ࡱ> 140 RSbjbj8rrE $$8$ ####*##`v###9Y:03>l$+ O:  July 15th, 2014 Ilhan Ozturk Editor International Journal of Economics and Financial Issues Dear Dr Ozturk: I, along with my coauthor, would like to ask you to consider the attached manuscript entitled Does Currency Substitution Affect Exchange Rate Volatility? for publication in International Journal of Economics and Financial Issues as an original article. This study extends previous studies by investigating the impacts of the degree of currency substitution on nominal exchange rate volatility in seven countries by use the TARCH model to consider the ratchet effect of currency substitution. We also use sample periods in the 2000s, during which time the economies of the sample countries stabilized, while the U.S. dollar and euro depreciated against other major currencies following the recent global financial crisis. The presented empirical analyses show that the degree of currency substitution has significant positive effects on the conditional variance of the depreciation rate of the nominal exchange rate in most sample countries. We believe that the findings of this study are relevant to the scope of your journal and will be of interest to its readership. Please consider, as a potential referee; Name: Kenichi Tamegawa Address: Faculty of Literature and Social Sceiences, Yamagata University, 1-4-12, Kojirakawa-machi, Yamagata-shi, Yamagata, 990-8560, Japan Phone and fax numbers: +81-23-628-4200, +81-23-628-4212 Email address:  HYPERLINK "mailto:tamegawa@human.kj.yamagata-u.ac.jp" tamegawa@human.kj.yamagata-u.ac.jp This manuscript has not been published or presented elsewhere in part or in entirety, and is not under consideration by another journal. Both authors have approved the manuscript and agree with submission to your esteemed journal. There are no conflicts of interest to declare. Thank you for your consideration. I look forward to hearing from you. Sincerely, Hisao Kumamoto Faculty of Economics and Business Administration, Fukushima University 1 Kanayagawa Fukushima-shi Fukushima 960-1296 Japan Tel: +81-24-548-8434 E-mail: e010@ipc.fukushima-u.ac.jp      %&]^_dfgmnpôti^S^DhmChO]xCJaJnHtHhmCh?##CJaJhmChOCJaJhmCh0'CJaJ%hmCh(1B* CJaJnHphtHhmCh(1CJaJnHtHhmCh0'CJaJnHtHhmCh?