Currency Substitution In Latin America

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Currency Substitution

Author : Victor A. Canto
Publisher : Springer Science & Business Media
ISBN 13 : 9400932618
Total Pages : 203 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis Currency Substitution by : Victor A. Canto

Download or read book Currency Substitution written by Victor A. Canto and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work grew out of a series of investigations begun by the authors in 1980 and 1981. Specifically the authors pursued two lines of inquiry. First, to advance the state of the theoretical lit erature to better explain the crises of liberalization which seemed to be afflicting the third world in general and Latin America in particular. To do this, several different kinds of models were in vestigated and adapted. These are presented in Chapters 2, 3 and 5. Secondly an analysis of the empirical evidence was conducted in order to gain insight into the processes that were thought to be occurring and the theoretical models that were being developed. Some of this work appears in Chapters 3, 4, 5 and 6. Other work by the authors on these issues has been published elsewhere and is referenced herein. There are a great many people whose work and whose com ments have influenced this work. We would like to especially thank Guillermo Calvo, Michael Connolly, Sebastian Edwards, Roque Fernandez, Michael Darby, Robert Clower, Neil Wallace, John Kareken, Paul McNelis, Jeffrey Nugent, Jaime Marquez, Lee Ohanian, Leroy Laney, Jorge Braga de Macedo, Dale Henderson, vii Matthew Canzoneiri, Arthur Laffer, Marc Miles, and George Von Furstenberg whose ideas and comments gave rise to much of our work. We would like to thank Suh Lee for his assistance with the computations in Chapter 5.

Currency Substitution in Latin America

Author : Pedro Gomis-Porqueras
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4./5 ( download)

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Book Synopsis Currency Substitution in Latin America by : Pedro Gomis-Porqueras

Download or read book Currency Substitution in Latin America written by Pedro Gomis-Porqueras and published by World Bank Publications. This book was released on 2000 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: What causes currency substitution (foreign money substituting for domestic money)? What significance has it had in recent banking crises? And what is the relationship between currency conversion and macroeconmic volatility in Latin America?

Currency Substitution in Latin America

Author : Pedro Gomis-Porqueras
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Currency Substitution in Latin America by : Pedro Gomis-Porqueras

Download or read book Currency Substitution in Latin America written by Pedro Gomis-Porqueras and published by . This book was released on 2000 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: What causes currency substitution (foreign money substituting for domestic money)? What significance has it had in recent banking crises? And what is the relationship between currency conversion and macroeconmic volatility in Latin America?

Currency Substitution in Developing Countries

Author : Diana Brand
Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Currency Substitution in Developing Countries by : Diana Brand

Download or read book Currency Substitution in Developing Countries written by Diana Brand and published by . This book was released on 1993 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Dollarization in Latin America

Author : Miguel A. Savastano
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Dollarization in Latin America by : Miguel A. Savastano

Download or read book Dollarization in Latin America written by Miguel A. Savastano and published by International Monetary Fund. This book was released on 1996 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the pattern of dollarization in Latin America, focusing on the experience of five countries (Argentina, Bolivia, Mexico, Peru and Uruguay) during 1970-1993. It presents evidence on the relative size of dollarization, the allocation of foreign currency deposits, and the behavior of money velocity. The discussion stresses the role of institutional factors, macroeconomic conditions, and the dynamics of money demand In shaping the dollarization process; it also highlights the shortcomings of indicators frequently employed to analyze the phenomenon. The paper provides a brief critical assessment of the empirical literature on dollarization, and identifies areas where further research seems warranted.

Currency Substitution in Developing Countries

Author : Mr.Guillermo Calvo
Publisher : International Monetary Fund
ISBN 13 : 145184588X
Total Pages : 32 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Currency Substitution in Developing Countries by : Mr.Guillermo Calvo

Download or read book Currency Substitution in Developing Countries written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1992-05-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not; second, how the presence of currency substitution affects the choice of nominal anchors in inflation stabilization programs; third, the effects of changes in the rate of growth of the money supply on the real exchange rate; fourth, the interaction between inflationary finance and currency substitution; and, finally, issues related to the empirical verification of the currency substitution hypothesis.

