Currency Substitution in Egypt and the Yemen Arab Republic [electronic resource] : A Comparative Quantitative Analysis.
- Washington, D.C. : International Monetary Fund, 1987.
- IMF eLibrary
IMF Working Papers; Working Paper No. 87/43.
IMF Working Papers; Working Paper No. 87/43
- Government document
1 online resource (21 p.)
- Local subjects:
- Constant exchange rate. (search)
Currency substitution. (search)
Exchange earnings. (search)
Exchange rate. (search)
Exchange rate depreciations. (search)
Exchange rate determination. (search)
Exchange rate devaluations. (search)
Exchange rate developments. (search)
Exchange rate expectations. (search)
Exchange rate policies. (search)
Exchange rate policy. (search)
Exchange rates. (search)
Exchange system changes. (search)
Flexible exchange rates. (search)
Foreign currency. (search)
Foreign exchange. (search)
Foreign exchange earnings. (search)
Foreign exchange holdings. (search)
Inflationary pressures. (search)
Inflationary tax. (search)
Market exchange rates. (search)
Monetary policy. (search)
Money stock. (search)
Money supply. (search)
Nominal exchange rate. (search)
Nominal interest rate. (search)
- The paper provides an empirical analysis of the determinants of currency substitution in Egypt and the Yemen Arab Republic over the period 1980-86. During this period, residents have exhibited a marked preference to substitute foreign money balances for domestic balances, as indicated by their holdings of foreign currency deposits. This preference reflects changes in the expected relative returns to, and liquidity of, holdings of foreign balances. Such changes, in turn, are shown to result from intensified financial and economic imbalances, increased political uncertainties, and changes in institutional factors which affect domestic channels for acquiring and using foreign exchange resources.
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- International Monetary Fund
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