##CJaJnHtHhmChLCJaJnHtHh0'CJaJnHo(tH"hLhLCJH*aJnHo(tHhLCJaJnHo(tHhmCh0'5CJaJnHtH&^_opo p ! u 01wxgdL$a$gdc<$a$gdL$a$gdn$a$  V n p v  ! & 1 ФбФЗjV==1hLhLB*OJPJQJ^J_HnHphtH'hLB*CJPJ_HaJnHphtH*hLB*CJPJ_HaJnHo(phtH-hLhLB*CJPJ_HaJnHphtHh0'CJaJnHo(tHhLCJaJnHo(tHhmChnCJaJnHtHhmCh6CJaJnHtHhmCh0'CJaJnHtHhmChO]xCJ\aJnHtHhmCh5CJaJnHtH t u Ѹ졸teVE6hLCJPJaJnHo(tH hmCh0'CJPJaJnHtHhmCh(1CJaJnHtHhmCh0'CJaJnHtH(hLhL>*B*PJ_HnHphtH.jhLhLB*PJU_HnHphtH-hLhLB*CJPJ_HaJnHphtH1hLhLB*OJPJQJ^J_HnHphtH5hLhLB*CJKH_HaJmH nHphsH tH%hLhLB*PJ_HnHphtH./16:S  "DEFHIKLNORSĵӦ~oogcgcgcgchA=jhA=UhmChCJaJnHtHh$XCJaJnHtHh$XCJaJnHo(tHhmChnCJaJnHtHhmChO]xCJaJnHtHhmCh2CJaJnHtHhmCh_CJaJnHtHhmCh0'CJaJnHtHhLCJPJaJnHo(tHhmChLCJaJnHtHx "EGHJKMNPQRS$a$gdn$a$6&P1h:p$J/ =!"#$% b 666666666vvvvvvvvv66666>6666666666666666666666666666666666666666666666666hH6666666666666666666666666666666666666666666666666666666666666666662 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~PJ_HmH nHsH tH8`8 $JjnCJ_H aJmH sH tH $A $ k=0000BiB 0jnn0h4 l4a $k $ 0000j0W0 ,B@, $J,gea$nHtH22 $J00008!G$2 2 $J00008!G$,'`!, $J0000SgqCJaJ2@22 $J0000eW[RCJaJ4oA4 $J 0000eW[R (eW[)_H .j@12. $J0000Q[5\8oa8 $J 0000Q[ (eW[) 5\_H 8@r8 $J9TM0QW0CJOJQJ^JaJBoB $J 9TM0QW0 (eW[)CJOJQJ^J_H aJ<`<$J Yf{@bCJ_H aJmH sH tH  L L0eN6o6 L0eN (eW[)CJ_H aJtH 0U`0 L00000000 >*phPK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭VF@Wi%ękFȉl30kzqRW1?%Nbj¼IFjָ7fqNݩ >xjm)ʬuתLfd?nWꕚ/_j+Ԁ ~Z\vd|n:x|Rc (d4ޟAv2lJ *FL0tTګ߿z?xv㣣?ZAάmY/џOyr,?V晚'?{OQ |SAާ9D{<LT\@oF?Ĵ8c3$R"B}c.ȣ xu|1%᜵(58ʕqA6v &-c.ñB'Ļ;:qݡCQ ҐmA^&eBF-ʼ"."kE9a Ge"8bŀ_*,37~ב 2QgH,sS_WiaE Ed^ǜ[|()h}(Qv*pC3s}'ݧ-8&M DBJS ab(ai +XL7P勯RvarzfQÝ6CǻbvzGϓ~^<%OYZsfMw4w=Ԅl%=. yI3XGɠ9HpUa/ l٫Tt Q%plmͺ>XX^I#c q6SUʥT(:ʪڨ3k ):ru͑By4aS`+Q^V P(K"S$C<$i߳9$e2>6ΒuY$KYON#bt庇|4c@֥Gb-St41 pa>j Жy&krº(JlVA1kV@Ԓшˆ}Lpxl,0_*3; #6\rNxfpv$): !6y[ƹbZ~A^Oae3HwJBX( q0 .AsVik8D= Aa=R dhT)ªeET2fa}́zmPn$;YsA@or0Yw>)͆&nb=vEG6u(+,_ӄs.f<^gAg=|C`gĔ^P|WZ T@ 6NveCntԲz;\`kΒs;ߜ^\d;csC =٢042&1X|p[*a3}o5PK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 0_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-! stheme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] S  S xS SXl c $7""7""@H 0(  0(  B S  ?;KVYEGHJKMNPTEGHJKMNPTpD!/1DEGHJKMNPT; tG&tG&YD; }DYDUFp)nG>h2I > \ $J $Xb)!?##I?&0'*+0(1p2m3h56R6c<A=CmC5E4FjKGdS ;W,^{_ZWbBAhhwotuq-uXxO]xaxu8Kr4-Q60s&F+ELmr_?ip~]8LMHzi,`c@Jpga762R2OEG@S@UnknownG*Ax Times New Roman5Symbol3. *Cx Arial9> j-3 00000I> ??Arial Unicode MSG j-3 fgMS Mincho5. .[`)TahomaA$BCambria Math"qhz'G%z'G; ; !r0AA 2QX $P6!xx Oh+'0L    ,4<DNormal1Microsoft Office Word@@S@􁼟; ՜.+,D՜.+,8 `hpx  A   ^CgTitle 8@ _PID_HLINKSAZv*mailto:tamegawa@human.kj.yamagata-u.ac.jp !"#$%&')*+,-./236Root Entry F9Y51TableWordDocument 8SummaryInformation( DocumentSummaryInformation8(MsoDataStoreRM9Y0JXU4YMA==2RM9YItem PropertiesUCompObj n   FMicrosoft Word 97-2003 MSWordDocWord.Document.89q