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Dollarization Dynamics
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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 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 and Financial Development by : Mr.Geoffrey J Bannister
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.
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.
Book Synopsis Dollarization by : Louis-Phillipe Rochon
Download or read book Dollarization written by Louis-Phillipe Rochon and published by Routledge. This book was released on 2003-05-22 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: The international array of contributors have managed quite a feat - an interesting book that expertly draws comparisons between dollarization and Euroland. This study is a must for anyone interesting in the world of international finance.
Author :Ms.Mercedes Garcia-Escribano Publisher :International Monetary Fund ISBN 13 :1455201804 Total Pages :29 pages Book Rating :4.4/5 (552 download)
Book Synopsis Peru by : Ms.Mercedes Garcia-Escribano
Download or read book Peru written by Ms.Mercedes Garcia-Escribano and published by International Monetary Fund. This book was released on 2010-07-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peru has successfully pursued a market-driven financial de-dollarization during the last decade. Dollarization of credit and deposit of commercial banks - across all sectors and maturities - has declined, with larger declines for commercial credit and time and saving deposits. The analysis presented in this paper confirms that de-dollarization has been driven by macroeconomic stability, introduction of prudential policies to better reflect currency risk (such as the management of reserve requirements), and the development of the capital market in soles. Further de-dollarization efforts could focus on these three fronts. Given the now consolidated macroeconomic stability, greater exchange rate flexibility could foster de-dollarization; additional prudential measures could further discourage banks’ lending and funding in foreign currency; while further capital market development in domestic currency would help overall financial de-dollarization.
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 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 154 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.
Book Synopsis Dollarization by : Louis-Philippe Rochon
Download or read book Dollarization written by Louis-Philippe Rochon and published by Psychology Press. This book was released on 2003 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of the US dollar for domestic monetary transactions outside the USA has gone on for many years now - Panama in 1904 being the earliest example. Since the advent of the Euro, the debate over the benefits of monetary integration has warmed up - particularly for NAFTA countries. This collection, with contributions from experts such as Philip Arestis, Malcolm Sawyer and Stephanie Bell, examines the various problems and benefits involved in monetary integration and covers the causes of Euro instability, monetary policy in non-optimal currency unions, financial openness and dollarization and the question of dollarization in Canada. This book addresses one of the burning policy issues in Europe and America: is monetary union worthwhile? The readable yet comprehensive style of this book will make it of interest not only to academics and students involved in European integration, financial liberalization and dollarization, but will also be an important book for policy-makers at intergovernmental level.
Book Synopsis The Dollarization Discipline by : Jeffrey J. Fox
Download or read book The Dollarization Discipline written by Jeffrey J. Fox and published by John Wiley & Sons. This book was released on 2004-09-03 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: How companies turn value-added into real profits The Dollarization Discipline shows organizations and marketers how to effectively communicate the economic value created by their products and services. Too often, when companies compete using conventional sales and marketing approaches, they force customers to make financial decisions (how much to spend), based on non-financial arguments (product features and benefits). On this playing field, the company that can show true financial advantage in real dollars and cents wins every time. This book offers a step-by-step strategy for doing just that. Every day, good companies suffer because they create value for customers but aren't able to keep their fair share. This is because most marketers can't fully explain the value customers get from their products, and the argument falls to the lowest common denominator-price. The solution is an approach to sales and marketing that goes beyond articulating features and benefits, but calculates the monetary value a customer receives from a product or service. This enables the seller to price the product as a true reflection of its value-and also let's the seller prove it to the customer! With real case studies and detailed, step-by-step guidance on effective dollarization, The Dollarization Discipline finally offers a practical, straightforward way for marketers and business leaders to prove the value of their "value-added." Jeffrey J. Fox (Gilford, New Hampshire) is the founder and President of Fox & Company, Inc., a marketing consulting firm. Fox is also the author of the bestsellers How to Become a CEO, How to Become a Rainmaker, and How to Become a Great Boss. Richard C. Gregory (Farmington, Connecticut) is a Senior Consultant with Fox & Company.
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. This book was released on 2003-03-27 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a global approach, with an emphasis on North and Latin America respectfully, by discussing 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 and 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. Many advocate the notion of a common currency, while others feel that in doing so will create financial costs for all that take part, with the severity varying from country to country.
Book Synopsis Dollarization in Sub-Saharan Africa by : Mr.Mauro Mecagni
Download or read book Dollarization in Sub-Saharan Africa written by Mr.Mauro Mecagni and published by International Monetary Fund. This book was released on 2015-05-15 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dollarization—the use of foreign currencies as a medium of exchange, store of value, or unit of account—is a notable feature of financial development under macroeconomically fragile conditions. It has emerged as a key factor explaining vulnerabilities and currency crises, which have long been observed in Latin America, parts of Asia, and Eastern Europe. Dollarization is also present, prominently, in sub-Saharan Africa (SSA) where it remains significant and persistent at over 30 percent rates for both bank loans and deposits—although it has not increased significantly since 2001. However, progress in reducing dollarization has lagged behind other regions and, in this regard, it is legitimate to ask whether this phenomenon is an important concern in SSA. This study fills a gap in the literature by analyzing these issues with specific reference to the SSA region on the basis of the evidence for the past decade.
Book Synopsis Dollarization and De-dollarization in Transitional Economies of Southeast Asia by : Koji Kubo
Download or read book Dollarization and De-dollarization in Transitional Economies of Southeast Asia written by Koji Kubo and published by Springer. This book was released on 2017-09-01 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book sheds light on the dollarization trends of four transitional economies in Southeast Asia: Cambodia, Lao PDR, Myanmar, and Vietnam. Moving beyond the tendency to focus on the Latin American experience of dollarization and prolonged high inflation, the chapters in this book compare how payment dollarization has been more persistent than other types of dollarization in this region due to network externalities. The book illustrates that dollarization started in the underdeveloped financial system in these countries and that dollarization interacted with financial development, which is in contrast to dollarization in Latin America. This project extends the frontiers of empirical studies on dollarization. It will be of interest to students, researchers and policy makers concerned with dollarization and economics in Southeast Asia.
Book Synopsis Integral Dynamics by : Ronnie Lessem
Download or read book Integral Dynamics written by Ronnie Lessem and published by Routledge. This book was released on 2016-05-23 with total page 808 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of integral dynamics is based on the view that the development of individual leaders or entrepreneurs requires the simultaneous development of institutions and societies. It seeks a specific way forward for each society, fundamentally different from, but drawing on, its past. Nearly every natural science has been transformed from an analytically-based approach to a dynamic one: now it is time for society and culture to follow suit locally and globally. Each culture, discipline and person is incomplete and is in need of others in order to develop and evolve. This book sets out a curriculum for a new integral, trans-cultural and trans-disciplinary area of study, inclusive of, but extending beyond, economics and enterprise. It embraces a trans-personal perspective, linking self with community, enterprise and society, and focusing on the vital relationship between local identity and global integrity. For the government policy maker, the enlightened business practitioner, and the student and researcher into economics and enterprise, the new discipline is set out here in complete detail by a multi-national team of Gower's Transformation and Innovation Series authors. Illuminated with examples relating the conceptual to the practical, this is a text, not for a pre-modern, modern, or even post-modern era, but for what has been called our trans-modern age.
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.
Book Synopsis The Collapse of Exchange Rate Regimes by : George S. Tavlas
Download or read book The Collapse of Exchange Rate Regimes written by George S. Tavlas and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.
