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Giovannini, Alberto; Turtelboom, Bart - C.E.P.R. Discussion Papers - 1993

This paper reviews the extensive theoretical and empirical literature on currency substitution. After discussing the ambiguity surrounding the definition of currency substitution, the paper illustrates the causes of substitutability of different currencies using a cash-in-advance model and a...

Persistent link: https://www.econbiz.de/10005124337

Currency Substitution in a Two-Asset Two-Country Model: A Simulation Approach

Artis, Michael J; Gazioglu, Saziye - C.E.P.R. Discussion Papers - 1986

The paper reports results obtained from the simulation of a two-country model in which the real and financial sectors are integrated under an assumption of rational expectations and steady-state inflationary equilibria. The government of each country issues a single financial asset ("currency")...

Persistent link: https://www.econbiz.de/10005661801

Currency Substitution and Vehicle Currencies: Tests of Alternative Hypotheses for the Dollar, DM and Yen

Thomas, Stephen H; Wickens, Michael R. - C.E.P.R. Discussion Papers - 1991

Recent concern about the difficulty of obtaining structurally stable models of money demand combined with the removal of capital controls have drawn attention to the theory of currency substitution (CS). The purpose of this paper is to examine whether CS is a relevant factor in the demand for...

Persistent link: https://www.econbiz.de/10005662277

Price Controls and Consumer Surplus

Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 2009

The condition for when a price control increases consumer welfare in perfect competition is tighter than often realised. When demand is linear, a small restriction on price only increases consumer surplus if the elasticity of demand exceeds the elasticity of supply; with log-linear or...

Persistent link: https://www.econbiz.de/10004976788

A Primer on the MFA Maze

de Melo, Jaime; Faini, Riccardo - C.E.P.R. Discussion Papers - 1992

The paper identifies the potential sources of allocative inefficiency generated by the Multi-Fiber Agreements (MFA) and examines the evidence for such inefficiencies. Five sources of inefficiency are identified relating to inefficient allocations across countries, across consumers, and among...

Persistent link: https://www.econbiz.de/10005136661

Information Revelation and Efficiency in Auctions

Mikusheva, Anna; Sonin, Konstantin - C.E.P.R. Discussion Papers - 2002

We study the impact of information revelation on efficiency in auctions. In a constrained-efficient mechanism, i.e. a mechanism that is efficient subject to the incentive-compatibility constraint, any additional information available to bidders increases the expected efficiency of the mechanism....

Persistent link: https://www.econbiz.de/10005067415

Estimating the Gains From Trade in Limit Order Markets

Hollifield, Burton; Miller, Robert A.; Sandås, Patrik; … - C.E.P.R. Discussion Papers - 2004

We present a method for identifying and estimating the gains from trade in limit order markets and provide new empirical evidence that the limit order market is a good market design. The gains from trade in our model arise because traders have different valuations for the stock. We use...

Persistent link: https://www.econbiz.de/10005661605

China’s Dominance Hypothesis and the Emergence of a Tri-polar Global Currency System

Fratzscher, Marcel; Mehl, Arnaud - C.E.P.R. Discussion Papers - 2011

This paper assesses whether the international monetary system is already tri-polar and centred around the US dollar, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the renminbi is already the dominant currency in Asia, exerting...

Persistent link: https://www.econbiz.de/10009371469

Global Monetary Policy Under a Dollar Standard

Devereux, Michael B; Shi, Kang; Xu, Juanyi - C.E.P.R. Discussion Papers - 2004

For the past four or five decades, the international monetary system has operated on a ’dollar standard’. Popular discussion suggests that this gives the US an advantage in the use of monetary policy. This Paper analyses the determination of monetary policy in a world with a dollar standard,...

Persistent link: https://www.econbiz.de/10005123745

Was Stalin Necessary for Russia’s Economic Development?

Cheremukhin, Anton; Golosov, Mikhail; Guriev, Sergei; … - C.E.P.R. Discussion Papers - 2013

This paper studies structural transformation of Soviet Russia in 1928-1940 from an agrarian to an industrial economy … through the lens of a two-sector neoclassical growth model. We construct a large dataset that covers Soviet Russia during 1928 …-1940 and Tsarist Russia during 1885-1913. We use a two-sector growth model to compute sectoral TFPs as well as distortions and …

Persistent link: https://www.econbiz.de/10011083670