Currency Substitution and Financial Innovation
SSRN Electronic JournalPublished 1 January 1989Open access
Pablo E. Guidotti
Citations7
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Abstract
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.
Keywords
Economics, Econometrics and Finance