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| Author: | Petrovic, P. Mladenovic, Z. |
| Title: | Money demand and exchange rate determination under hyperinflation: conceptual issues and evidence from Yugoslavia |
| Journal: | Journal of Money, Credit and Banking
2000 : NOV, VOL. 32:4, p. 785-806 |
| Index terms: | MONEY DEMAND HYPER-INFLATION YUGOSLAVIA |
| Language: | eng |
| Abstract: | A modified monetary model of exchange rate determination is advanced and tested for the Yugoslav hyperinflation of 1992-1994, 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 this 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. |
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