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- W2955181498 abstract "This paper shows that there is a long-run relationship between the expected rate of depreciation in the black-market-exchange rate and the ratio of domestic to foreign money in Peru; that is, the hypothesis of currency substitution can explain the behavior of real holdings of money in Peru. The paper also shows that, while the importance of currency substitution as a transmission mechanism through which domestic policies affected the dynamics of inflation was relatively small during a period of high but relatively stable inflation (January 1978-85), it became an important factor in the inflation process during the recent hyperinflation episode." @default.
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- W2955181498 date "1992-01-01" @default.
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- W2955181498 title "Currency Substitution and Inflation in Peru" @default.
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- W2955181498 doi "https://doi.org/10.5089/9781451979206.001" @default.
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