Ratchet Effects in Currency Substitution: An Application to the Kyrgyz Republic
Ratchet Effects in Currency Substitution: An Application to the Kyrgyz Republic
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货币替代中的棘轮效应：在吉尔吉斯共和国的应用
DOI：
10.2307/3867659
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发表时间：
1999
期刊：
影响因子：
--
通讯作者：
Johannes Mueller
中科院分区：
文献类型：
--
作者：
Joannes Mongardini;Johannes Mueller
货币替代在大多数转型经济体的货币政策设计中一直是一个常见的问题。本文通过在模型规范中加入一个棘轮变量，分析了这种现象在吉尔吉斯共和国持续到俄罗斯危机开始的情况。报告的结论是，尽管当时银行存款的配置存在一定程度的持久性，但整体经济中的货币替代尚未达到逆转其代价高昂的地步。
Currency substitution has been a common issue in the design of monetary policy in most transition economies. This paper analyzes the persistence of this phenomenon in the Kyrgyz Republic up to start of the Russia crisis by including a ratchet variable in the model specification. It concludes that, while some degree of persistence was present in the allocation of bank deposits at that time, currency substitution in the economy at large had not yet reached a point where reversing it would have been costly.