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- W2129651695 abstract "Currency substitution is now a common issue in the design of monetary policy in most transition economies. This paper analyzes the persistence of this phenomenon in the Kyrgyz Republic by including a ratchet variable in the model specification. The main conclusion of the paper is that, while some degree of persistence is present in the allocation of bank deposit, currency substitution in the economy at large has not yet reached a point where reversing it would be difficult. In this regard, there is still room for monetary policy to influence currency allocation in the private sector." @default.
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- W2129651695 date "1999-07-01" @default.
- W2129651695 modified "2023-09-24" @default.
- W2129651695 title "Ratchet Effects in Currency SubstitutionAn Application to the Kyrgyz Republic" @default.
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