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| Author: | Selcuk, F. |
| Title: | Seigniorage, currency substitution, and inflation in Turkey |
| Journal: | Russian and East European Finance and Trade
2001 : NOV-DEC, VOL. 37:6, p. 47-57 |
| Index terms: | CURRENCY SUBSTITUTION INFLATION SEIGNIORAGE TURKEY |
| Language: | eng |
| Abstract: | In this paper, the effect of currency substitution on seigniorage-maximizing inflation rate in Turkey is examined. Estimates of money-in-the-utility function model show that the seigniorage-maximizing rate of inflation in Turkey cannot deviate from the world inflation rate since there is a high elasticity of substitution between domestic and foreign currencies and the share of foreign real balances in producing domestic liquidity services is significant. |
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