Exchange Rate Movements, Inflation Expectations, and Currency Substitution in Turkey

Exchange Rate Movements, Inflation Expectations, and Currency Substitution in Turkey
This paper contains an empirical analysis of currency substitution in Turkey: a simple relationship between the share of foreign currency holdings in M2X on one side and movements in the exchange rate or inflation on the other is derived from a two-stage portfolio choice model. This relationship is estimated by band spectrum regression which... READ MORE...

Publication date: November 1995
ISBN 9781451853414
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