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Financial Dollarization
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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.
Download or read book De-Dollarization written by Anne Korin and published by . This book was released on 2019-08-26 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dollar's status as the world's preeminent currency, together with the U.S. military, has underlain American power since World War II. In a sweeping review of one of the most seminal yet least noticed developments in international affairs, Gal Luft and Anne Korin describe how an emerging coalition of revisionist countries, rogue governments, techno-visionaries and sanctioned entities, buttressed by innovations like blockchain and 5G, are working to push the dollar off of its reserve currency throne.It would not be the first time. Preceding the dollar, five consecutive currencies, each belonging to a superpower of the time, ruled the markets. Each predominated for roughly 80-100 years, and as it tumbled to irrelevance it accelerated the decline of the empire behind it.Are we due for a rerun?The slow moving shift from the dollar may be the single most important factor determining the future of American power. Arresting this trend will require Americans to make tough choices.Luft and Korin are co-directors of the Washington, DC-based Institute for the Analysis of Global Security (IAGS).
Book Synopsis Dedollarization by : Annamaria Kokenyne
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.
Book Synopsis Macroeconomic Implications of Financial Dollarization by : Mr.R. Gelos
Download or read book Macroeconomic Implications of Financial Dollarization written by Mr.R. Gelos and published by International Monetary Fund. This book was released on 2008-07-25 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Uruguay has experienced a remarkable recovery since the 2002 crisis, supported by sound policies and favorable external conditions. With the framework put in place in 2002, Uruguay abandoned an exchange rate peg in favor of a free float, adoped a monetary regime initially based on money targets, improved financial prudential norms and supervision, and accumulated significant central bank reserves. Against this background, Uruguay now faces issues beyond those addressed to stabilize the economy. As the country pursues key postcrisis monetary and financial reforms, the analysis provided in this paper has a direct bearing on the ongoing efforts to move toward a fully fledged inflation-targeting regime and develop interest rates as monetary instruments, as well as on the preparedness of the financial system to deal with shocks, and the adequacy of current central bank reserves.
Book Synopsis Financial De-Dollarization by : Mr.Luis Catão
Download or read book Financial De-Dollarization written by Mr.Luis Catão and published by International Monetary Fund. This book was released on 2016-04-26 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: We re-appraise the cross-country evidence on the dollarization of financial systems in emerging market economies. Amidst striking heterogeneity of patterns across regions, we identify a broad global trend towards financial sector de-dollarization from the early 2000s to the eve of the global financial crisis of 2008–09. Since then, de-dollarization has broadly stalled or even reversed in many economies. Yet a few of them have continued to de-dollarize. This suggests that domestic factors are also important and interact with global factors. To gain insight into such an interaction, we examine the experience of Peru since the early 1990s and find that low global interest rates, low global risk-aversion, and high commodity prices have fostered de-dollarization. Domestic macro-prudential measures that raise the relative cost of domestic dollar loans and the introduction and adherence to inflation targeting have also been key.
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 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 2004-09-24 with total page 274 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 Escaping the Financial Dollarization Trap: The Role of Foreign Exchange Intervention by : Paul Castillo
Download or read book Escaping the Financial Dollarization Trap: The Role of Foreign Exchange Intervention written by Paul Castillo and published by International Monetary Fund. This book was released on 2024-06-21 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial dollarization is considered a source of macroeconomic instability in many emerging economies. Dollarization constrains the ability of central banks to stimulate output during economic downturns. In contrast to the conventional monetary transmission mechanism, a monetary policy loosening in a dollarized economy leads to a currency depreciation, adverse balance sheet effects, and a contraction in investment and output growth. In this paper we evaluate the role of foreign exchange reserves in facilitating macroeconomic stabilization in a financially dollarized economy. We first show empirically that foreign exchange intervention in response to capital outflows can largely reduce the volatility of output and the real exchange rate in dollarized economies. We then develop a small open economy model with foreign currency debt and balance sheets effects. Our quantitative model shows that an active foreign exchange intervention policy is sufficient for offsetting the output volatility associated with financial dollarization. These results can explain the prevalence of low macroeconomic volatility in some dollarized economies (Christiano et al., 2021) and they highlight the role of foreign exchange reserves in reducing the welfare costs 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 Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It by : Steve Forbes
