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Author : David E. Cook
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (469 download)
Download or read book Liability Dollarization and Stability written by David E. Cook and published by . This book was released on 2000 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Woon Gyu Choi
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (318 download)
Download or read book Liability Dollarization and the Bank Balance Sheet Channel written by Woon Gyu Choi and published by International Monetary Fund. This book was released on 2002-08 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banks in developing economies often face a mismatch in the currency denomination of their liabilities (foreign currency denominated debt) and assets (domestic currency loans to domestic borrowers). We study the effect of this mismatch on business cycles and monetary policy in a sticky-price, dynamic general equilibrium model of a small open economy. We find from the model analysis that a fixed exchange rate rule that stabilizes the balance sheets of banks offers greater stability than an interest rate rule that targets inflation in the sticky-price sector of the economy.
Author : David E. Cook
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (318 download)
Download or read book Liability Dollarization and Stability written by David E. Cook and published by . This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Adam Honig
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book A Model of Liability Dollarization and Myopic Governments written by Adam Honig and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liability dollarization of the domestic banking system represents a source of vulnerability for emerging market countries. The root cause is a lack of faith in the domestic currency, which ultimately stems from the belief that the government will not follow policies that promote long-run currency stability. This paper presents a model in which government myopia determines the unofficial dollarization of bank credit. Specifically, myopic politicians will choose low interest rates to expand short-run output in order to get re-elected, but this choice has the long-run consequence of increasing dollar lending. Increased liability dollarization is shown to force the hand of future decision-makers into choosing fixed exchange rates because of the fear that large depreciations will destroy balance sheets. The results imply that institutional reforms are necessary to reverse liability dollarization.
Author : Ms.Anne Marie Gulde
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (319 download)
Download or read book Financial Stability in Dollarized Economies written by Ms.Anne Marie Gulde and published by International Monetary Fund. This book was released on 2004-06-15 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The process of dollarization can take multiple forms, including when a country adopts the US dollar either as its predominant currency, or establishes a bicurrency system with the local currency. This publication examines how to establish an adequate supervisory and crisis management framework in dollarized economies, particularly when central banks and regulators may be constrained in the use of standard monetary and financial policy tools. It is based on a paper produced by the IMF Executive Board, as part of the policy development work conducted by the IMFs Monetary and Financial Systems Department.
Author : Mr.Geoffrey J Bannister
Publisher : International Monetary Fund
ISBN 13 : 1484373367
Total Pages : 39 pages
Book Rating : 4.4/5 (843 download)
Download or read book Dollarization and Financial Development written by Mr.Geoffrey J Bannister and published by International Monetary Fund. This book was released on 2018-09-11 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite significant strides in financial development over the past decades, financial dollarization, as reflected in elevated shares of foreign currency deposits and credit in the banking system, remains common in developing economies. We study the impact of financial dollarization, differentiating across foreign currency deposits and credit on financial depth, access and efficiency for a large sample of emerging market and developing countries over the past two decades. Panel regressions estimated using system GMM show that deposit dollarization has a negative impact on financial deepening on average. This negative impact is dampened in cases with past periods of high inflation. There is also some evidence that dollarization hampers financial efficiency. The results suggest that policy efforts to reduce dollarization can spur faster and safer financial development.
Author : Annamaria Kokenyne
Publisher : International Monetary Fund
ISBN 13 : 1455201715
Total Pages : 53 pages
Book Rating : 4.4/5 (552 download)
Download or read book Dedollarization written by Annamaria Kokenyne and published by International Monetary Fund. This book was released on 2010-08-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater control of monetary policy and draws on the experiences of countries that have successfully dedollarized. Unlike previous work on the subject, this paper examines both macroeconomic stabilization policies and microeconomic measures, such as prudential regulation of the financial system. This study is also the first attempt to make extensive use of the foreign exchange regulation data reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. The main conclusion is that durable dedollarization depends on a credible disinflation plan and specific microeconomic measures.
Author : Enrique Alberola
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Misalignment, Liabilities Dollarization and Exchange Rate Adjustment in Latin America written by Enrique Alberola and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange rates in Latin America display a large volatility, constitute a central element of the policy strategies and their evolution have an important impact on financial stability due to the dollarization of liabilities which most countries exhibit. However, assessments on equilibrium exchange rates are scarce in the region. This paper aims at both filling this gap and analysing the impact of the adjustment of the exchange rates to equilibrium on financial stability. Building on the methodology of Alberola et al (1999-2002), we show that the stock of net foreign assets and the evolution of productivity are the fundamentals underlying the behavior of the real exchange rate. Using an unobserved components methodology in a cointegration framework, a time varying equilibrium real exchange rate is derived, and deviations from this equilibrium provide an estimate of the degree of multilateral misalignment. The results uncover among other things the large overvaluation of the Argentinean peso in 2001, which was only partially explained by the estimated dollar overvaluation. The adjustment of exchange rates in 2002 corrected this and, to a lesser extent, other misalignments. The final part of the paper addresses the impact of liability dollarization on the adjustment of exchange rates. It is argued that the real exchange rate will tend to overshoot its equilibrium level, due to the need to foster higher current account surplus in the aftermath of depreciation to make up for to the increase in liabilities. An adjustment to account for this effect is performed on the previous results. This overshooting, when coupled with sudden stops of capitals, may help explaining the higher volatility of real exchange rates in the region.
