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Currency Substitution in Developing Countries

Currency Substitution in Developing Countries »

Source: Currency Substitution in Developing Countries : An Introduction

Volume/Issue: 1992/40

Series: IMF Working Papers

Author(s): Guillermo Calvo , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1992

ISBN: 9781451845884

Keywords: Exchange rates, Developing countries, Currency substitution, Inflation, foreign currency, exchange rate, inflation tax

This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not; second, how...

Financial Dollarization in Latin America1

Financial Dollarization in Latin America1 »

Source: Financial Dollarization in Latin America

Volume/Issue: 2006/7

Series: IMF Working Papers

Author(s): Robert Rennhack , and Masahiro Nozaki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451862676

Keywords: foreign currency, exchange rate, inflation, exchange rate flexibility, real exchange rate, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General,

This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on p...

I. Overview

I. Overview »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

This paper assesses the implications of high financial dollarization for macroeconomic policies and vulnerabilities in Uruguay. Dollarization creates balance sheet exposure to exchange rate changes and poses...

II. Inflation Process in Uruguay

II. Inflation Process in Uruguay »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

Following chronic high inflation, Uruguay reduced inflation gradually through a disinflation program in the 1990s, reaching single digits by 1998. Inflation has since remained moderate, except for an outburs...

III. Pass-Through, Dollarization, and Credibility in Uruguay

III. Pass-Through, Dollarization, and Credibility in Uruguay »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

A high degree of exchange rate pass-through to domestic prices and financial dollarization can constrain the effectiveness of a flexible exchange rate as a shock absorber and indirect channel of transmission...

Financial Dollarization in Latin America

Financial Dollarization in Latin America »

Volume/Issue: 2006/7

Series: IMF Working Papers

Author(s): Robert Rennhack , and Masahiro Nozaki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

DOI: http://dx.doi.org/10.5089/9781451862676.001

ISBN: 9781451862676

Keywords: foreign currency, exchange rate, inflation, exchange rate flexibility, real exchange rate, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General,

This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on p...

Currency Substitution in Developing Countries
			: An Introduction

Currency Substitution in Developing Countries : An Introduction »

Volume/Issue: 1992/40

Series: IMF Working Papers

Author(s): Guillermo Calvo , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1992

DOI: http://dx.doi.org/10.5089/9781451845884.001

ISBN: 9781451845884

Keywords: Exchange rates, Developing countries, Currency substitution, Inflation, foreign currency, exchange rate, inflation tax

This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not; second, how...

IV. Role of Bank Lending in the Transmission of Macroeconomic Shocks

IV. Role of Bank Lending in the Transmission of Macroeconomic Shocks »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

More than five years have passed since the banking crisis in Uruguay, and the first signs of a recovery in bank credit are visible (Figure 4.1). In particular, after a continued strong economic expansion sin...

Macroeconomic Implications of Financial Dollarization
			: The Case of Uruguay

Macroeconomic Implications of Financial Dollarization : The Case of Uruguay »

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

DOI: http://dx.doi.org/10.5089/9781589067271.084

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

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...

Front Matter

Front Matter »

Source: Macroeconomic Implications of Financial Dollarization : The Case of Uruguay

Series: Occasional Papers

Author(s): R. Gelos , Alejandro Lopez Mejia , and Marco Piñón-Farah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2008

ISBN: 9781589067271

Keywords: Dollarization, Banking sector, Exchange rate regimes, External sector, Fiscal sustainability, Fiscal reforms, inflation, monetary policy, central bank, foreign currency

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...