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Foreign Currency Deposits and the Demand for Money in Developing Countries / Mohsin Khan, Pierre-Richard Agénor.
- Format:
- Book
- Government document
- Author/Creator:
- Khan, Mohsin.
- Series:
- IMF Working Papers; Working Paper ; No. 1992/001
- IMF Working Papers
- Language:
- English
- Physical Description:
- 1 online resource (40 pages)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 1992.
- Language Note:
- English
- Summary:
- This paper examines the relative demands for domestic and foreign currency deposits by residents of developing countries. A dynamic currency substitution model that incorporates forward-looking rational expectations is formulated and then estimated for a group of ten developing countries. The results indicate that the foreign rate of interest and the expected rate of depreciation of the parallel market exchange rate are important factors in the choice between holding domestic money or switching to foreign currency deposits held abroad. From an empirical standpoint, the forward-looking framework adopted here also turns out to be superior to the conventional currency-substitution model.
- Notes:
- Bibliographic Level Mode of Issuance: Monograph
- Description based on print version record.
- ISBN:
- 9781455231270
- 1455231274
- 9781462381395
- 1462381391
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