ÐÏࡱá>þÿ 14þÿÿÿ0ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿì¥ÁÀ ðR¿Sbjbj¢¢8rÈrÈE ÿÿÿÿÿÿ·$$‰‰‰‰‰ÿÿÿÿ���8Õ$ù�ôú ####ƒƒƒ—™™™™™™î² *™‰ƒƒƒƒƒ™‰‰##`®ÙÙÙƒv‰#‰#—Ùƒ—ÙÙÙ#ÿÿÿÿÀ9Y“¼ŸÏÿÿÿÿù:ÙƒÄ0ôÙÊ3¦ÊÙÙ>ʉlƒƒÙƒƒƒƒƒ™™Ùƒƒƒôƒƒƒƒÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿʃƒƒƒƒƒƒƒƒ$+ 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      %&]^_dfgmnp‰ÎÏïâÐâô¥–‡–ti^S¥^–‡–DhmChO]xCJaJnHtHhmCh?##CJaJhmChO÷CJaJhmChž0'CJaJ%hmCh(1B* CJaJnHph€€tHhmCh(1CJaJnHtHhmChž0'CJaJnHtHhmCh?##CJaJnHtHhmCh¼LÃCJaJnHtHhž0'CJaJnHo(tH"h¼LÃh¼LÃCJH*aJnHo(tHh¼LÃCJaJnHo(tHhmChž0'5�CJaJnHtH&^_opo p ! § ¨ Ñ é u ­ 01wxúúúúúúúúúòúêúââÝÝÝÝÝúúúúúgd¼LÃ$a$gd¥c<$a$gd¼LÃ$a$gd³n$a$Ï  V n p v  ! & 1 ¦ § ¨ ¼ ¾ Ï Ð Ñ è é ïßÐÀ±Ð¤±Ð±Ð¤Ð—¤€jV€=€=1h¼LÃh¼LÃB*OJPJQJ^J_HnHphtH'h¼LÃB*CJPJ_HaJnHphtH*h¼LÃB*CJPJ_HaJnHo(phtH-h¼LÃh¼LÃB*CJPJ_HaJnHphtHhž0'CJaJnHo(tHh¼LÃCJaJnHo(tHhmCh³nCJaJnHtHhmChš†6�CJaJnHtHhmChž0'CJaJnHtHhmChO]xCJ\�aJnHtHhmChš†5�CJaJnHtHé ò t u Œ ¬ ­ ¼ ½ ô õ £¨ìѸ졸ì‰ì‰t‰¸eVE6h¼LÃCJPJaJnHo(tH hmChž0'CJPJaJnHtHhmCh(1CJaJnHtHhmChž0'CJaJnHtH(h¼LÃh¼LÃ>*B*PJ_HnHphÿtH.jh¼LÃh¼LÃB*PJU_HnHphtH-h¼LÃh¼LÃB*CJPJ_HaJnHphtH1h¼LÃh¼LÃB*OJPJQJ^J_HnHphtH5h¼LÃh¼LÃB*CJKH_HaJmH nHphsH tH%h¼LÃh¼LÃB*PJ_HnHphtH./16:S‚ƒØÙÚÛæ  "DEFHIKLNORSñâÓĵÄÓ¦—Š~Š—o—o—ÓgcgcgcgcÓhA=jhA=UhmChâ÷CJaJnHtHh$XCJaJnHtHh$XCJaJnHo(tHhmCh³nCJaJnHtHhmChO]xCJaJnHtHhmCh2ðCJaJnHtHhmChÖ_«CJaJnHtHhmChž0'CJaJnHtHh¼LÃCJPJaJnHo(tHhmCh¼LÃCJaJnHtHxƒ’Ùæô "EGHJKMNPQRSúúòòòòòòòðððððððððò$a$gd³n$a$6&P1�h:p$J°Ð/ °à=!°"°#�$�%°°Ð°Ð �Ðb ˜žžžžžžžž666666666vvvvvvvvv66666>666666666666666666666666666¨6666666666¸666666666666hH66666666666666666666666666666666666666666666666666666666666666666°62ÀÐàð 0@P`p€�ÀÐàð2(Øè 0@P`p€�ÀÐàð 0@P`p€�ÀÐàð 0@P`p€�ÀÐàð 0@P`p€�ÀÐàð 0@P`p€�ÀÐàð 0@P`p€�8XøV~PJ_HmH nHsH tH8`ñÿ8 $Jj–nCJ_H aJmH sH tH $A òÿ¡$ µk=„Õ0©0ó0È0Bióÿ³B 0j–nn0hˆö4Ö l4Öaö $k ôÿÁ$ 