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Testing the currency-substitution model under the German hyperinflation (1999)

Moosa, Imad A.

Springer

Journal of economics 70 (1999), S. 61-78

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ISSN: 1617-7134

Keywords: currency substitution ; expectation ; structural time-series modeling ; German hyperinflation ; C12 ; C52 ; E31

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Abstract In this paper the currency-substitution model is tested under the German hyperinflation using several expectations-formation mechanisms. The maximum-likelihood estimates of the currency-substitution model reveal that extrapolative and adaptive expectations seem to have been predominant and that there was a significant degree of currency substitution. The results also reveal that expectation was destabilizing and that it was not possible to distinguish between the effects of the expected change in the exchange rate and the expected inflation.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF01226144

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