Demand for international money 1962–1977 |
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| Authors: | K Alec Chrystal Nigel D Wilson Philip Quinn |
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| Institution: | University of Essex, Colchester CO4 3SQ, UK;Massachusetts Institute of Technology, Cambridge, MA 02139, USA;Trent Polytechnic, Nottingham NG1 4BU, UK |
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| Abstract: | It has previously been shown that there is a well established pattern of substitution between external holdings of major currencies Chrystal (1977)]. The present paper extends the earlier results through a period of major perturbations in the international monetary system. Such substitutions continue to be well defined, though the present results indicate the presence of dynamic instability in the system as specified. |
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