Network Externalities and Dollarization Hysteresis : The Case of Russia

The Case of Russia

Network Externalities and Dollarization Hysteresis : The Case of Russia
Dollarization in Russia increased rapidly during the early 1990s, but failed to come down in the second half of the 1990s in spite of exchange rate stabilization. To explain this "dollarization hysteresis," this paper develops a model in which network externalities in the demand for currency can generate multiple stable steady states for the... READ MORE...

Publication date: May 2003
ISBN 9781451851939
$15.00

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