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Volume :23 Issue : 2 1995      Add To Cart                                                                    Download

Currency Substitution in Saudi Arabia

Auther : Hamad S. Albazai , Almorsi A. Hejazi

The aim of this paper is to explain the phenomenon of currency substitution and its relevance to Saudi Arabia. This is done by modeling currency substitution and the determinants using newly-developed statistical techniques. The results show the importance of the changes in income and the expected change rate. The results do not lend support to the importance of interest rate variable. This means that domestic residents demand foreign fiat money to shield the purchasing power of their income against external as well as internal effect.

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