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Currency substitution in developing countries: an introduction

By: Calvo, Guillermo A | Vegh, Carlos A

Publisher: MF ; May 1992Description: ii, 35 pSubject(s): CURRENCIES | MONETARY POLICY | INTERNATIONAL MONETARY SYSTEM | EXCHANGE RATE | INFLATION | MONEYSummary: This paper reviews the main policy and analytical issues related to currency subsitutions in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not; second, how the presence of currency substitution affects the choice of nominal anchors in inflation stabilization programs; third, the effects of changes in the rate of growth of the money supply on the real exchange rate; fourth, the interaction between inflationary finance and currency substitution; and, finally, issues related to the empirical verification of the currency substitution hypothesis. (Extracted from document)

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This paper reviews the main policy and analytical issues related to currency subsitutions in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not; second, how the presence of currency substitution affects the choice of nominal anchors in inflation stabilization programs; third, the effects of changes in the rate of growth of the money supply on the real exchange rate; fourth, the interaction between inflationary finance and currency substitution; and, finally, issues related to the empirical verification of the currency substitution hypothesis. (Extracted from document)

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