Convertibility Risk : The Precautionary Demand for Foreign Currency in a Crisis

The Precautionary Demand for Foreign Currency in a Crisis

Convertibility Risk : The Precautionary Demand for Foreign Currency in a Crisis
This paper presents theoretical work linking money demand to the perceptions of households about the risk that domestic currency may become inconvertible or that it may be devalued. An empirical investigation of the size of this effect is carried out using both cross section data and then monthly data for Korea to estimate an augmented demand... READ MORE...

Publication date: December 2001
ISBN 9781451874808
$15.00

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