Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/5756
Título: | Currency substitution, portfolio diversification and money demand |
Autor(es): | Freitas, Miguel Lebre de Veiga, Francisco José |
Palavras-chave: | Money demand Currency substitution Dollarisation Portfolio choice. F41 E41 G11 |
Data: | 2006 |
Editora: | Blackwell Publishing |
Revista: | Canadian journal of economics |
Citação: | "Canadian Journal of Economics". ISSN 0008-4085 39:3 (2006) 719-743. |
Resumo(s): | We extend the Thomas (1985) dynamic optimising model of money demand and currency substitution to the case in which the individual has restricted or no access to foreign currency denominated bonds. In this case Currency Substitution decisions and Asset Substitution decisions are not separable. The results obtained suggest that the significance of an expected exchange rate depreciation term in the demand for domestic money provides a valid test for the presence of currency substitution. Applying this approach to six Latin American countries, we find evidence of currency substitution in Colombia, Dominican Republic and Venezuela, but not in Brazil and Chile. |
Tipo: | Artigo |
URI: | https://hdl.handle.net/1822/5756 |
DOI: | 10.1111/j.1540-5982.2006.00366.x |
ISSN: | 0008-4085 |
Arbitragem científica: | yes |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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CJE 04-217 final.pdf | 189,98 kB | Adobe PDF | Ver/Abrir |