Another visit to the Cagan model of money demand: the latest Russian experience

Article Abstract:

The Cagan style money demand function proved to be unapplicable to Russia during its hyperinflation period from 1992 to 1994. The demand function, which stresses the impact of the expected inflation rate on the demand for real money decline during hyperinflation episode, was invalidated after a stationary long-term relationship between real money balances and the inflation rate was not established. Utilization of error correction model revealed the existence of bidirectional causality between real money balances and determinants of real money demand.

Models, Russia, Inflation (Finance), Money demand, Inflation (Economics)

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Domestic bank runs and speculative attacks on foreign currencies

Article Abstract:

A relationship was established between domestic bank run and speculative attack on foreign currencies. A run in domestic banking system results to a speculative attack in foreign currency as devaluation of foreign currency occurs. Foreign currency devaluation takes place as the foreign exchange reserves of a foreign central bank becomes depleted due to repatriation of foreign capital.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Analysis, Banks (Finance), Economic research, Currency devaluation, Devaluation (Currency), Bank runs

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