Author : Kai Stukenbrock
Publisher : Peter Lang Pub Incorporated
ISBN 13 : 9783631520314
Total Pages : 237 pages
Book Rating : 4.5/5 (23 download)
Download or read book The Stability of Currency Boards written by Kai Stukenbrock and published by Peter Lang Pub Incorporated. This book was released on 2004 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1990s saw a revival of the currency board system, and proponents have advocated it as an easy-to-set-up exchange rate arrangement providing effective stabilization of the economy. However, the experience of Argentina has highlighted the risks of having a currency board. This study presents both the potential benefits, as well as the risks, of having a currency board by examining the stability of the currency board arrangement and identifying factors affecting the stability. The analysis is based on second-generation currency crisis models, extended to incorporate currency-board specific features and to account for particular aspects often found in currency-board economies.
Author : Mr.Luis Ignacio Jácome
Publisher : International Monetary Fund
ISBN 13 : 1455200654
Total Pages : 33 pages
Book Rating : 4.4/5 (552 download)
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.
Author : Eduardo Levy Yeyati
Publisher : MIT Press
ISBN 13 : 9780262122504
Total Pages : 364 pages
Book Rating : 4.1/5 (225 download)
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.
Author : Andrew Berg
Publisher : International Monetary Fund
ISBN 13 : 1451935048
Total Pages : 27 pages
Book Rating : 4.4/5 (519 download)
Download or read book Full Dollarization written by Andrew Berg and published by International Monetary Fund. This book was released on 2000 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes the costs and benefits of full dollarization, or the adoption by one country of another country's currency. Potential advantages include lower borrowing costs and deeper integration into world markets. But countries lose the ability to devalue, and become dependent on the U.S. Compares with currency board option.
Author : Mr.Adam Bennett
Publisher : International Monetary Fund
ISBN 13 : 9781557757579
Total Pages : 62 pages
Book Rating : 4.7/5 (575 download)
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.
Author : Barry Eichengreen
Publisher : University of Chicago Press
ISBN 13 : 0226194574
Total Pages : 306 pages
Book Rating : 4.2/5 (261 download)
Download or read book Other People's Money written by Barry Eichengreen and published by University of Chicago Press. This book was released on 2010-04-15 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. Many economists instinctually assume that developing countries allow their foreign debts to be denominated in dollars, yen, or euros because they simply don't know better. Presenting evidence that even emerging markets with strong policies and institutions experience this problem, Other People's Money recognizes that the situation must be attributed to more than ignorance. Instead, the contributors suggest that the problem is linked to the operation of international financial markets, which prevent countries from borrowing in their own currencies. A comprehensive analysis of the sources of this problem and its consequences, Other People's Money takes the study one step further, proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies.
Author : International Monetary Fund. Statistics Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484350162
Total Pages : 258 pages
Book Rating : 4.4/5 (843 download)
Download or read book International Reserves and Foreign Currency Liquidity written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2015-01-07 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.
Author : Nombulelo Duma
Publisher : International Monetary Fund
ISBN 13 : 1455245151
Total Pages : 28 pages
Book Rating : 4.4/5 (552 download)
Download or read book Dollarization in Cambodia written by Nombulelo Duma and published by International Monetary Fund. This book was released on 2011-03-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, Cambodia has become Asia’s most dollarized economy. In contrast, dollarization in neighboring Lao P.D.R., Mongolia, and Vietnam has been either declining or broadly stable. Somewhat paradoxically, growing dollarization in Cambodia has occurred against the backdrop of greater macroeconomic and political stability. The usual motive, currency substitution, does not appear to have been a factor. As the volume of dollars increased over the years, so has the volume of riel. A strong inward flow of dollars related to garments sector exports, tourism receipts, foreign direct investment, and aid, has benefitted the dollar based urban economy. The riel based rural economy has, however, lagged behind. Given international experience in de-dollarization, a carefully managed market based strategy, supported by a continued stable macroeconomic environment is essential for Cambodia’s de-dollarization.
Author : Mr.Luis Ignacio Jácome
Publisher : International Monetary Fund
ISBN 13 : 1484303180
Total Pages : 57 pages
Book Rating : 4.4/5 (843 download)
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.
