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Official Dollarization As A Monetary Regime

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Official Dollarization As A Monetary Regime

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Author : Mr.Andrew Swiston
language : en
Publisher: International Monetary Fund
Release Date : 2011-06-01

Official Dollarization As A Monetary Regime written by Mr.Andrew Swiston 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 2011-06-01 with Business & Economics categories.

This paper examines El Salvador’s transition to official dollarization by comparing aspects of this regime to the fixed exchange rate regime prevailing in the 1990s. Commercial bank interest rates are analyzed under an uncovered interest parity framework, and it is found that dollarization lowered rates by 4 to 5 percent by reducing currency risk. This has generated net annual savings averaging 1⁄2 percent of GDP for the private sector and 1⁄4 percent of GDP for the public sector (net of the losses from foregone seigniorage). Estimated Taylor rules show a strong positive association between Salvadoran output and U.S. Federal Reserve policy since dollarization, implying that this policy has served to stabilize economic activity more than it did under the peg and more than policy rates in Central American countries with independent monetary policy have done. Dollarization does not appear to have affected the transmission mechanism, as pass-through of monetary policy to commercial interest rates has been similar to pass-through under the peg and in the rest of Central America.

Implementing Official Dollarization

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Author : Mr.Luis Ignacio Jácome
language : en
Publisher: International Monetary Fund
Release Date : 2010-04-01

Implementing Official Dollarization written by Mr.Luis Ignacio Jácome 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 2010-04-01 with Business & Economics categories.

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

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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.

Official Dollarization In Latin America

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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy
language : en
Publisher:
Release Date : 2000

Official Dollarization In Latin America written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Currency question categories.

Monetary Stability In Latin America

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Author : United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Domestic and International Monetary Policy
language : en
Publisher:
Release Date : 2000

Monetary Stability In Latin America written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Domestic and International Monetary Policy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.

Official Dollarization In Emerging Market Countries

Official Dollarization In Emerging Market Countries written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.

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.

Dollarization And Foreign Countries That Have Dollarized To The U S Dollar

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Author : Ed Malo
language : en
Publisher: GRIN Verlag
Release Date : 2015-07-23

Dollarization And Foreign Countries That Have Dollarized To The U S Dollar written by Ed Malo and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-23 with Business & Economics categories.

Seminar paper from the year 2008 in the subject Economics - Finance, grade: 90, , course: International Trade Seminar, language: English, abstract: The purpose of this paper is to explore dollarization, specifically the type that involves the adoption of the U.S. Dollar as official currency by foreign nations. An overview of the definition of dollarization will be given along with an analysis of the motivation to dollarize and one economist’s process of dollarization. Cases of countries that have officially dollarized to the U.S. Dollar will be identified and explored in detail. The pros and cons to these foreign countries will also be summarized and directions for future research will be given. Dollarization is not a recent occurrence in the international community, but with the official adoption of the U.S. Dollar by several countries over the last decade, it has gained significant attention. Governments, international organizations such as the U.N., the World Bank, The International Monetary Fund, as well as economists and other scientists have all over the past ten years been paying far more attention than previously to dollarization. First, a complete definition and brief history of dollarization will be presented followed by the motivating factors behind a nation’s decision to dollarize. One economist’s process for dollarization is also presented. Next, some Pros and Cons are summarized followed by an overview of the example nations that have dollarized will be given followed by the beginning of my focus on Latin America as a region apparently prone to dollarization and why. The balance of the paper will be devoted to two case studies presenting in depth information about two Latin American countries that have officially adopted the U.S. Dollar, El Salvador, and Ecuador. Finally, directions for future research are presented.

Macroeconomic Implications Of Financial Dollarization

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Author : Mr.R. Gelos
language : en
Publisher: International Monetary Fund
Release Date : 2008-07-25

Macroeconomic Implications Of Financial Dollarization written by Mr.R. Gelos 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 2008-07-25 with Business & Economics categories.

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.

Full Dollarization

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Author : Mr.Eduardo Borensztein
language : en
Publisher: International Monetary Fund
Release Date : 2000-12-20

Full Dollarization written by Mr.Eduardo Borensztein 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 2000-12-20 with Business & Economics categories.

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.

Official Dollarization As A Monetary Regime

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