Browsing by Subject "Money-in-the-utility-function"

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    Currency substitution: new evidence from emerging economies
    (Elsevier BV, 2003) Selçuk, F.
    This paper provides new empirical evidence for currency substitution in different emerging market economies. Estimation results from a money-in-the-utility-function framework indicate that foreign currencies are strong substitutes for domestic currency in producing liquidity services. © 2002 Elsevier Science B.V. All rights reserved.