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Financial Stability in Dollarized Economies

Financial Stability in Dollarized Economies »

Series: Occasional Papers

Author(s): Anne Gulde , David Hoelscher , Alain Ize , Dewitt Marston , and Gianni De Nicolo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 2004

DOI: http://dx.doi.org/10.5089/9781589062962.084

ISBN: 9781589062962

Keywords: Dollarization, Financial stability, banking, foreign exchange, banking system, exchange rate

This paper addresses the challenges to prudential supervision in highly dollarized economies, where central banks and supervisors may be constrained in the use of standard money and financial policy tools. The stud...

Carry Trade vs. Deposit-Driven Euroization

Carry Trade vs. Deposit-Driven Euroization »

Source: Carry Trade vs. Deposit-Driven Euroization

Volume/Issue: 2018/58

Series: IMF Working Papers

Author(s): Nan Geng , Tiberiu Scutaru , and Johannes Wiegand

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2018

ISBN: 9781484345269

Keywords: Financial Dollarization, Euroization, Emerging Europe, Portfolio Choice

Financial 'euroization'-or 'dollarization' outside of Central and Eastern Europe-is typically analyzed as a singular phenomenon that can be traced to a common set of factors. This paper argues that two types of eur...

How to De-Dollarize Financial Systems in the Caucasus and Central Asia?1

How to De-Dollarize Financial Systems in the Caucasus and Central Asia?1 »

Source: How to De-Dollarize Financial Systems in the Caucasus and Central Asia?

Volume/Issue: 2015/203

Series: IMF Working Papers

Author(s): Sami Ben Naceur , Amr Hosny , and Gregory Hadjian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2015

ISBN: 9781513507279

Keywords: financial dollarization, financial development, de-dollarization, exchange, exchange rate, currency, inflation, deposits, General,

Dollarization rates in the Caucasus and Central Asia (CCA) region are among the highest in the world, with adverse consequences for macroeconomic stability, monetary policy transmission, and financial sector develo...

Dollarization and Financial Development

Dollarization and Financial Development »

Source: Dollarization and Financial Development

Volume/Issue: 2018/200

Series: IMF Working Papers

Author(s): Geoffrey Bannister , Jarkko Turunen , and Malin Gardberg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2018

ISBN: 9781484373361

Keywords: Dollarization, financial development, financial deepening, financial inclusion and developing economies, financial inclusion, developing economies, General

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...

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence »

Source: Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence

Volume/Issue: 2019/168

Series: IMF Working Papers

Author(s): Minsuk Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

ISBN: 9781513508979

Keywords: Exchange rate policy, Exchange rate shocks, Exchange markets, Financial crises, Exchange rate regimes, Dollarization, Financial Development, Original Sin, Exchange Rate Volatility, dollar debt

This paper examines how financial development influences the debt dollarization of nonfinancial firms in a sample of emerging market economies (EMEs). The macroeconomic channels are identified from an optimal portf...

U.S. Dollar Risk Premiums and Capital Flows

U.S. Dollar Risk Premiums and Capital Flows »

Source: U.S. Dollar Risk Premiums and Capital Flows

Volume/Issue: 2006/160

Series: IMF Working Papers

Author(s): Ravi Balakrishnan , and Volodymyr Tulin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

ISBN: 9781451864205

Keywords: U.S. Dollar, Risk Premiums, risk premium, bonds, investors, treasury bonds, financial markets,

This paper sheds light on the attractiveness of U.S. assets by studying dollar risk premiums, calculated using Consensus exchange rate forecasts, and linking them to bilateral capital flows. The paper finds that th...

'Monetary and Fiscal Rules in an Emerging Small Open Economy'

'Monetary and Fiscal Rules in an Emerging Small Open Economy' »

Source: 'Monetary and Fiscal Rules in an Emerging Small Open Economy'

Volume/Issue: 2009/22

Series: IMF Working Papers

Author(s): Paul Levine , Joseph Pearlman , and Nicoletta Batini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2009

ISBN: 9781451871692

Keywords: emerging economies, fiscal and monetary rules, financial accelerator, liability dollarization, inflation, fiscal rule, nominal interest rate,

We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensure...

Is Brazil Different? Risk, Dollarization, and Interest Rates in Emerging Markets

Is Brazil Different? Risk, Dollarization, and Interest Rates in Emerging Markets »

Source: Is Brazil Different? Risk, Dollarization, and Interest Rates in Emerging Markets

Volume/Issue: 2007/294

Series: IMF Working Papers

Author(s): Márcio Holland , Edmar L. Bacha , and Fernando M. Gonçalves

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2007

ISBN: 9781451868579

Keywords: financial dollarization, interest rate, panel data, inflation, real interest rate, real interest rates, inflation rate

We investigate the role of financial dollarization in the determination of real interest rates in emerging economies. In a simple analytical model, we show that a strategy of "dedollarizing" the economy, if it fail...

Precautionary Demand for Foreign Assets in Sudden Stop Economies

Precautionary Demand for Foreign Assets in Sudden Stop Economies »

Source: Precautionary Demand for Foreign Assets in Sudden Stop Economies : An Assessment of the New Merchantilism

Volume/Issue: 2007/146

Series: IMF Working Papers

Author(s): Enrique Mendoza , Ceyhun Bora Durdu , and Marco Terrones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

ISBN: 9781451867107

Keywords: Fisherian Deflation, Liability Dollarization, Credit Constraints, foreign assets, financial globalization, foreign asset, net foreign assets,

Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops in the 1990s. The surge in foreign reserves since then is viewed as a New Merchantilism in which reserves are a war-chest f...

Euroization Drivers and Effective Policy Response: An Application to the case of Albania

Euroization Drivers and Effective Policy Response: An Application to the case of Albania »

Source: Euroization Drivers and Effective Policy Response: An Application to the case of Albania

Volume/Issue: 2018/21

Series: IMF Working Papers

Author(s): Guido della Valle , Vasilika Kota , Romain Veyrune , Ezequiel Cabezon , and Shaoyu Guo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2018

ISBN: 9781484338728

Keywords: Dollarization, Europe, Financial stability, Albania, Central banks and their policies, euroization, and reserve requirement, reserve requirement

This paper proposes a methodology to develop empirically based and theoretically consistent deeuroization policies. It is derived from the experience of Albania. The paper is the first attempt to provide an empiric...