Previous studies, that included the exchange rate in the demand for money function to account for currency substitution, assumed that exchange rate changes have symmetric effects on the demand for money in emerging countries. Since assuming symmetric effects implies using a linear model, they were not successful in finding significant link between the exchange rate movements and the demand for money. When we applied a nonlinear model to address the same issue, we found that in most emerging economies in our sample, exchange rate changes do have significant long-run effects on the demand for money and such effects are indeed asymmetric. JEL Classifications: E41, F31

中文翻译：

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汇率变动对货币需求的非对称影响：来自新兴经济体的证据

以前的研究（其中将汇率包含在货币需求函数中以说明货币替代）假设，汇率变化对新兴国家的货币需求具有对称影响。由于假设对称效应意味着要使用线性模型，因此它们未能成功地发现汇​​率变动与货币需求之间的重要联系。当我们应用非线性模型来解决同一问题时，我们发现在我们样本中的大多数新兴经济体中，汇率变化确实对货币需求具有重大的长期影响，而这种影响确实是不对称的。JEL分类：E41，F31