Year-end Sale % OFF 
Abstract
ABSTRACTThis article investigates effects of the global financial crisis (GFC) as well as the euro zone crisis on the position of US dollar as a key currency. We base on a money-in-the-utility model to analyze empirically whether the two crises changed a coefficient on real balance of US dollar in the utility function or its contribution to utility. An empirical result is that the contribution of US dollar to utility decreased during a period when financial institutions faced the US dollar liquidity shortages. The liquidity shortage decreased the contribution of US dollar to utility during the global financial crisis.
Published Version (
Free)
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
