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4 Background paper Dollarization of Liabilities: Beyond the Usual Suspects

4 Background paper Dollarization of Liabilities: Beyond the Usual Suspects »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Introduction Dollarization of liabilities (DL) is receiving increased attention in the literature that analyzes the vulnerabilties faced by emerging economies. It is now recognized t...

9 Background paper Establishing Initial Conditions in Support of Inflation Targeting

9 Background paper Establishing Initial Conditions in Support of Inflation Targeting »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Introduction A growing number of emerging market countries are requesting technical assistance from the Fund to help them adopt an inflation-targeting monetary framework. In recent y...

10 Can Indexed Debt Absolve Original Sin? The Role of Inflation-indexed Debt in Developing Local Currency Markets

10 Can Indexed Debt Absolve Original Sin? The Role of Inflation-indexed Debt in Developing Local Currency Markets »

Source: Financial Dollarization : The Policy Agenda

Series: Books

Author(s): Adrián Armas , Eduardo Levy Yeyati , and Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2006

ISBN: 9781403987594

Keywords: inflation, monetary policy, foreign currency, central bank

10.1 Introduction The Latin American region can be characterized as one with significant levels of financial dollarization. The region’s inflation experience, with periods of high an...

Challenges to Central Banking from Globalized Financial Systems

Challenges to Central Banking from Globalized Financial Systems »

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

DOI: http://dx.doi.org/10.5089/9781589062177.072

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Increasing global financial market integration is presenting new challenges to central banks as they seek to attain low inflation and financial stability. This volume is based on a conference hosted by the IMF in S...

Back Matter

Back Matter »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Increasing global financial market integration is presenting new challenges to central banks as they seek to attain low inflation and financial stability. This volume is based on a conference hosted by the IMF in S...

Front Matter

Front Matter »

Source: Challenges to Central Banking from Globalized Financial Systems

Series: Seminar Volumes

Author(s): Andrea Schaechter , Piero Ugolini , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2004

ISBN: 9781589062177

Keywords: inflation, monetary policy, central bank, financial stability, foreign currency

Increasing global financial market integration is presenting new challenges to central banks as they seek to attain low inflation and financial stability. This volume is based on a conference hosted by the IMF in S...

Comments on Chapter 2

Comments on Chapter 2 »

Source: Financial Dollarization : The Policy Agenda

Series: Books

Author(s): Adrián Armas , Eduardo Levy Yeyati , and Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2006

ISBN: 9781403987594

Keywords: inflation, monetary policy, foreign currency, central bank

Before focusing on dollarization, I would like to broaden the perspective by noting that it is part of the larger question of why emerging market borrowers tend to have ‘risky’ (crisis-prone) balance sheets....

Comments on Chapter 3

Comments on Chapter 3 »

Source: Financial Dollarization : The Policy Agenda

Series: Books

Author(s): Adrián Armas , Eduardo Levy Yeyati , and Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2006

ISBN: 9781403987594

Keywords: inflation, monetary policy, foreign currency, central bank

One consequence of the sequence of emerging markets crises that started with the Mexican devaluation of 1994 is a widespread recognition of a need to revise exchange rate theory to take into account the role...

Comments on Chapter 4

Comments on Chapter 4 »

Source: Financial Dollarization : The Policy Agenda

Series: Books

Author(s): Adrián Armas , Eduardo Levy Yeyati , and Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2006

ISBN: 9781403987594

Keywords: inflation, monetary policy, foreign currency, central bank

I want to focus my comments on the Nozaki and Rennhack paper. In particular, I would like to do three things. First, offer a very brief summary and discussion of their main results. Second, complement the fa...

Comments on Chapter 8

Comments on Chapter 8 »

Source: Financial Dollarization : The Policy Agenda

Series: Books

Author(s): Adrián Armas , Eduardo Levy Yeyati , and Alain Ize

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2006

ISBN: 9781403987594

Keywords: inflation, monetary policy, foreign currency, central bank

The authors have embarked on the ambitious and welcome task of adapting the recommendations of the Basel Committee on Banking Supervision to the problems arising in highly dollarized economies. The result is...