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Dollarization Dynamics
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Book Synopsis Dollarization Dynamics by : Tomás E. Caravello
Download or read book Dollarization Dynamics written by Tomás E. Caravello and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores the consequences of dollarizing an economy with an initial dollar shortage. We show that the resulting transitional dynamics are tantamount to that of a "sudden stop": consumption of tradable goods fall, the real exchange rate depreciates abruptly by a discrete drop in domestic prices and wages followed by a gradual appreciation from positive inflation. With nominal rigidities the economy first falls into a recession. This is true even if all prices and wages are allowed to adjust flexibly on impact. The subsequent recovery in activity always "overshoots" the steady state: the non-tradable sector transitions from the initial recession to a boom, then asymptotes to its steady state.
Book Synopsis U.S. Dollar Dynamics by : Mr.Ravi Balakrishnan
Download or read book U.S. Dollar Dynamics written by Mr.Ravi Balakrishnan and published by International Monetary Fund. This book was released on 2016-09-08 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the drivers of dynamics of major U.S. FX bilaterals. We first construct a novel measure of FX risk premiums using Consensus exchange rate forecasts. We then use VAR analysis to show that (i) risk premium shocks play a key role in driving dynamics of the major U.S. FX bilaterals; (ii) longer-term interest differentials also matter, especially for the Canadian $ and the Euro; (iii) oil price shocks play a particularly important role for the Canadian $ (an oil exporter); and (iv) risk appetite shocks (e.g., VIX shocks) generally lead to U.S. dollar appreciation. The importance of risk premium and longer-term interest differential shocks fit well with a simple theoretical model and are supported by recent event studies.
Book Synopsis Dollarization Dynamics by : Emilio Ocampo
Download or read book Dollarization Dynamics written by Emilio Ocampo and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze a recent paper that claims that dollarizing an economy in the presence of a "dollar shortage" will provoke an immediate sharp reduction in real output and welfare. We find many problems with the model that supports this conclusion: confusion about the nature of a dollar shortage and its practical implications, invalid assumptions, invariant calibration in the presence of a regime change and lack of empirical testing. In our opinion, the paper does not make a valuable contribution to the dollarization debate nor provide useful guidance to policymakers. The proposed model is based on unrealistic assumptions and its predictions are contradicted by the available evidence. A more promising and useful line of research would have been to investigate what happens to a dollarized economy in a scenario of exchange rate overshooting and how it compares in relation to other stabilization plans.
Book Synopsis Deposit Dollarization Dynamics in a Model of Network Externalities and Hysteresis by : Zaid Jamal Albarzinji
Download or read book Deposit Dollarization Dynamics in a Model of Network Externalities and Hysteresis written by Zaid Jamal Albarzinji and published by . This book was released on 2011 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dollarization and Price Dynamics by : Roberto Vicente Peñaloza Pesantes
Download or read book Dollarization and Price Dynamics written by Roberto Vicente Peñaloza Pesantes and published by . This book was released on 2005 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dollarization by : Eduardo Levy Yeyati
Download or read book Dollarization written by Eduardo Levy Yeyati and published by MIT Press. This book was released on 2003 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theoretical and empirical analysis of de jure dollarization. With the persistent instability of international financial markets, emerging economies are exploring new ways to reduce exposure to capital flow volatility. Some analysts argue that financially open economies are best served by more flexible regimes, while others argue in favor of extreme exchange rate regimes that have a strong commitment to a fixed parity or dispense with an independent currency. The successful launch of the euro has made more realistic the prospect of replacing a national currency with a strong foreign one. Recent examples include the adoption of the US dollar by Ecuador and El Salvador. The introduction of a foreign currency as sole legal tender, termed full (de jure) dollarization, has been the center of much political and academic debate. This book provides a comprehensive analysis of the issues from both theoretical and empirical perspectives. The topics discussed include the role of balance sheet effects, the linkage between currency risk and country risk, the impact of dollarization on trade, financial integration and credibility, the implications of dollarization for the lender of last resort, and the institutional and political economy aspects of dollarization.
