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I Overview

I Overview »

Source: Monetary Policy in Dollarized Economies

Series: Occasional Papers

Author(s): Adam Bennett , Eduardo Borensztein , and Tomás Baliño

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1999

ISBN: 9781557757579

Keywords: central bank, exchange rate, currency substitution, inflation, dollarization

Dollarization, the holding by residents of a significant share of their assets in the form of foreign-currency-denominated assets, is a common feature of developing countries and transition economies and is...

II Trends and Explanations

II Trends and Explanations »

Source: Monetary Policy in Dollarized Economies

Series: Occasional Papers

Author(s): Adam Bennett , Eduardo Borensztein , and Tomás Baliño

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1999

ISBN: 9781557757579

Keywords: central bank, exchange rate, currency substitution, inflation, dollarization

In general terms, dollarization is a response to economic instability and high inflation, and to the desire of domestic residents to diversify their asset portfolios. In conditions of hyperinflation, dollari...

III Risks and Benefits of Dollarization

III Risks and Benefits of Dollarization »

Source: Monetary Policy in Dollarized Economies

Series: Occasional Papers

Author(s): Adam Bennett , Eduardo Borensztein , and Tomás Baliño

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1999

ISBN: 9781557757579

Keywords: central bank, exchange rate, currency substitution, inflation, dollarization

In a fully liberalized and convertible financial system, savers would prefer to hold a portion of their portfolio in foreign-currency-denominated assets, simply in order to achieve a desired distribution of...

Real Exchange Rates and Fundamentals
			: A Cross-Country Perspective

Real Exchange Rates and Fundamentals : A Cross-Country Perspective »

Volume/Issue: 2008/13

Series: IMF Working Papers

Author(s): Luca Ricci , Jaewoo Lee , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2008

DOI: http://dx.doi.org/10.5089/9781451868753.001

ISBN: 9781451868753

Keywords: equilibrium real exchange rate, Balassa-Samuelson effect, exchange rate, exchange rates, real exchange rate, net foreign assets, foreign assets,

This paper employs newly constructed measures for productivity differentials, external imbalances, and commodity terms of trade to estimate a panel cointegrating relationship between real exchange rates and a set o...

IV Monetary and Exchange Rate Policy in a Dollarized Economy

IV Monetary and Exchange Rate Policy in a Dollarized Economy »

Source: Monetary Policy in Dollarized Economies

Series: Occasional Papers

Author(s): Adam Bennett , Eduardo Borensztein , and Tomás Baliño

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1999

ISBN: 9781557757579

Keywords: central bank, exchange rate, currency substitution, inflation, dollarization

The phenomenon of dollarization poses a challenge to the pursuit of a coherent and independent monetary policy. In responding to this challenge, the authorities must address two key questions about the condu...

Monetary Policy in Dollarized Economies

Monetary Policy in Dollarized Economies »

Series: Occasional Papers

Author(s): Adam Bennett , Eduardo Borensztein , and Tomás Baliño

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1999

DOI: http://dx.doi.org/10.5089/9781557757579.084

ISBN: 9781557757579

Keywords: central bank, exchange rate, currency substitution, inflation, dollarization

Dollarization - the holding by residents of a substantial portion of their assets in foreign-currency-denominated assets- is a common feature of developing and transition economies, and therefore typical of many co...

Back Matter

Back Matter »

Source: Monetary Policy in Dollarized Economies

Series: Occasional Papers

Author(s): Adam Bennett , Eduardo Borensztein , and Tomás Baliño

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1999

ISBN: 9781557757579

Keywords: central bank, exchange rate, currency substitution, inflation, dollarization

Dollarization - the holding by residents of a substantial portion of their assets in foreign-currency-denominated assets- is a common feature of developing and transition economies, and therefore typical of many co...

Front Matter

Front Matter »

Source: Monetary Policy in Dollarized Economies

Series: Occasional Papers

Author(s): Adam Bennett , Eduardo Borensztein , and Tomás Baliño

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1999

ISBN: 9781557757579

Keywords: central bank, exchange rate, currency substitution, inflation, dollarization

Dollarization - the holding by residents of a substantial portion of their assets in foreign-currency-denominated assets- is a common feature of developing and transition economies, and therefore typical of many co...

Real Exchange Rates and Fundamentals

Real Exchange Rates and Fundamentals »

Source: Real Exchange Rates and Fundamentals : A Cross-Country Perspective

Volume/Issue: 2008/13

Series: IMF Working Papers

Author(s): Luca Ricci , Jaewoo Lee , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2008

ISBN: 9781451868753

Keywords: equilibrium real exchange rate, Balassa-Samuelson effect, exchange rate, exchange rates, real exchange rate, net foreign assets, foreign assets,

This paper employs newly constructed measures for productivity differentials, external imbalances, and commodity terms of trade to estimate a panel cointegrating relationship between real exchange rates and a set o...

V Operational Issues in Dollarized Economies

V Operational Issues in Dollarized Economies »

Source: Monetary Policy in Dollarized Economies

Series: Occasional Papers

Author(s): Adam Bennett , Eduardo Borensztein , and Tomás Baliño

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1999

ISBN: 9781557757579

Keywords: central bank, exchange rate, currency substitution, inflation, dollarization

This section first reviews how monetary policy implementation and payments system arrangements have been adjusted in light of heavy dollarization and then discusses the implications of dollarization for prud...