Financial dollarization in Latin America /
This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on previous research by finding that an exchange rate policy biased towards currency depre...
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Full text (MCPHS users only) |
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| Main Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2006
|
| Series: | IMF working paper ;
WP/06/7. |
| Subjects: | |
| Local Note: | ProQuest Ebook Central |
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| 100 | 1 | |a Rennhack, Robert, |e author. | |
| 245 | 1 | 0 | |a Financial dollarization in Latin America / |c Robert Rennhack and Masahiro Nozaki. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, |c 2006. | ||
| 300 | |a 1 online resource (34 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
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| 490 | 1 | |a IMF working paper ; |v WP/06/7 | |
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Contents -- I. INTRODUCTION -- II. TRENDS IN FINANCIAL DOLLARIZATION -- III. FINANCIAL DOLLARIZATION AS A RATIONAL RESPONSE TO INFLATION -- IV. THE ROLE OF CREDIT RISK -- V. CONCLUDING REMARKS -- APPENDIX I -- APPENDIX II -- REFERENCES | |
| 520 | 3 | |a This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on previous research by finding that an exchange rate policy biased towards currency depreciation and currency mismatches tends to contribute to high FD and that FD is highly persistent. These results suggest that countries with significant FD should encourage the use of domestic currency by maintaining macroeconomic stability; allowing more exchange rate flexibility and less bias towards currency depreciation; and adapting prudential regulations to ensure that costs associated with FD are fully internalized in financial contracts. At the same time, restoring confidence in the domestic currency may take many years of sound policies. | |
| 588 | 0 | |a Print version record. | |
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Monetary policy |z Latin America. | |
| 650 | 0 | |a Currency question |z Latin America. | |
| 700 | 1 | |a Nozaki, Masahiro, |e author. | |
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| 830 | 0 | |a IMF working paper ; |v WP/06/7. | |
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