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Currency substitution and the demand for money in Mexico
journal contributionposted on 30.05.2006 by Miriam Chau Rodriguez, Paul Turner
Any type of content formally published in an academic journal, usually following a peer-review process.
Demand functions for broad money and foreign currency deposits are estimated using quarterly Mexican data for the period 1978:1 to 2000:4. Significant evidence is found for currency substitution in the broad money equation. While the demand function for foreign currency deposits is harder to interpret, significant evidence ofsubstitut ion between domestic money balances and US$ deposits is found.
- Business and Economics