Inflation Currency Substitution And Dollarization

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Dollarization in Transition Economies

Author : Ms.Ratna Sahay
Publisher : International Monetary Fund
ISBN 13 : 145195008X
Total Pages : 34 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Dollarization in Transition Economies by : Ms.Ratna Sahay

Download or read book Dollarization in Transition Economies written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 1995-09-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: After most restrictions on foreign currency holdings were relaxed in the early 1990s, foreign currency deposits in transition economies have been increasing rapidly. This paper takes a first look at the evidence on dollarization for 15 transition economies, and then discusses some key conceptual and policy implications. Depending on the institutional constraints, foreign currency deposits as a proportion of broad money reached a peak of between 30 and 60 percent in 1992-93. Unlike what has been observed in Latin America, however, dollarization has fallen substantially in the aftermath of successful stabilization plans in Estonia, Lithuania, Mongolia, and Poland. Since foreign currency deposits reflect mainly a portfolio choice, the fall in dollarization can be primarily attributed to higher real returns on domestic-currency assets, as a result of lower inflation and more market-determined interest rates.

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 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.

Implementing Official Dollarization

Author : Mr.Luis Ignacio Jácome
Publisher : International Monetary Fund
ISBN 13 : 1455200654
Total Pages : 33 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Implementing Official Dollarization by : Mr.Luis Ignacio Jácome

Download or read book Implementing Official Dollarization written by Mr.Luis Ignacio Jácome and published by International Monetary Fund. This book was released on 2010-04-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies key aspects that countries willing to officially dollarize must necessarily address. Based on country experiences, it discusses the critical institutional bases that are necessary to unilaterally introduce a new legal tender, describes the relevant operational issues to smooth the transition toward the use of the new currency, and identifies key structural reforms that are necessary to favor the sustainability over time of this monetary regime. The paper is aimed at providing preliminary guidance to policy makers and practitioners adopting official dollarization. The paper does not take a position on how appropriate this monetary arrangement is. Experiences from adopting dollarization in Ecuador, El Salvador, Kosovo, Montenegro, and Timor-Leste are illustrated briefly.

The Dollarization Debate

Author : Dominick Salvatore
Publisher : Oxford University Press, USA
ISBN 13 : 019515536X
Total Pages : 491 pages
Book Rating : 4.1/5 (951 download)

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Book Synopsis The Dollarization Debate by : Dominick Salvatore

Download or read book The Dollarization Debate written by Dominick Salvatore and published by Oxford University Press, USA. This book was released on 2003 with total page 491 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a global approach to one of today's most controversial topics in business: Dollarization. With the collapse of the former Soviet Union, and the formation of the Euro in Europe, many countries are debating whether or not a common currency is in their best interest. This intriguing volume brings together the leading participants in the current dollarization debates.

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.

Inflation, Currency Substitution and Dollarization

Author : Eugenio J. Alemán
Publisher :
ISBN 13 :
Total Pages : 177 pages
Book Rating : 4.:/5 (76 download)

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Book Synopsis Inflation, Currency Substitution and Dollarization by : Eugenio J. Alemán

Download or read book Inflation, Currency Substitution and Dollarization written by Eugenio J. Alemán and published by . This book was released on 1995 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Dollarization in Lebanon

Author : Mr.Johannes Mueller
Publisher : International Monetary Fund
ISBN 13 : 1451934610
Total Pages : 50 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Dollarization in Lebanon by : Mr.Johannes Mueller

Download or read book Dollarization in Lebanon written by Mr.Johannes Mueller and published by International Monetary Fund. This book was released on 1994-10-01 with total page 50 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.

Smuggling, Currency Substitution and Unofficial Dollarization

Author : Alex Mourmouras
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Smuggling, Currency Substitution and Unofficial Dollarization by : Alex Mourmouras

Download or read book Smuggling, Currency Substitution and Unofficial Dollarization written by Alex Mourmouras and published by International Monetary Fund. This book was released on 2000-10 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large quantities of U.S. dollars and other hard currencies circulate alongside domestic currencies in many countries of the former Soviet Union, in Central, Eastern, and Southeastern Europe, the Middle East, Latin America and elsewhere. Over half of all U.S. currency outside banks is located abroad, and the foreign stock of U.S. currency has been growing about 3 times as fast as the domestic stock during the 1990s. Similarly, 30-40 percent of the deutsche marks outstanding are held outside Germany.2 The high degree of unofficial dollarization is one reason some emerging market policymakers sought to go the extra step of officially dollarizing their economies.3

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.

Understanding Dollarization

Author : Emre Ozsoz
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110437023
Total Pages : 140 pages
Book Rating : 4.1/5 (14 download)

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Book Synopsis Understanding Dollarization by : Emre Ozsoz

Download or read book Understanding Dollarization written by Emre Ozsoz and published by Walter de Gruyter GmbH & Co KG. This book was released on 2016-05-24 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: A very commonly observed phenomenon in developing and emerging market economies is the use of another country’s currency (whether the US dollar or another currency) in lieu or in addition to the local currency. The most common type of this financial phenomenon is partial (de facto) dollarization where foreign currencies are used side by side with local currency for saving and borrowing purposes in addition to serving as medium of exchange. Governments in these countries have been encouraging dollarization for years by allowing their citizens to save and borrow from local banks in foreign currency. Yet the existence of multiple currencies on banks' balance sheets on both the asset and liability side poses risks to the health and stability of the banking system. This book evaluates the practical aspects of partial dollarization in countries such as Turkey, South Korea, Peru, and Cambodia among others. Starting with the origins of the phenomenon, the impact on banking systems and financial depth of the credit markets are discussed along with risks to the banking systems. Challenges faced by Central Banks and banking regulators are evaluated using recent country studies.

