economies : a currency substitution model for Venezuela," International Finance Discussion Papers 265, Board of Governors of the Federal Reserve System (U.S.), revised 1985.
  19. Vittorio Corbo & Leonardo Hernández, "undated". "Macroeconomic Adjustment to Capital Inflows: Rational and Some Recent Experiences," Documentos de Trabajo 164, Instituto de Economia. Pontificia Universidad Católica de Chile..
  20. Kazimierz Stanczak, 1992. "Competing Monies and the Big Polish Inflation of 1989," UCLA Economics Working Papers 682, UCLA Department of Economics.
  21. Obstfeld, Maurice, 1981. "Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(6), pages 1142-1161, December.
  22. Goldberg, Linda S. & Karimov, Il'dar, 1997. "Black markets for currency, hoarding activity and policy reforms," Journal of International Economics, Elsevier, vol. 42(3-4), pages 349-369, May.
  23. Francisco Rosende, 1996. "Política Monetaria y Movimiento de Capital en Chile," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 33(98), pages 9-46.
  24. Luis-Fernando Mejía & Guillermo A. Calvo & Alejandro Izquierdo, 2004. "On the empirics of Sudden Stops: the relevance of balance-sheet effects," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
  25. Valerie Cerra, 2016. "Inflation and the Black Market Exchange Rate in a Repressed Market; A Model of Venezuela," IMF Working Papers 16/159, International Monetary Fund.
  26. Vieira, Fabrício A.C. & Holland, Márcio & Resende, Marco F., 2012. "Financial dollarization and systemic risks: New empirical evidence," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1695-1714.
  27. Chao, Chi-Chur & Lu, Lee-Jung & Lai, Ching-Chong & Hu, Shih-Wen & Wang, Vey, 2013. "Devaluation, pass-through and foreign reserves dynamics in a tourism economy," Economic Modelling, Elsevier, vol. 30(C), pages 456-461.
  28. Rashid, Abdul, 2007. "Exchange rates or stock prices, what causes what: A firm level empirical investigation," MPRA Paper 27209, University Library of Munich, Germany.
  29. Edison, Hali & Reinhart, Carmen M., 2001. "Stopping hot money," Journal of Development Economics, Elsevier, vol. 66(2), pages 533-553, December.
  30. Carlos A. Rodriguez, 1992. "Money and Credit Under Currency Substitution," IMF Working Papers 1992/099, International Monetary Fund.
  31. Michael L. Mussa, 1984. "The Theory of Exchange Rate Determination," NBER Chapters, in: Exchange Rate Theory and Practice, pages 13-78, National Bureau of Economic Research, Inc.
  32. Steven B. Kamin & David F. Spigelman, 1988. "Real interest rates during the disinflation process in developing countries," International Finance Discussion Papers 331, Board of Governors of the Federal Reserve System (U.S.), revised 1988.
  33. Rodriguez, Carlos Alfredo, 1991. "The macroeconomics of the public sector deficit : the case of Argentina," Policy Research Working Paper Series 632, The World Bank.
  34. Stephen Turnovsky, 1979. "On the insulation properties of flexible exchange rates," Revue Économique, Programme National Persée, vol. 30(4), pages 719-746.
  35. Charles Engel, 1987. "The Real Effects of Foreign Inflation in the Presence of Currency Substitution," NBER Working Papers 2140, National Bureau of Economic Research, Inc.
  36. Jacob A. Frenkel & Kenneth W. Clements, 1978. "Exchange Rates in The 1920's: A Monetary Approach," NBER Working Papers 0290, National Bureau of Economic Research, Inc.
  37. Lorenzo Bini-Smaghi & Silvia Vori, 1993. "Is there a “triffin dilemma” for the EMS?," Open Economies Review, Springer, vol. 4(2), pages 175-188, June.
  38. Bordo, Michael D & Choudhri, Ehsan U, 1982. "Currency Substitution and the Demand for Money: Some Evidence for Canada," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(1), pages 48-57, February.
  39. Rodriguez, Carlos Alfredo, 1989. "The external effects of public sector deficits," Policy Research Working Paper Series 299, The World Bank.
  40. Michael Mussa, 1985. "The Real Exchange Rate as a Tool of Commercial Policy," NBER Working Papers 1577, National Bureau of Economic Research, Inc.
  41. Suman S. Basu & Atish R. Ghosh & Jonathan D. Ostry & Pablo E. Winant, 2018. "Managing Capital Outflows with Limited Reserves," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(2), pages 333-374, June.
