Currency Substitution and Financial innovation

This paper presents a cash-in-advance framework, with variable income velocity, where the domestic effects, as well as the international transmission, of financial innovation can be analyzed. In particular, the discussion emphasizes the role of currency substitution and of cross-border transfers of seigniorage in determining the general equilibrium effects of financial innovation.
Publication date: May 1989
ISBN: 9781451977295
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Economics- Macroeconomics , Economics / General , International - Economics , financial innovation , currency substitution , exchange rate , nominal exchange rate , real exchange rate

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