TY  - BOOK
AU  - Rojas-Suárez,Liliana
TI  - Currency Substitution and Inflation in Peru
T2  - IMF Working Papers; Working Paper
SN  - 1451979207 :
SN  - 1018-5941
PY  - 1992///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Exchange Rate
KW  - imf
KW  - Inflation Rate
KW  - Monetary Policy
KW  - Peru
N2  - This paper shows that there is a long-run relationship between the expected rate of depreciation in the black-market-exchange rate and the ratio of domestic to foreign money in Peru; that is, the hypothesis of currency substitution can explain the behavior of real holdings of money in Peru. The paper also shows that, while the importance of currency substitution as a transmission mechanism through which domestic policies affected the dynamics of inflation was relatively small during a period of high but relatively stable inflation (January 1978-85), it became an important factor in the inflation process during the recent hyperinflation episode
UR  - http://elibrary.imf.org/view/IMF001/01486-9781451979206/01486-9781451979206/01486-9781451979206.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451979206
ER  -