Currency Substitution in Latin America

Author : Carlos J. Serrano
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Currency Substitution in Latin America by : Carlos J. Serrano

Download or read book Currency Substitution in Latin America written by Carlos J. Serrano and published by . This book was released on 2016 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: What causes currency substitution (foreign money substituting for domestic money)? What significance has it had in recent banking crises? And what is the relationship between currency conversion and macroeconomic volatility in Latin America?Gomis-Porqueras, Serrano, and Somuano study how agents in Latin America allocate their balances between dollar-denominated and domestic currency-denominated accounts. They empirically determine the causes of currency substitution, its significance in recent banking crises, and the link between currency substitution and volatility in macroeconomic aggregates.Their findings: The ratio of dollar deposits to broad money is strongly influenced by expectations of depreciation. They show that depositors in Latin America face some uncertainty and frictions when making their portfolio decisions.They explore the macroeconomic consequences of a dollarized economy. In particular, they find that, in the presence of currency substitution, past banking crises are good predictors of future crises. In other words, having a highly dollarized economy increases the response of the banking system when there is a bad shock, which halts the outflow of capital. Once an economy is in a crisis, however, having more dollar-denominated deposits in the banking system increases the probability of a longer crisis in the future, because it increases exchange rate exposure in an already weak banking system.Finally, they show that the volatility of macro-economic variables linked to the financial system increases whenever the economy becomes more dollarized, which in turn makes the choice of monetary targets more difficult.This paper - a product of Poverty Reduction and Economic Management Sector Unit, East Asia and Pacific Region - is part of a larger effort in the region to understand the macroeconomic effects of dollarization. The authors may be contacted at [email protected], [email protected], or [email protected].

Monetary Stability in Latin America

Author : United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Domestic and International Monetary Policy
Publisher :
ISBN 13 :
Total Pages : 88 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Monetary Stability in Latin America by : United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Domestic and International Monetary Policy

Download or read book Monetary Stability in Latin America written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Domestic and International Monetary Policy and published by . This book was released on 2000 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Official Dollarization in Latin America

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Official Dollarization in Latin America by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy

Download or read book Official Dollarization in Latin America written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy and published by . This book was released on 2000 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Monetary Policy Strategies for Latin America

Author : Frederic S. Mishkin
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4./5 ( download)

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Book Synopsis Monetary Policy Strategies for Latin America by : Frederic S. Mishkin

Download or read book Monetary Policy Strategies for Latin America written by Frederic S. Mishkin and published by World Bank Publications. This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Instead of focusing the debate about the conduct of monetary policy on whether the nominal exchange rate should be fixed or flexible, the focus should be on whether the monetary policy regime appropriately constrains discretion in monetary policymaking. Three frameworks deserve serious discussion as possible long-run strategies for monetary policy in Latin America. A hard exchange-rate peg, monetary targeting, and inflation targeting.

Foreign Exchange Intervention in Inflation Targeters in Latin America

Author : Mr.Marcos d Chamon
Publisher : International Monetary Fund
ISBN 13 : 1484393023
Total Pages : 320 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Foreign Exchange Intervention in Inflation Targeters in Latin America by : Mr.Marcos d Chamon

Download or read book Foreign Exchange Intervention in Inflation Targeters in Latin America written by Mr.Marcos d Chamon and published by International Monetary Fund. This book was released on 2019-03-01 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin American experience can be informative because some of its largest countries adopted floating exchange rate regimes and inflation targeting while continuing to intervene in foreign exchange markets. This edited volume reviews detailed accounts from several Latin American countries’ central banks, and it provides insight into how and with what aim many interventions were decided and implemented. This book documents the effectiveness of intervention and pays special attention to the role of foreign exchange intervention policy within inflation-targeting monetary frameworks. The main lesson from Latin America’s foreign exchange interventions, in the context of inflation targeting, is that the region has had a considerable degree of success. Transparency and a clear communication policy have been key. For economies that are not highly dollarized, rules-based intervention helped contain financial instability and build international reserves while preserving inflation targets. The Latin American experience can help other countries in the design and implementation of their policies.

