TY  - JOUR
TI  - The Demand for Money and Currency Substitution in Russia during and after Hyperinflation: 1992-1996
T2  - HSE Economic Journal 
IS  - HSE Economic Journal 
KW  - demand for money
KW  - dollar
KW  - inflation
KW  - Russia
KW  - cash
KW  - hyperinflation
KW  - the rouble
AB  - This paper presents econometric evidence on the determinants of the demand for a number of rouble and US$ monetary aggregates in Russia and on the stability of these demand functions and of the estimated parameters. The aggregates considered are rouble banknotes, rouble M2, US$ banknotes and US$ deposits held at Russian banks. The data used is monthly and the sample period is May 1993 to January 1997. The econometric model used is the error correction model (EC-model) which distinguishes between the long run (cointegrating) relationship among the variables and the short run dynamics. Particular attention is devoted to measuring the effect of exchange rate changes or expectations thereof and of political risk on rouble and dollar asset demands.
AU  - Tullio Giuseppe
AU  - Nadezhda Ivanova
UR  - https://ej.hse.ru/en/1998-2-2/26548831.html
PY  - 1998
SP  - 159-196
VL  - 2