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Unlike most hyperinflations, during Zimbabwe's recent hyperinflation, as in Revolutionary France, the currency ended … before the regime. The empirical results here suggest that the Reserve Bank of Zimbabwe operated on the correct side of the …
Persistent link: https://www.econbiz.de/10012893482
Zimbabwe has recently experienced record hyperinflation of 80 billion percent a month. This paper uses new data from … Zimbabwe to investigate money demand under hyperinflation using an ARDL estimation for the period 1980-2008. The results … calculate the maximum level of seigniorage revenue that could be raised in the economy. Actual seigniorage levels increased …
Persistent link: https://www.econbiz.de/10013143318
Persistent link: https://www.econbiz.de/10012600438
' seigniorage revenue, holding foreign money can be welfare generating if domestic currency depreciates vis-à-vis the currencies in …
Persistent link: https://www.econbiz.de/10013138900
This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage)before and in the … monetary policies are seeing their gradual“normalization.”Seigniorage exposes the connections between currency issuance and … normal times seigniorage largely derives from the note issue supplementedby “own” resources. Essentially, the central bank …
Persistent link: https://www.econbiz.de/10012910166
This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the … as monetary policies are seeing their gradual "normalization". Seigniorage exposes the connections between currency … seigniorage, and in normal times seigniorage largely derives from the note issue supplemented by "own" resources. Essentially, the …
Persistent link: https://www.econbiz.de/10011910944
This paper studies money demand in Switzerland under free banking before the establishment of the Swiss National Bank. We find that, in addition to income, the banks' balance-sheet-to-GDP ratio and the number of banks were important determinants of long-run money demand. The former variable also...
Persistent link: https://www.econbiz.de/10011962889
The previous literature on dollarization processes has two basic problems. First is the poor empirical methods of measurement, and second is the lack of a clear definition of the phenomenon under study. Several methodological problems have not been successfully addressed. Foreign currency...
Persistent link: https://www.econbiz.de/10014068081
This paper examines the existence, causes and effects of currency substitution in Nigeria by estimating conventional money demand equations based on a partial adjustment and an autoregressive distributed lag models using three definitions of monetary aggregates. The behavior of the foreign...
Persistent link: https://www.econbiz.de/10011488762
Persistent link: https://www.econbiz.de/10011848833