Currency Substitution and the Fluctuations of Foreign-Exchange Reserves with Credibly Fixed Exchange Rates

Alberto Giovannini
Working Paper 3636
DOI 10.3386/w3636
Issue Date

This paper studies the fluctuations of foreign exchange reserves under a regime of credibly fixed exchange rates. The paper considers a variety of assumptions on the determinants of money demand and currency substitution.

  • Alberto Giovannini, "Currency Substitution and the Fluctuations of Foreign-Exchange Reserves with Credibly Fixed Exchange Rates," NBER Working Paper 3636 (1991), https://doi.org/10.3386/w3636.

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International Economics

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International Trade and Investment
International Finance and Macroeconomics

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