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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...

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...

Part 2: External Linkages Under Dollarization

Part 2: External Linkages Under Dollarization »

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

...

Part 3: Financial Vulnerabilities and Insurance Mechanisms

Part 3: Financial Vulnerabilities and Insurance Mechanisms »

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

...

Part 1: Monetary Policy in a Dollarized Economy

Part 1: Monetary Policy in a Dollarized Economy »

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

...

V. What Is the Degree of Competition Intensity in the Uruguayan Banking System?

V. What Is the Degree of Competition Intensity in the Uruguayan Banking System? »

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

From a medium-term growth perspective, it is important to understand the role of structural factors in shaping the behavior of the financial system in Uruguay. Although previous work suggests that—at least u...