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Semi‐Nonparametric Estimates of Currency Substitution: the Demand for Sterling in Europe

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  • Leigh Drake
  • Adrian R. Fleissig

Abstract

The paper presents new evidence of significant substitution between European domestic monetary assets and foreign holdings of sterling. The finding of significant cross‐country currency substitution implies reduced costs of transition towards monetary union and easier European policy convergence. Elasticities of substitution, using the Morishima measure, are estimated from the semi‐nonparametric Fourier flexible form.

Suggested Citation

  • Leigh Drake & Adrian R. Fleissig, 2004. "Semi‐Nonparametric Estimates of Currency Substitution: the Demand for Sterling in Europe," Review of International Economics, Wiley Blackwell, vol. 12(3), pages 374-394, August.
    • Handle: RePEc:bla:reviec:v:12:y:2004:i:3:p:374-394
    DOI: 10.1111/j.1467-9396.2004.00456.x
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    Cited by:

    1. Haroon Sarwar & Zakir Hussain & Masood Sarwar, 2011. "A Semi-Nonparametric Approach to the Demand for Money in Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 16(2), pages 87-110, Jul-Dec.
    2. Sarwar, haroon & Hussian, zakir & Awan, masood sarwar, 2011. "Money Demand Functions for Pakistan (Divisia Approach)," MPRA Paper 34361, University Library of Munich, Germany.

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