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Statements

Subject Item
n2:RIV%2F47813059%3A19520%2F13%3A%230002260%21RIV14-MSM-19520___
rdf:type
skos:Concept n19:Vysledek
dcterms:description
Gresham's Law postulates a well-known causality in the economy with two circulating currencies %22the bad currency drives out the good one%22, relating to the market with metal coins with different content of precious metal. The %22bad currency%22 is supposed to be spent, and the %22good currency%22 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 %22bad currency drives out the good one%22 application of Gresham's Law to current economic conditi onsl. Gresham's Law postulates a well-known causality in the economy with two circulating currencies %22the bad currency drives out the good one%22, relating to the market with metal coins with different content of precious metal. The %22bad currency%22 is supposed to be spent, and the %22good currency%22 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 %22bad currency drives out the good one%22 application of Gresham's Law to current economic conditi onsl.
dcterms:title
Is the Gresham´s law still valid? Evidence from South American dollarized eonomies Is the Gresham´s law still valid? Evidence from South American dollarized eonomies
skos:prefLabel
Is the Gresham´s law still valid? Evidence from South American dollarized eonomies Is the Gresham´s law still valid? Evidence from South American dollarized eonomies
skos:notation
RIV/47813059:19520/13:#0002260!RIV14-MSM-19520___
n19:predkladatel
n20:orjk%3A19520
n4:aktivita
n11:I
n4:aktivity
I
n4:dodaniDat
n6:2014
n4:domaciTvurceVysledku
n18:9874798
n4:druhVysledku
n17:D
n4:duvernostUdaju
n5:S
n4:entitaPredkladatele
n10:predkladatel
n4:idSjednocenehoVysledku
81276
n4:idVysledku
RIV/47813059:19520/13:#0002260
n4:jazykVysledku
n16:eng
n4:klicovaSlova
Dollarization; currency substitution; exchange rate volatility; paralel currency
n4:klicoveSlovo
n7:paralel%20currency n7:exchange%20rate%20volatility n7:Dollarization n7:currency%20substitution
n4:kontrolniKodProRIV
[3BDB84FAA6F9]
n4:mistoKonaniAkce
Ostrava
n4:mistoVydani
Karviná
n4:nazevZdroje
Financial Regulation and Supervision in the after - Crisis Period. Proceedings of 13th International Conference on Finance and Banking
n4:obor
n15:AH
n4:pocetDomacichTvurcuVysledku
1
n4:pocetTvurcuVysledku
2
n4:rokUplatneniVysledku
n6:2013
n4:tvurceVysledku
HERYÁN, Tomáš Koráb, Petr
n4:typAkce
n13:EUR
n4:zahajeniAkce
2013-10-16+02:00
s:numberOfPages
7
n12:hasPublisher
Slezská univerzita v Opavě, Obchodně podnikatelská fakutla v Karviné
n14:isbn
978-80-7248-892-6
n21:organizacniJednotka
19520