Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/211595 
Authors: 
Year of Publication: 
1990
Series/Report no.: 
Bank of Finland Discussion Papers No. 20/1990
Publisher: 
Bank of Finland, Helsinki
Abstract: 
This paper tests the hypothesis advanced particularly by McKinnon that the U.S. economy is strongly affected by the world supply of money and the U.S. effective exchange rate while the domestic money supply is of minor importance. This currency substitution hypothesis is tested using monthly data for the floating exchange rate period 1973 - 1989. The empirical results give clear support to McKinnon's hypothesis.
Persistent Identifier of the first edition: 
ISBN: 
951-686-262-4
Document Type: 
Working Paper

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