The Measurement of Co-Circulation of Currencies and Dollarization in the Republic of Armenia From: The European Journal of Comparative Economics | Date: January 1, 2005| Author: Zoryan, Hakob | Copyright Università Carlo Cattaneo - Biblioteca Mario Rostoni 2005. Provided by ProQuest LLC.Copyright information

Abstract

This paper attempts to estimate the actual (de facto) level of dollarization in Armenia. "Co-circulation" involves the regular use of two or more currencies within an economy. The existence of an unknown amount of foreign currency in circulation makes the outcome of domestic monetary policy uncertain. The volume of foreign currency deposits is easily obtained from the official statistics. However, it is very hard to determine the stock of foreign currency in circulation. The e...

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