Selçuk, F.2016-02-082016-02-0820030165-1765http://hdl.handle.net/11693/24527This 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.EnglishCurrency substitutionEmerging economiesMoney-in-the-utility-functionArticle10.1016/S0165-1765(02)00207-01873-7374