  42. Pang, Xiaobo & Huang, Weiting, 2005. "货币替代中的价值效应与网络效应 [Value effect and network effect in the process of currency substitution]," MPRA Paper 11627, University Library of Munich, Germany, revised May 2007.
  43. Nkunde Mwase & Francis Y Kumah, 2015. "Revisiting the Concept of Dollarization; The Global Financial Crisis and Dollarization in Low-Income Countries," IMF Working Papers 15/12, International Monetary Fund.
  44. Corbo, Vittorio & Hernandez, Leonardo, 1996. "Macroeconomic Adjustment to Capital Inflows: Lessons from Recent Latin American and East Asian Experience," World Bank Research Observer, World Bank Group, vol. 11(1), pages 61-85, February.
  45. Guillermo A. Calvo & Jacob A. Frenkel, 1991. "From Centrally-Planned to Market Economies: The Road from CPE to PCPE," NBER Working Papers 3698, National Bureau of Economic Research, Inc.
  46. Nyahoho, Emmanuel, 1995. "La concurrence de monnaies dans un marché financier dématérialisé," L'Actualité Economique, Société Canadienne de Science Economique, vol. 71(3), pages 334-364, septembre.
  47. Chen, Shikuan, 1999. "Complex Dynamics of the Real Exchange Rate in an Open Macroeconomic Model," Journal of Macroeconomics, Elsevier, vol. 21(3), pages 493-508, July.
  48. Hali J. Edison & Carmen M. Reinhart, 1999. "Capital controls during financial crises: the cases of Malaysia and Thailand," Proceedings, Federal Reserve Bank of San Francisco, issue Sep, pages 1-36.
  49. Federico A. Sturzenegger, 1992. "Inflation and Social Welfare in a Model with Endogenous Financial Adaptation," UCLA Economics Working Papers 658, UCLA Department of Economics.
  50. Carlos Alfredo Rodríguez, 1984. "La Estrategia de Estabilización con Tipo de Cambio Flexible y Política Monetaria Activa," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 21(63), pages 103-122.
  51. Clements, Kenneth W. & Frenkel, Jacob A., 1980. "Exchange rates, money, and relative prices: The dollar-pound in the 1920s," Journal of International Economics, Elsevier, vol. 10(2), pages 249-262, May.
  52. Takamatsu, Satoko, 2010. "Openness and interest rates: An analysis using the MIUF model and transaction cost model of money," International Review of Economics & Finance, Elsevier, vol. 19(2), pages 295-303, April.
  53. Leonardo Bartolini & Lorenzo Giorgianni, 2000. "Excess volatility of exchange rates with unobservable fundamentals," Staff Reports 103, Federal Reserve Bank of New York.
  54. Sinha, Avik, 2015. "Conceptualizing Service Export Price Optimization," MPRA Paper 102264, University Library of Munich, Germany, revised 2015.
  55. Gloria Canales, 1993. "Dolarización y fragilidad financiera en el Perú," Documentos de Trabajo / Working Papers 1993-115, Departamento de Economía - Pontificia Universidad Católica del Perú.
  56. Maurice Obstfeld, 1986. "Capital Flows, the Current Account, and the Real Exchange Rate: Some Consequences of Stabilization and Liberalization," NBER Chapters, in: Economic Adjustment and Exchange Rates in Developing Countries, pages 201-232, National Bureau of Economic Research, Inc.
  57. Cerra, Valerie, 2019. "How can a strong currency or drop in oil prices raise inflation and the black-market premium?," Economic Modelling, Elsevier, vol. 76(C), pages 1-13.
  58. Jorge M. Streb, 1998. "Y, si no hay más remedio... Inflación , Desconfianza y la Desintegración del Sistema Financiero en Argentina," CEMA Working Papers: Serie Documentos de Trabajo. 128, Universidad del CEMA.
  59. Frenkel, Jacob A. & Rodriguez, Carlos A., 1980. "Exchange Rate Dynamics and Overshooting Hypothesis," Foerder Institute for Economic Research Working Papers 275323, Tel-Aviv University > Foerder Institute for Economic Research.
  60. Timothy J Condon, 1986. "Flujo de Comercio y la Política del Tipo de Cambio Reptante: Un Modelo de Predicción Perfecta de Largo Plazo," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 23(68), pages 25-48.
  61. Betty Daniel, 1981. "Real output effects of announced monetary policy in a small open economy," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 117(3), pages 428-442, September.
