Money Demand and Exchange Rate Determination under Hyperinflation: Conceptual Issues and Evidence from Yugoslavia
Money Demand and Exchange Rate Determination under Hyperinflation: Conceptual Issues and Evidence from Yugoslavia
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恶性通货膨胀下的货币需求和汇率决定：概念问题和来自南斯拉夫的证据
DOI：
10.2307/2601183
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发表时间：
2000
期刊：
影响因子：
--
通讯作者：
Zorica Mladenović
中科院分区：
文献类型：
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作者：
P. Petrović;Zorica Mladenović
针对1992- 1994年南斯拉夫的恶性通货膨胀，提出并检验了一种修正的决定汇率的货币模型，指出汇率是直接由货币市场决定的，这意味着私人代理人由于“美元化”，将其实际持有的货币以外币计价。经验证据支持先进的模型。除了南斯拉夫最近七个月的恶性通货膨胀外，人们接受了汇率的确切RE现值模型，而拒绝了价格水平模型。在整个恶性通货膨胀时期，货币持有以外币计价的修正货币需求表是非线性的，货币需求的半弹性减小。
A modified monetary model of exchange rate determination is advanced and tested for the Yugoslav hyperinflation of 1992-94, stating that the exchange rate is determined directly in the money market thus implying that private agents, due to "dollarization", denominate their real money holdings in foreign currency. Empirical evidence supports the advanced model. Apart from the last seven months of the Yugoslav hyperinflation, the exact RE present value model of the exchange rate is accepted, while that of the price level is rejected. For the whole period of hyperinflation the modified money demand schedule, with money holdings denominated in foreign currency, is nonlinear with decreasing semielasticity of money demand.