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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...

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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....

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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

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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

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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...

Comments on Chapters 5 and 6

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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

Dollarization presents a daunting task to central banks in many emerging market economies – all those countries where domestic money coexists with a foreign currency to which the domestic population had fled...

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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 organizers are to be congratulated on bringing together three analyses which go to the heart of the prudential challenges raised by dollarization. Chapter 7, by de Brun and Licandro...

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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 two very good chapters in this section deal with significantly different aspects of the debate on financial dollarization and de-dollarization. Chapter 10, by Holland and Mulder, discusses the potentiall...

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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 issuance of inflation-indexed bonds is becoming conventional across the world. All G7 countries, except for Germany, and many other industrialized countries are issuing indexed bonds. Many emerging marke...

Comments on Part IV

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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 two chapters in this section tackle the very important topic of de-dollarization, certainly still a central issue for many Latin American economies. Chapter 10 addresses the question of how inflation-lin...