  62. Corbo, Vittorio & Hernandez, Leonardo, 1994. "Macroeconomic adjustment to capital inflows : Latin American style versus East Asian style," Policy Research Working Paper Series 1377, The World Bank.
  63. Heimonen, Kari, 2008. "Substituting a substitute currency," International Review of Economics & Finance, Elsevier, vol. 17(1), pages 66-84.
  64. Paul S. L. Yip, 2016. "China’S Exchange Rate System Reform: Two Potential Mistakes And The Recommended Long-Term System," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 61(02), pages 1-40, June.
  65. Jaime R. Marquez, 1984. "Currency substitution, duality, and exchange rate indeterminacy : an empirical analysis of the Venezuelan experience," International Finance Discussion Papers 242, Board of Governors of the Federal Reserve System (U.S.), revised 1984.
  66. Christian Dreger & Hans-Eggert Reimers & Barbara Roffia, 2007. "Long-Run Money Demand in the New EU Member States with Exchange Rate Effects," Eastern European Economics, Taylor & Francis Journals, vol. 45(2), pages 75-94, April.
  67. Obstfeld, Maurice, 1982. "Relative Prices, Employment, and the Exchange Rate in an Economy with Foresight," Econometrica, Econometric Society, vol. 50(5), pages 1219-1242, September.
  68. Rudiger Dornbusch, 1980. "Monetary Stabilization, Intervention and Real Appreciation," NBER Working Papers 0472, National Bureau of Economic Research, Inc.
  69. James Heckman & Neil Hohmann & Jeffrey Smith & Michael Khoo, 2000. "Substitution and Dropout Bias in Social Experiments: A Study of an Influential Social Experiment," The Quarterly Journal of Economics, Oxford University Press, vol. 115(2), pages 651-694.
  70. Diego Nicolás Moccero, 2001. "Esquemas Cambiarios y Monetarios Alternativos en un Modelo de Interdependencia Macroeconómica entre Argentina y Brasil," Department of Economics, Working Papers 031, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata.
  71. Slobodan Djajić, 1999. "Shortages, Hoarding and Parallel‐Market Premia in an Economy with Administered Prices," Review of Development Economics, Wiley Blackwell, vol. 3(1), pages 1-10, February.
  72. Elhanan Helpman & Assaf Razin, 1977. "Towards a Consistent Comparison Between Alternative Exchange Rate Systems," Discussion Papers 276, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  73. Michael Bruno, 1981. "Real versus Financial Openness under Alternative Exchange Rate Regimes," NBER Working Papers 0785, National Bureau of Economic Research, Inc.
  74. T. DATTA CHAUDHURI & M. ALl KHAN, 1984. "Educated Unemployed, Educational Subsidies and Growth," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 23(2-3), pages 395-412.
  75. Benjamin Eden, 1980. "On the Use of Local Currency When Less Inflationary Currencies are Available: An Overlapping Generations Model," UCLA Economics Working Papers 187, UCLA Department of Economics.
  76. Oscar Dancourt, 1992. "Desinflación ortodoxa y retraso cambiario en el Perú: un modelo keynesiano," Documentos de Trabajo / Working Papers 1992-102, Departamento de Economía - Pontificia Universidad Católica del Perú.
  77. Philippe Ithurbide, 1987. "Les restrictions volontaires d'exportations," Revue Économique, Programme National Persée, vol. 38(1), pages 25-54.
  78. Vetlov, Igor, 2001. "Dollarization in Lithuania : An econometric approach," BOFIT Discussion Papers 1/2001, Bank of Finland, Institute for Economies in Transition.
  79. Samreth, Sovannroeun, 2011. "An empirical study on the hysteresis of currency substitution in Cambodia," Journal of Asian Economics, Elsevier, vol. 22(6), pages 518-527.
  80. Guillermo A. Calvo, 1983. "Staggered Contracts and Exchange Rate Policy," NBER Chapters, in: Exchange Rates and International Macroeconomics, pages 235-258, National Bureau of Economic Research, Inc.
  81. Pinto, Brian, 1988. "Black market premia, exchange rate unification, and inflation in sub-Saharan Africa," Policy Research Working Paper Series 37, The World Bank.
  82. Bartolini, Leonardo & Giorgianni, Lorenzo, 2001. "Excess Volatility of Exchange Rates with Unobservable Fundamentals," Review of International Economics, Wiley Blackwell, vol. 9(3), pages 518-530, August.