Dollarization in Latin America

Author : Mr.Pablo Emilio Guidotti
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Dollarization in Latin America by : Mr.Pablo Emilio Guidotti

Download or read book Dollarization in Latin America written by Mr.Pablo Emilio Guidotti and published by International Monetary Fund. This book was released on 1991-11 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

What is Driving Financial De-Dollarization in Latin America?

Author : Mr.Sebastian Sosa
Publisher : International Monetary Fund
ISBN 13 : 1455211885
Total Pages : 25 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis What is Driving Financial De-Dollarization in Latin America? by : Mr.Sebastian Sosa

Download or read book What is Driving Financial De-Dollarization in Latin America? written by Mr.Sebastian Sosa and published by International Monetary Fund. This book was released on 2011-01-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last decade, a group of Latin American countries (Bolivia, Paraguay, Peru, and Uruguay) experienced a gradual, yet sustained decline in financial dollarization. This paper documents the stylized facts and uses a standard VAR approach to examine the drivers of both deposit and credit de-dollarization. It finds that the exchange rate appreciation has been a key factor explaining deposit de-dollarization. The introduction of prudential measures to create incentives to internalize the risks of dollarization (including an active management of reserve requirement differentials), the development of a capital market in local currency, and de-dollarization of deposits have all contributed to a decline in credit dollarization. Continuing efforts on these fronts, while maintaining macroeconomic stability and strong fundamentals, would help deepening de-dollarization.

Proceedings of a Conference on Currency Substitution and Currency Boards

Author : Nissan Liviatan
Publisher : World Bank Publications
ISBN 13 : 9780821325216
Total Pages : 132 pages
Book Rating : 4.3/5 (252 download)

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Book Synopsis Proceedings of a Conference on Currency Substitution and Currency Boards by : Nissan Liviatan

Download or read book Proceedings of a Conference on Currency Substitution and Currency Boards written by Nissan Liviatan and published by World Bank Publications. This book was released on 1993-01-01 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eighteen well-known policymakers and economists discuss the rising use of currency substitution in Latin America. They examine the effects of currency boards on substitute currencies and on national stabilization programs. Latin American countries including Argentina, Bolivia, Peru, and Uruguay increasingly use dollars as a substitute for domestic currency. The experts debate whether the region should encourage or resist this trend. Topics include the effects of substitution on inflation, liquidity, and exchange rates. The discussions on Argentina, Peru, and Brazil focus on the ways in which currency boards have affected stabilization in these countries. They consider whether such boards can strengthen fiscal discipline and speed economic adjustment. A currency board issues money that is converted into a foreign reserve currency at a fixed exchange rate. This independent institution takes over the central bank's role as the sole issuer of base money. It also manages the exchange rate to keep the currency stable and convertible.

Financial Dollarization in Latin America

Author :
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (848 download)

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Book Synopsis Financial Dollarization in Latin America by :

Download or read book Financial Dollarization in Latin America written by and published by . This book was released on 2006 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Central Banking in Latin America

Author : Mr.Luis Ignacio Jácome
Publisher : International Monetary Fund
ISBN 13 : 1484303180
Total Pages : 57 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Central Banking in Latin America by : Mr.Luis Ignacio Jácome

Download or read book Central Banking in Latin America written by Mr.Luis Ignacio Jácome and published by International Monetary Fund. This book was released on 2015-03-17 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.

Currency Substitution

Author : Mr.Benedict J. Clements
Publisher : International Monetary Fund
ISBN 13 : 1451848617
Total Pages : 32 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Currency Substitution by : Mr.Benedict J. Clements

Download or read book Currency Substitution written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 1992-08-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the determinants of currency substitution in Bolivia in the period following the 1984/85 hyperinflation. We find that expected exchange rate depreciation and actual interest rate differentials between boliviano and dollar deposits in the Bolivian banking system are statistically significant determinants of the degree of currency substitution. However, the explanatory power of these variables is low compared to variables that measure the degree of inertia in the currency substitution process. Thus, further reductions in inflation or higher interest rates for boliviano bank deposits are likely to have but a small effect on dollarization.