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Financial Dollarization
			: The Policy Agenda

Financial Dollarization : The Policy Agenda »

Series: Books

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

Publisher: Palgrave Macmillan-Economics

Publication Date: 25 July 2006

DOI: http://dx.doi.org/10.5089/9781403987594.072

ISBN: 9781403987594

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

Financial (unofficial) dollarization is widely seen as a critical source of financial fragility in both developing and emerging economies. This volume provides a rigorous and balanced perspective on the causes and...

Challenges for Central Banking
			: Perspectives from Latin America

Challenges for Central Banking : Perspectives from Latin America »

Series: Books

Author(s): Luis I. Jacome H. , Yan Carriere-Swallow , Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2016

DOI: http://dx.doi.org/10.5089/9781513591766.071

ISBN: 9781513591766

Keywords: central banking, Latin America, monetary independence, economic integration, term premium, monetary policy, forward guidance, macroprudential policies, monetary frameworks, reserve requirements

In the wake of the 2008-09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central ban...

4 Financial Dollarization in Latin America

4 Financial Dollarization in Latin America »

Source: Financial Dollarization : The Policy Agenda

Series: Books

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

Publisher: Palgrave Macmillan-Economics

Publication Date: 25 July 2006

ISBN: 9781403987594

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

4.1 Introduction In the past fifteen to twenty years, many developing countries have experienced a process known as financial dollarization (FD), in which residents hold deposits den...

3 Financial De-dollarization: Is It for Real?

3 Financial De-dollarization: Is It for Real? »

Source: Financial Dollarization : The Policy Agenda

Series: Books

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

Publisher: Palgrave Macmillan-Economics

Publication Date: 25 July 2006

ISBN: 9781403987594

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

3.1 Introduction Some important events and trends in recent years have intensified concerns about FD. First, there is mounting evidence that FD has increased or remained stable despi...

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: Palgrave Macmillan-Economics

Publication Date: 25 July 2006

ISBN: 9781403987594

Keywords: Dollarization, 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...

8 Towards the Effective Supervision of Partially Dollarized Banking Systems

8 Towards the Effective Supervision of Partially Dollarized Banking Systems »

Source: Financial Dollarization : The Policy Agenda

Series: Books

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

Publisher: Palgrave Macmillan-Economics

Publication Date: 25 July 2006

ISBN: 9781403987594

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

8.1 Introduction The purpose of this chapter is to contribute to the design of a prudential regulatory framework for banks operating in partially dollarized economies. The discussion...

11 De-dollarizing the Hard Way

11 De-dollarizing the Hard Way »

Source: Financial Dollarization : The Policy Agenda

Series: Books

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

Publisher: Palgrave Macmillan-Economics

Publication Date: 25 July 2006

ISBN: 9781403987594

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

11.1 Introduction There is wide consensus that partials dollarization can magnify a country’s vulnerabilities (e.g.. Guide et al, 2004). 2 ,...

Comments on Part IV

Comments on Part IV »

Source: Financial Dollarization : The Policy Agenda

Series: Books

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

Publisher: Palgrave Macmillan-Economics

Publication Date: 25 July 2006

ISBN: 9781403987594

Keywords: Dollarization, 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...

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: Palgrave Macmillan-Economics

Publication Date: 25 July 2006

ISBN: 9781403987594

Keywords: Dollarization, 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...

Comments on Part IV

Comments on Part IV »

Source: Financial Dollarization : The Policy Agenda

Series: Books

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

Publisher: Palgrave Macmillan-Economics

Publication Date: 25 July 2006

ISBN: 9781403987594

Keywords: Dollarization, 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...