Currency Substitution when Domestic Currency is a Sole Legal Means of Payment
The paper presents a model of currency substitution in the economy when there is an institutional constraint on usage on foreign currency in every-day transactions, although the desired currency balance could be reached via exchange, and when financial markets are barely developed. Such formulation of the model seems to allow better understanding of currency substitution path in Ukraine.
Currency, exchange currency, economy
Movchan, V. Currency Substitution when Domestic Currency is a Sole Legal Means of Payment / Movchan V., Shportyuk V. // Наукові записки НаУКМА : Економічні науки. - 2004. - Т. 30. - С. 53-57.