Una aproximación teórico-empírica al problema de la sustitución de monedas

Authors

  • María Marta Ferreyra

Keywords:

teoría monetaria, dinero, demanda de dinero

Abstract

Currency substitution, a phenomenon that is tightly linked to the nature of money, obeys to a cost-benefit analysis, in which transaction costs evaluation is specially important. They generate, in the short run, the frictions that impede the achievement of the economies of scale in using a single money and the perfect convertibility between domestic and foreign money. Inertial behaviour -hysteresís effects- in substitution processes is originated in this way. It means a severe restriction to economic policies and to monetary system design. This paper shows the existing approaches to currency substitution -conventional, intermediate and not conventíonal-. The last one, which is supported by recent Latin American experience, seems to explain the Argentine case.

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Published

1994-12-30

How to Cite

Ferreyra, M. M. (1994). Una aproximación teórico-empírica al problema de la sustitución de monedas. Económica, 40(1), p. 31–91. Retrieved from https://revistas.unlp.edu.ar/Economica/article/view/5428

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Section

Articles