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International Monetary Fund
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
International Monetary Fund

This paper selectively reviews policy and analytical issues related to currency substitution in developing countries. The paper examines, first, whether or not currency substitution should be encouraged; second, how the presence of currency substitution affects the choice of nominal anchors in inflation stabilization programs; third, how changes in the rate of growth of the money supply affect the real exchange rate; fourth, the way in which inflationary finance and currency substitution interact; and, finally, issues related to the empirical verification