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Is the Gresham´s law still valid? Evidence from South American dollarized eonomies

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F13%3A%230002260" target="_blank" >RIV/47813059:19520/13:#0002260 - isvavai.cz</a>

  • Result on the web

  • DOI - Digital Object Identifier

Alternative languages

  • Result language

    angličtina

  • Original language name

    Is the Gresham´s law still valid? Evidence from South American dollarized eonomies

  • Original language description

    Gresham's Law postulates a well-known causality in the economy with two circulating currencies "the bad currency drives out the good one", relating to the market with metal coins with different content of precious metal. The "bad currency" is supposed tobe spent, and the "good currency" to be stored. The value of money nowadays, however, is not determined by the content of silver, or other precious metal, but by the exchange rate. This paper studies the impact of nominal exchange rate volatility on banking deposits in two currencies in two parallel currency markets in South America, Chile and Argentina, where the national currency operates along with the US dollar. Using GARCH model we find that increasing volatility of nominal exchange rate affects negatively deposits in national currency and positively deposits in the US dollar, in both countries in the sample. This may be accepted as the "bad currency drives out the good one" application of Gresham's Law to current economic conditi

  • Czech name

  • Czech description

Classification

  • Type

    D - Article in proceedings

  • CEP classification

    AH - Economics

  • OECD FORD branch

Result continuities

  • Project

  • Continuities

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Others

  • Publication year

    2013

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Article name in the collection

    Financial Regulation and Supervision in the after - Crisis Period. Proceedings of 13th International Conference on Finance and Banking

  • ISBN

    978-80-7248-892-6

  • ISSN

  • e-ISSN

  • Number of pages

    7

  • Pages from-to

    191-197

  • Publisher name

    Slezská univerzita v Opavě, Obchodně podnikatelská fakutla v Karviné

  • Place of publication

    Karviná

  • Event location

    Ostrava

  • Event date

    Oct 16, 2013

  • Type of event by nationality

    EUR - Evropská akce

  • UT code for WoS article