Download or read book Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It written by Steve Forbes and published by McGraw Hill Professional. This book was released on 2014-06-06 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why a return to sound money is our only hope for a true recovery and a healthy global economy “Money clearly illustrates that sound money is an essential foundation for a free and prosperous society and that the Federal Reserve’s current policies are a greater threat to the economic future of the U.S. than government deficit spending. This is an important book well worth reading.” -- John A. Allison, President and CEO, Cato Institute, and author of the New York Times bestselling The Financial Crisis and the Free Market Cure “Few topics today are as misunderstood as the subject of money. Steve Forbes understands money better than most heads of state do, and in this provocative book he shares his vast knowledge and gives us sensible and time-tested recommendations for stopping future financial meltdowns.” -- Lawrence Kudlow, CNBC Senior Contributor “Economic and monetary policies can be difficult to master for even the savviest politicians. Money effectively communicates these complexities into a cohesive argument for economic recovery and preventing a new financial crisis. Steve Forbes and Elizabeth Ames deliver a gripping read and an intriguing viewpoint on how to get our economy back on track.” --Greta Van Susteren, host of On the Record, Fox News Channel Few topics are as misunderstood today as the subject of money. Since the U.S. abandoned a gold-linked dollar more than four decades ago, the world’s governments have slid into a dangerous ignorance of the fundamental monetary principles that guided the world’s most successful economies for centuries. Today’s wrong-headed monetary policies are now setting the stage for a new global economic and social catastrophe that could rival the recent financial crisis and even the horrors of the 1930s. Coauthored by Steve Forbes, one of the world’s leading experts on finance, Money shows you why that doesn’t need to happen--and how to prevent it. After reading this entertaining and hugely well-informed book, you will know more about money than most people in the highest government positions today. Money explains why a return to sound money is absolutely essential if the U.S. and other nations are ever to overcome today’s problems. Stable money, Steve Forbes and Elizabeth Ames argue, is the only way to a true recovery and a stable and prosperous economy. Today’s system of fluctuating “fiat” money, in which governments manipulate the value of the dollar and other currencies, has been responsible for the biggest economic failures of recent decades, including the 2008 financial crisis, from whose effects we continue to suffer. The Obama/Bernanke/Yellen Federal Reserve and its unstable dollar policies are accelerating our course toward disaster, the authors show, in numerous convincing examples. In Money, Forbes and Ames answer these crucial questions: What is the difference between money and value? What is real wealth? How does sound money contribute to a well-functioning society? How have our money policy errors led to the current problems in global financial markets? What can we do now to reestablish the strength of the dollar and other currencies? The authors argue that the most effective way to return to a sound money policy and a healthy economy is to put the dollar back on a gold standard, and they outline the several different forms a gold standard could take. They also share invaluable suggestions for how to preserve our wealth and where to invest our money. Money is essential reading for anyone interested in this crucially important subject.
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.
Book Synopsis Taming Financial Dollarization: Determinants and Effective Policies – The Case of Uruguay by : Mr. Mauricio Vargas
Download or read book Taming Financial Dollarization: Determinants and Effective Policies – The Case of Uruguay written by Mr. Mauricio Vargas and published by International Monetary Fund. This book was released on 2023-11-24 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: With some of the most significant levels of financial dollarization in the Western Hemisphere, Uruguay is characterized by extensive dollarization in both deposits and loans. While traditional factors like high inflation and substantial devaluations have been associated with such outcome, the enduring nature of dollarization in Uruguay also underscores the importance of structural elements. In formulating a holistic strategy to reduce dollarization, not only should there be an enhancement of the monetary policy framework aimed at maintaining low, stable inflation, but it should also consider the calibration of prudential policies such as currency-differentiated reserve requirements and foreign-currency credit repos.
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.
Book Synopsis Playing Monopoly with the Devil by : Manuel Hinds
Download or read book Playing Monopoly with the Devil written by Manuel Hinds and published by Yale University Press. This book was released on 2006-01-01 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this elegantly written book, Jerome Kagan melds the history of the field of psychology during the past 50 years with the story of his own research efforts of the same period and an analysis of what he terms 'the currently rocky romance between psychology and biology'. As Kagan unwinds his own history, he reveals the seminal events that have shaped his career and discusses how his assumptions have changed. With full appreciation for the contributions to psychology of history, philosophy, literature and neuroscience, he approaches a wide range of fascinating topics, including: the abandonment of orthodox forms of behaviourism and psychoanalysis; the forces that inspired later-twentieth-century curiosity about young children; why B. F. Skinner chose to study psychology; why the study of science less often ignites imaginations today; our society's obsession with erotic love; and, the resurgence of religious fanaticism and the religious Right. Embedded in Kagan's discussions is a rejection of the current notion that a mature neuroscience will eventually replace psychology. He argues that a complete understanding of brain is not synonymous with a full explanation of mind, and he concludes with a brief prediction of the next five decades in the field of psychology.
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 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 Financial De-Dollarization by : Mr.Luis Catão
Download or read book Financial De-Dollarization written by Mr.Luis Catão and published by International Monetary Fund. This book was released on 2016-08-16 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: We re-appraise the cross-country evidence on the dollarization of financial systems in emerging market economies. Amidst striking heterogeneity of patterns across regions, we identify a broad global trend towards financial sector de-dollarization from the early 2000s to the eve of the global financial crisis of 2008–09. Since then, de-dollarization has broadly stalled or even reversed in many economies. Yet a few of them have continued to de-dollarize. This suggests that domestic factors are also important and interact with global factors. To gain insight into such an interaction, we examine the experience of Peru since the early 1990s and find that low global interest rates, low global risk-aversion, and high commodity prices have fostered de-dollarization. Domestic macro-prudential measures that raise the relative cost of domestic dollar loans and the introduction and adherence to inflation targeting have also been key.
