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The Transactions Demand for Money in the Presence of Currency Substitution: Evidence from Vietnam.

Abstract:

Currency substitution - the use of foreign money to finance transactions between domestic residents - is widespread in low income and transition economies. Traditionally, however, empirical models of the demand for money tend to concentrate on the portfolio motive for holding foreign currency, while maintaining the assumption that the income elasticity of demand for domestic money is invariant to the degree of currency substitution. A simple re-specification of the demand for money is offered...

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Publisher:
Routledge
Journal:
Applied Economics More from this journal
Volume:
36
Issue:
13
Pages:
1461 - 1470
Publication date:
2004-01-01
DOI:
ISSN:
0003-6846
Language:
English
UUID:
uuid:aa91683e-b543-4609-a013-0ca6cb15b9e9
Local pid:
oai:economics.ouls.ox.ac.uk:14183
Deposit date:
2011-08-16

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