Dollarization of Financial Intermediation

Author : Mr.Alain Ize
Publisher : International Monetary Fund
ISBN 13 : 1451844638
Total Pages : 49 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Dollarization of Financial Intermediation by : Mr.Alain Ize

Download or read book Dollarization of Financial Intermediation written by Mr.Alain Ize and published by International Monetary Fund. This book was released on 1998-03-01 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a portfolio model of financial intermediation in which currency choice is determined by hedging decisions on both sides of a bank’s balance sheet. Minimum variance portfolio (MVP) allocations are found to provide a natural benchmark to estimate the scope for dollarization of bank deposits and loans as a function of macroeconomic uncertainty. Dollarization hysteresis is shown to occur when the expected volatility of the inflation rate is high in relation to that of the real exchange rate. The evidence shows that MVP dollarization generally approximates actual dollarization closely for a broad sample of countries, and policy implications are explored.

Revisiting the Concept of Dollarization

Author : MissNkunde Mwase
Publisher : International Monetary Fund
ISBN 13 : 1484366913
Total Pages : 31 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Revisiting the Concept of Dollarization by : MissNkunde Mwase

Download or read book Revisiting the Concept of Dollarization written by MissNkunde Mwase and published by International Monetary Fund. This book was released on 2015-01-22 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic literature has examined deposit dollarization in nominal terms, typically focusing on the ratio of foreign currency deposits to broad money. However, while private agent demand for foreign currency may remain unchanged in foreign currency terms, there could be large fluctuations in the dollarization ratio simply due to exchange rate movements. This paper proposes a new approach to measuring dollarization that removes these exchange rate effects, and demonstrates that beyond the variance of inflation and depreciation, the level of inflation and size of depreciation also matter for dollarization. While dollarization in nominal terms surged during the recent global financial crisis, there was a downward trend in real terms. Employing a set of econometric estimators, this paper investigates whether “real” dollarization during 2006–09 was associated with the crisis, and the role of initial macroeconomic conditions, quality of institutions, risk aversion, and prudential measures. We find that exchange rate appreciation and reductions in sovereign risk do moderate dollarization; but the results for global volatility have low statistical significance, perhaps because global shocks tend to preserve, to a large extent, relative attractiveness of foreign assets. Nonetheless, estimated impulse-response functions point to a large but short-lived positive impact of global volatility on dollarization, which could reflect economic agents heightened concerns about spillover effects of global uncertainty on the domestic economy.

Currency Substitution and Inflation in Peru

Author : Ms.Liliana Rojas-Suárez
Publisher : International Monetary Fund
ISBN 13 : 1451979207
Total Pages : 46 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Currency Substitution and Inflation in Peru by : Ms.Liliana Rojas-Suárez

Download or read book Currency Substitution and Inflation in Peru written by Ms.Liliana Rojas-Suárez and published by International Monetary Fund. This book was released on 1992-05-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that there is a long-run relationship between the expected rate of depreciation in the black-market-exchange rate and the ratio of domestic to foreign money in Peru; that is, the hypothesis of currency substitution can explain the behavior of real holdings of money in Peru. The paper also shows that, while the importance of currency substitution as a transmission mechanism through which domestic policies affected the dynamics of inflation was relatively small during a period of high but relatively stable inflation (January 1978-85), it became an important factor in the inflation process during the recent hyperinflation episode.

Monetary Policy in Dollarized Economies

Author : Mr.Adam Bennett
Publisher : International Monetary Fund
ISBN 13 : 9781557757579
Total Pages : 62 pages
Book Rating : 4.7/5 (575 download)

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Book Synopsis Monetary Policy in Dollarized Economies by : Mr.Adam Bennett

Download or read book Monetary Policy in Dollarized Economies written by Mr.Adam Bennett and published by International Monetary Fund. This book was released on 1999-03-15 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dollarization - the holding by residents of a substantial portion of their assets in foreign-currency-denominated assets- is a common feature of developing and transition economies, and therefore typical of many countries with IMF - supported adjustment programs. This paper analyzes policy issues that arise-and various monetary strategies that may be pursued- when the monetary sector is dollarized, and it considers the implications that dollarization has for the design of IMF programs.

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

Author : A. Armas
Publisher : Springer
ISBN 13 : 0230380255
Total Pages : 349 pages
Book Rating : 4.2/5 (33 download)

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Book Synopsis Financial Dollarization by : A. Armas

Download or read book Financial Dollarization written by A. Armas and published by Springer. This book was released on 2006-07-14 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a rigorous and balanced perspective on the causes and implications of dollarization, and the basic policies and options to deal with it: the adaptation of the monetary and prudential frameworks, the development of local-currency substitutes, and the scope for limiting dollarization through administrative restrictions.