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|z 9781451979206
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|a Rojas-Suarez, Liliana.
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|a Currency Substitution and Inflation in Peru /
|c Liliana Rojas-Suarez.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1992.
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|a 1 online resource (46 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1992/033
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1992/033/001.1992.issue-033-en.xml
|z IMF e-Library
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