  83. Dorsainvil, Kathleen, 2001. "The parallel market as a policy instrument in collapsing exchange rate regimes," Journal of Economics and Business, Elsevier, vol. 53(1), pages 27-43.
  84. Helpman, Elhanan & Razin, Assaf, 1982. "Dynamics of a Floating Exchange Rate Regime," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 728-754, August.
  85. Sánchez, Marcelo, 2010. "Modelling anti-inflationary monetary targeting: with an application to Romania," Working Paper Series 1186, European Central Bank.
  86. Piontkovsky Ruslan, 2003. "Dollarization, Inflation Volatility and Underdeveloped Financial Markets in Transition Economies," EERC Working Paper Series 03-02e, EERC Research Network, Russia and CIS.
  87. Guillermo A. Calvo, 2002. "Globalization Hazard and Delayed Reform in Emerging Markets," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 1-31, January.
  88. Chen, Shikuan, 2000. "Endogenous real exchange rate fluctuations in an optimizing open economy model," Journal of International Money and Finance, Elsevier, vol. 19(2), pages 185-205, April.
  89. Charemza, Wojciech W., 1996. "Detecting stochastic bubbles on an East European foreign exchange market: An estimation/simulation approach," Structural Change and Economic Dynamics, Elsevier, vol. 7(1), pages 35-53, March.
  90. Koray, Faik & McMillin, W. Douglas, 1999. "Monetary shocks, the exchange rate, and the trade balance," Journal of International Money and Finance, Elsevier, vol. 18(6), pages 925-940, December.
  91. Alberto Giovannini & Bart Turtelboom, 1992. "Currency Substitution," NBER Working Papers 4232, National Bureau of Economic Research, Inc.
  92. Peter Isard, 1982. "An accounting framework and some issues for modelling how exchange rates respond to the news," International Finance Discussion Papers 200, Board of Governors of the Federal Reserve System (U.S.).
  93. Kondo, Koji, 1997. "Statistical analysis of foreign exchange rates: application of cointegration model and regime-switching stochastic volatility model," ISU General Staff Papers 1997010108000012997, Iowa State University, Department of Economics.
  94. Miguel Lebre De Freitas & Francisco José Veiga, 2006. "Currency substitution, portfolio diversification, and money demand," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(3), pages 719-743, August.
  95. Daniel Daianu & Radu Vranceanu, 2002. "Opening the Capital Account of Transition Economies: How Much and How Fast," William Davidson Institute Working Papers Series 511, William Davidson Institute at the University of Michigan.
  96. Sturzenegger, Federico, 1997. "Understanding the welfare implications of currency substitution," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 391-416.
  97. Kim Kyung-Soo & Lee Jaewoo, 2001. "Asset Price And Current Account Dynamics," International Economic Journal, Taylor & Francis Journals, vol. 15(3), pages 85-108.
  98. Ray C* Fair, 1980. "Estimated Effects of the October 1979 Change in Monetary Policy on the 1980 Economy," NBER Working Papers 0538, National Bureau of Economic Research, Inc.
  99. Kem Reat Viseth, 2001. "Currency Substitution and Financial Sector Developments in Cambodia," International and Development Economics Working Papers idec01-4, International and Development Economics.
  100. Jorge Braga de Macedo, 1983. "Currency Inconvertibility, Portfolio Balance and Relative Prices," NBER Working Papers 1087, National Bureau of Economic Research, Inc.
  101. Djajic, Slobodan, 1980. "Intermediate Inputs and International Trade: An Analysis of the Real and Monetary Aspects of an Oil Price Shock," Queen's Institute for Economic Research Discussion Papers 275164, Queen's University - Department of Economics.
  102. Helpman, Elhanan & Razin, Assaf, 1981. "Comparative Dynamics of Monetary Policy in a Floating Exchange Rate Regime," Foerder Institute for Economic Research Working Papers 275335, Tel-Aviv University > Foerder Institute for Economic Research.
  103. Sylviane Guillaumont Jeanneney, 1994. "La politique économique en présence de substitution de monnaies," Revue Économique, Programme National Persée, vol. 45(3), pages 349-368.
  104. Robert Haney Scott, 1997. "Pegged Exchange Rate Systems in Macau and Hong Kong," Multinational Finance Journal, Multinational Finance Journal, vol. 1(2), pages 153-168, June.
  105. Arne C. Kildegaard & Roberto Orro Fernández, 1999. "Dollarization in Cuba and Implications for the Future Transition," Annual Proceedings, The Association for the Study of the Cuban Economy, vol. 9.
IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.