0ê0¹0È0j0W0 ,B@ò, $J,g‡ea$nHtH22 $JØ0Ã0À0ü0Æœ8!G$2 2 $JÕ0Ã0¿0ü0Æœ8!G$,'`òÿ!, $J³0á0ó0È0ÂSgqCJaJ2@22 $J³0á0ó0È0‡eW[RCJaJ4þoòÿA4 $J ³0á0ó0È0‡eW[R (‡eW[)_H .j@12. $J³0á0ó0È0…Q¹[5\8þoòÿa8 $J ³0á0ó0È0…Q¹[ (‡eW[) 5�\�_H 8™@r8 $J9TM0úQW0CJOJQJ^JaJBþoòÿ�B $J 9TM0úQW0 (‡eW[)CJOJQJ^J_H aJ<²`ñÿ’<$J Yôf‡{@bCJ_H aJmH sH tH  L ¼LÃ0åeØN6þoòÿ±6 ¼LÃ0åeØN (‡eW[)CJ_H aJtH 0U`òÿÁ0 ¼LÃ0Ï0¤0Ñ0ü0ê0ó0¯0 >*phÿPK!éÞ¿ÿ[Content_Types].xml¬‘ËNÃ0E÷Hüƒå-Jœ²@%é‚ÇŽÇ¢|ÀÈ™$ÉØ²§Uû÷LÒTB¨ l,Ù3÷ž;ãr½µÃ˜œ§J¯òB+$ëG]¥ß7OÙ­V‰�úøøèùñÑ×ÞF¦¦Ã@W¬¤ð™èi%Ä™k°ÃýªFȉl3�0kz qÈûäžòÃRÁ‹¦W1?ÞÒÆå%¼žNbjÎܼ®ùI祆ûËF§¹Òj·Ö¸´•Ë7¦fq�N§Ý©æò û>xjm)ʬuת­Lfd?ÎÊnWꕚ‹/È_™±¹Ñjµê�Ô+Ô€ìÇÚ ~­²ZÛ\vðdñõ|­µÙn¯:x²øÕ|÷Rcµæâ (d4ÞŸAë„v»©ô2âl»¾ðµJ Ÿ¢ òêÒ*FL0tÆTÚ«çß¿zþ?xvüà§ã££ã?ZAάmÅY/¿ýô¯Ç÷ÑŸO¿yùèór¼,âûáá¯?V„晚óâ‹'¿?{òâËOþøîQ |SàAÞ§‘è9D{<ÇLT\ËÉ@œoF?Ä´8c3$ޱÖR"¿£B}c‚.ÁµˆÁÛÈ£ xu|×1¸б¢%¯…‘Ü᜵¸(�Â5­«æþ8Ê•‹q·‡ñA™î6Ž�üvÆ °&-Ù‰cæ.ñ‰‰Búß'¤Ä»;”:qÝ¡¾à’�ºCQ ÓÒ�ôéÀ©¦é¤mA^&eB¾�ØìÜF-ÎʼÞ".º"kE§èú„9a¼ŠÇ Ge"û8bÅ€_Ç*,3²7~ב 2ÆQgH¤,›sS€¿…¤_ÃÀW¥ißa“ÈE E÷Ëd^Çœ‘[|¿â()Ãöh±È}(QŒv¹*ƒïp·Cô3äÇsÓ}›'ݧ³Á-8&M D¿‹’B¼J¸S¿½ ab¨(ÝaêˆÆói» +ïXL¬†Å7P勯—Øý¶RvaùrzfûQÏÃ�¤ç6Cúö³óÇ»bv‰zGÎïÈÙûÏ“ó¼~^<%OYZsŒÝf›Mw4wÏ=¢ŒõÔ„‘ëÒl»%¬=Ã. êyæäIò3XÂGÝÉ ÀÁ›9HpõUa/Ä lÙ«žÈTt QÂ%Íp©l�‡m¿²ͺ>‚Xæ�Xíð¡^ÑÃÙI#c¬ Ìq6S´¢œUÙÊ¥T(øö:ʪڨ3k«Ó ):Úr—uˆÍ‘Bž»ƒy4aSƒ`+Q^…³¿V ‡ÌÈPÇÝæ(K‹ÉÂ"S$C<$iŽ´ß³9ªš$eµ2ãˆöÃ>6žµ‚¶†ûÚÎ’¤¢ºÚuYöÞ$KYO³ÒN¶#‹‹ÍÉbtØôõ庇|œ4½œ’ác”@Ö¥ÞGbÀ¥“¯„-ûS›Ùtù4›�Ì1· ªpñaã>ã°Ã‰�j ËЖ†y•–‹µ&kÿrº(JØèlV¬¬A1ükV@ÝԒшøª˜ìˆŽ�}L©”�½pxˆl,ö0¤_—*ø3¤®; #踙ÓÑ6¯\rN›®xfpv³$Ä)ÝêÍ:Ù !å6˜§‚yà[©íƹó»bZ~A®ËøæŠ^Oàöae¨3àñÀHwJÓãB…X( ©ß°q0ÜÕ·»ðŠ .ªÍAôÛsV†ik8Dª= Aa=R¡ dhÉTß)ªéÚeE²T�©¨‚¹2±fÈa}Í�«zm÷P¥nØ$¥ƒ;YîsÚAƒ@orŠýæ0Y¾öÚø§w>¶™Á)—‡Í†&‹nb¾=˜®ªv¾™ž­½EGô‹é6«–u(+,�´í_Ó„s.µ–±f<^®gÆAg=†Á|C”ÀÒ`ý£ÂgÄ”±^Pû|¸ÁWZ” Tõ»ñ@š íà6NvГeC›n�tÔ²ÅzÁ;Ý\ï‰`kËÎ’ïs;ßœ¹êœ^\d°Ó;±¶csC ™=Ù¢04Ê2&1æë²â÷X|p½ßŒ™’¦˜à[*�aÝ3}Ío5š©ÿÿPK! 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