Monetary Policy In Dollarized Economies
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Monetary Policy In Dollarized Economies
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Author : Mr.Adam Bennett
language : en
Publisher: International Monetary Fund
Release Date : 1999-03-15
Monetary Policy In Dollarized Economies written by Mr.Adam Bennett and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-03-15 with Business & Economics categories.
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.
Economic Policy In A Highly Dollarized Economy
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2003-09-30
Economic Policy In A Highly Dollarized Economy written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-30 with Business & Economics categories.
This study examines the challenges and issues facing policymakers in highly dollarized economies. Focusing on Cambodia, which achieved almost complete dollarization during 1991-95, the authors review recent developments in the literature on dollarization and examine the costs and benefits of dollarization in Cambodia, including the ensuing macroeconomic policy implications. They carry out an econometric estimation of cash foreign currency circulation in Cambodia in order to gauge the degree of dollarization. In addition to this analysis, the authors present a short description of Cambodia’s economic, financial, and structural background.
Financial Dollarization
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Author : A. Armas
language : en
Publisher: Springer
Release Date : 2006-07-14
Financial Dollarization written by A. Armas and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-07-14 with Business & Economics categories.
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.
Dollarization In Transition Economies
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Author : Ms.Ratna Sahay
language : en
Publisher: International Monetary Fund
Release Date : 1995-09-01
Dollarization In Transition Economies written by Ms.Ratna Sahay and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-09-01 with Business & Economics categories.
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.
The Monetary Transmission In Dollarized And Non Dollarized Economies
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Author : Mr.Santiago Acosta Ormaechea
language : en
Publisher: International Monetary Fund
Release Date : 2011-04-01
The Monetary Transmission In Dollarized And Non Dollarized Economies written by Mr.Santiago Acosta Ormaechea and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-01 with Business & Economics categories.
The paper conducts a comparative study of the monetary policy transmission in two economies that run a well-established IT regime, Chile and New Zealand, vis-à-vis two economies operating under relatively newer IT regimes, and which are exposed to a significant degree of dollarization, Peru and Uruguay. It is shown that the traditional interest rate channel is effective in Chile and New Zealand. For Peru and Uruguay, the exchange rate channel is instead more relevant in the transmission of monetary policy. This latter result follows from the limited impact of the policy rate in curbing inflationary pressures in these two countries, in combination with the fact that they have a relatively large and persistent exchange rate pass through. Finally, it is shown that the on-going de-dollarization process of Peru and Uruguay has somewhat strengthened their monetary transmission through the interest rate channel.
The Dollarization Debate
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Author : Dominick Salvatore
language : en
Publisher: Oxford University Press on Demand
Release Date : 2003
The Dollarization Debate written by Dominick Salvatore and has been published by Oxford University Press on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
This book takes a global approach by discussing one of today's most controversial topics in business; dollarization. Since the collapse of the Soviet Union, and the formation of the Euro, many countries are debating whether or not a common currency is in their best interest.
Financial Stability In Dollarized Economies
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Author : Ms.Anne Marie Gulde
language : en
Publisher: International Monetary Fund
Release Date : 2004-06-15
Financial Stability In Dollarized Economies written by Ms.Anne Marie Gulde and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-06-15 with Business & Economics categories.
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.
Dollarization And De Dollarization In Transitional Economies Of Southeast Asia
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Author : Koji Kubo
language : en
Publisher: Springer
Release Date : 2017-09-01
Dollarization And De Dollarization In Transitional Economies Of Southeast Asia written by Koji Kubo and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-01 with Business & Economics categories.
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.
Dollarization
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Author : Eduardo Levy Yeyati
language : en
Publisher: MIT Press
Release Date : 2003
Dollarization written by Eduardo Levy Yeyati and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
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.
Dollarization
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Author : Louis-Phillipe Rochon
language : en
Publisher: Routledge
Release Date : 2003-05-22
Dollarization written by Louis-Phillipe Rochon and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-05-22 with Business & Economics categories.
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.