Substitution, Income, and Intertemporal Effects In Currency‐Substitution Models*
作者:
Constance E. Smith,
期刊:
Review of International Economics
(WILEY Available online 1995)
卷期:
Volume 3,
issue 1
页码: 53-59
ISSN:0965-7576
年代: 1995
DOI:10.1111/j.1467-9396.1995.tb00051.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
AbstractEmpirical studies which aim to determine the extent of international currency substitution typically focus on the coefficient associated with the anticipated rate of depreciation of the domestic currency or on the foreign interest rate in the domestic money demand equation. an intertemporal optimizing model is used to obtain a money demand function which shows that the anticipated exchange‐rate change and the foreign interest rate capture an income effect and an intertemporal income or substitution effect. Using these theoretical results, the findings from empirical studies are examined to show circumstances in which international currency substitutability may have been overstated or understate
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