Book Synopsis Financial Dollarization of Households and Firms: Does It Differ? by : Mr.Juan S Corrales
Download or read book Financial Dollarization of Households and Firms: Does It Differ? written by Mr.Juan S Corrales and published by International Monetary Fund. This book was released on 2019-01-22 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a newly complied and extended database from International Financial Statistics, and applying different panel-regression techniques, this paper documents the evolution of households’ and firms’ dollarization over the past decade. We assess the macroeconomic determinants of dollarization for households and firms and explore differences between high and low-income countries. We find that households’ and firms’ dollarization in loans and deposits are weakly explained by the currency substitution model, except in low income countries, where inflation plays a significant role. Instead, market development variables such as financial deepening, access to external debt and FX finance as well as other market considerations are key to explain the dynamics of deposits and loans dollarization, regardless of the level of income.These factors can account for a significant fraction of the dollarization, but using a variance decomposition model, there is evidence that a non-negligible portion has yet to be explained. This suggests that there are key determinants for household and firm dollarization that are not fully captured by traditional macroeconomic explanatory variables.
Book Synopsis Chronicle of a Dollarization Foretold by : Tomás E. Caravello
Download or read book Chronicle of a Dollarization Foretold written by Tomás E. Caravello and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate and Inflation Dynamics in Dollarized Economies by : Luis Carranza
Download or read book Exchange Rate and Inflation Dynamics in Dollarized Economies written by Luis Carranza and published by . This book was released on 2008 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dollarization of the Banking System by : Patrick Honohan
Download or read book Dollarization of the Banking System written by Patrick Honohan and published by World Bank Publications. This book was released on 2003 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: De Nicolo, Honohan, and Ize assess the benefits and risks associated with dollarization of the banking system. The authors provide novel empirical evidence on the determinants of dollarization, its role in promoting financial development, and on whether dollarization is associated with financial instability. They find that: The credibility of macroeconomic policy and the quality of institutions are both key determinants of cross-country variations in dollarization. Dollarization is likely to promote financial deepening only in a high inflation environment. Financial instability is likely higher in dollarized economies. The authors discuss the implications of these findings for financial sector and monetary policies.
Book Synopsis U.S. Dollar Dynamics by : Ravi Balakrishnan
Download or read book U.S. Dollar Dynamics written by Ravi Balakrishnan and published by . This book was released on 2016 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the drivers of dynamics of major U.S. FX bilaterals. We first construct a novel measure of FX risk premiums using Consensus exchange rate forecasts. We then use VAR analysis to show that (i) risk premium shocks play a key role in driving dynamics of the major U.S. FX bilaterals; (ii) longer-term interest differentials also matter, especially for the Canadian $ and the Euro; (iii) oil price shocks play a particularly important role for the Canadian $ (an oil exporter); and (iv) risk appetite shocks (e.g., VIX shocks) generally lead to U.S. dollar appreciation. The importance of risk premium and longer-term interest differential shocks fit well with a simple theoretical model and are supported by recent event studies.
Book Synopsis The Dynamics of Currency Substitution, Asset Substitution and de Facto Dollarization and Euroization in Transition Countries by : Edgar L. Feige
Download or read book The Dynamics of Currency Substitution, Asset Substitution and de Facto Dollarization and Euroization in Transition Countries written by Edgar L. Feige and published by . This book was released on 2003 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Exchange Rate and Inflation Dynamics in Dollarized Economies by : Luis Carranza
Download or read book Exchange Rate and Inflation Dynamics in Dollarized Economies written by Luis Carranza and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Network Externalities and Dollarization Hysteresis by : Nienke Oomes
Download or read book Network Externalities and Dollarization Hysteresis written by Nienke Oomes and published by International Monetary Fund. This book was released on 2003-05-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dollarization in Russia increased rapidly during the early 1990s, but failed to come down in the second half of the 1990s in spite of exchange rate stabilization. To explain this "dollarization hysteresis," this paper develops a model in which network externalities in the demand for currency can generate multiple stable steady states for the dollarization ratio. The model is estimated using a new source of data on dollar currency holdings in Russia. On the basis of these estimates, which confirm the existence of network externalities, the paper discusses several policies that could result in a permanent decrease in dollarization.
Book Synopsis Dollarization of the Banking System by : Gianni De Nicoló
Download or read book Dollarization of the Banking System written by Gianni De Nicoló and published by . This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 1991-11-01 with total page 32 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.
