英文标题：
《The micro-foundations of an open economy money demand: An application to
the Central and Eastern European countries》
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作者：
Claudiu Tiberiu Albulescu (UPT), Dominique P\\\'epin (CRIEF), Stephen
Miller (WGU Nevada)
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最新提交年份：
2017
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英文摘要：
This paper investigates and compares currency substitution between the currencies of Central and Eastern European (CEE) countries and the euro. In addition, we develop a model with microeconomic foundations, which identifies difference between currency substitution and money demand sensitivity to exchange rate variations. More precisely, we posit that currency substitution relates to money demand sensitivity to the interest rate spread between the CEE countries and the euro area. Moreover, we show how the exchange rate affects money demand, even absent a currency substitution effect. This model applies to any country where an international currency offers liquidity services to domestic agents. The model generates empirical tests of long-run money demand using two complementary cointegrating equations. The opportunity cost of holding the money and the scale variable, either household consumption or output, explain the long-run money demand in CEE countries.
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中文摘要：
本文研究并比较了中欧和东欧国家货币与欧元之间的货币替代。此外，我们开发了一个具有微观经济基础的模型，该模型确定了货币替代和货币需求对汇率变化的敏感性之间的差异。更准确地说，我们假设货币替代与货币需求对中欧和东欧国家与欧元区之间利差的敏感性有关。此外，我们还展示了汇率如何影响货币需求，即使没有货币替代效应。该模型适用于任何国际货币向国内代理机构提供流动性服务的国家。该模型使用两个互补的协整方程对长期货币需求进行实证检验。持有货币的机会成本和规模变量（家庭消费或产出）解释了中东欧国家的长期货币需求。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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