This paper provides a new test for whether different-currency assets are imperfect substitutes. The test exploits that under floating rates, changing public currency demand has no direct effect on monetary fundamentals, current or future. Price effects from imperfect substitutability are clearly...

History of monetary system --Balance of payments and exchange rates --The foreign exchange markets --Exchange rate determination and forecasting --Exchange rates and international parity conditions --Foreign currency derivatives --Foreign exchange exposure and its management --Multinational...