This paper examines the use of U.S. cash dollars as a secondary currency in informal transactions worldwide. While there is considerable interest in and a large theoretical literature on the use of secondary currencies, few empirical results have been established. The primary reason is that the...

This paper models the macroeconomic impact from the quot;internationalisationquot; of Hong Kong Dollar under the fixed and floating exchange rate regimes. A three-region model, the Centre, the Periphery and the Rest-of-the-World, is constructed.The present paper finds that, under floating...

This article examines the role of British exchange and import controls in stimulating the dramatic increase in overseas (particularly American) multinationals in Britain from the end of the Second World War to the late 1950s, together with the ways in which the government used controls to...