Full Dollarization PDF Download

Author: Mr.Eduardo Borensztein
Publisher: International Monetary Fund
ISBN: 9781557759931
Category : Business & Economics
Languages : en
Pages : 28

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Book Description
Analyzes the costs and benefits of full dollarization, or the adoption by one country of another country’s currency. Potential advantages include lower borrowing costs and deeper integration into world markets. But countries lose the ability to devalue, and become dependent on the U.S. Compares with currency board option.

Author: Dominick Salvatore
Publisher: Oxford University Press
ISBN: 0198035365
Category : Business & Economics
Languages : en
Pages : 491

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Book Description
This book takes a global approach, with an emphasis on North and Latin America respectfully, by discussing one of today's most controversial topics in business; Dollarization. With the collapse of the former Soviet Union, and the formation of the Euro in Europe, many countries and debating whether or not a common currency is in their best interest. This intriguing volume brings together the leading participants in the current dollarization debates. Many advocate the notion of a common currency, while others feel that in doing so will create financial costs for all that take part, with the severity varying from country to country.

Author: Annamaria Kokenyne
Publisher: International Monetary Fund
ISBN: 1455201715
Category : Business & Economics
Languages : en
Pages : 53

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Book Description
This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater control of monetary policy and draws on the experiences of countries that have successfully dedollarized. Unlike previous work on the subject, this paper examines both macroeconomic stabilization policies and microeconomic measures, such as prudential regulation of the financial system. This study is also the first attempt to make extensive use of the foreign exchange regulation data reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. The main conclusion is that durable dedollarization depends on a credible disinflation plan and specific microeconomic measures.

Author: Louis-Phillipe Rochon
Publisher: Routledge
ISBN: 1134426062
Category : Business & Economics
Languages : en
Pages : 193

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Book Description
The international array of contributors have managed quite a feat - an interesting book that expertly draws comparisons between dollarization and Euroland. This study is a must for anyone interesting in the world of international finance.

Author: Hidenobu Okuda
Publisher: Taylor & Francis
ISBN: 1000955575
Category : Business & Economics
Languages : en
Pages : 228

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Book Description
This book is the first study to provide a comprehensive picture of the reality and structure of dollarization in Cambodia, which has been achieving rapid economic and financial development since the end of 1998, when full piece reigned over the kingdom. It uses the micro-level data collected through nationwide surveys conducted jointly by the National Bank of Cambodia and JICA Ogata Sadako Research Institute in 2014 and 2017. By applying econometric analysis to collected data, the book analyses in detail the structures and mechanisms of dollarization in households, companies, and financial institutions. It also provides detailed information on the historical development of Cambodian dollarization, international comparisons with various cases of dollarization in countries around the world, and the impact of NBC's digital payment platforms (particularly Bakong) on the use of local and foeign currencies. The Cambodian case shows that financial development of low- and middle-income countries is promoted mutually by dollarization and that policies to separate the two are necessary to curb dollarization. This book will be of interest to students, researchers and policy-makers concerned with dollarization and economics in Southeast Asia.

Author: Emre Ozsoz
Publisher: Walter de Gruyter GmbH & Co KG
ISBN: 3110437023
Category : Business & Economics
Languages : en
Pages : 140

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Book Description
A very commonly observed phenomenon in developing and emerging market economies is the use of another country’s currency (whether the US dollar or another currency) in lieu or in addition to the local currency. The most common type of this financial phenomenon is partial (de facto) dollarization where foreign currencies are used side by side with local currency for saving and borrowing purposes in addition to serving as medium of exchange. Governments in these countries have been encouraging dollarization for years by allowing their citizens to save and borrow from local banks in foreign currency. Yet the existence of multiple currencies on banks' balance sheets on both the asset and liability side poses risks to the health and stability of the banking system. This book evaluates the practical aspects of partial dollarization in countries such as Turkey, South Korea, Peru, and Cambodia among others. Starting with the origins of the phenomenon, the impact on banking systems and financial depth of the credit markets are discussed along with risks to the banking systems. Challenges faced by Central Banks and banking regulators are evaluated using recent country studies.

Author: Mr. Selim Cakir
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 39

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Book Description
Declining but still high dollarization rates in the Caucasus and Central Asia (CCA) region affect macroeconomic stability, monetary policy transmission, and financial sector development. Although several studies have investigated the dynamics of dollarization in the CCA, the relative roles of macrofinancial policies and financial market development in the de-dollarization process have not yet been assessed empirically. This paper takes stock of de-dollarization efforts and explores the short-term drivers of financial de‐dollarization in the CCA region. It highlights that there remains significant scope to further reduce dollarization through continued progress in strengthening macroeconomic policy frameworks and in developing markets and institutions.

Author: Mr.Luis Ignacio Jácome
Publisher: International Monetary Fund
ISBN: 1455200654
Category : Business & Economics
Languages : en
Pages : 33

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Book Description
This paper identifies key aspects that countries willing to officially dollarize must necessarily address. Based on country experiences, it discusses the critical institutional bases that are necessary to unilaterally introduce a new legal tender, describes the relevant operational issues to smooth the transition toward the use of the new currency, and identifies key structural reforms that are necessary to favor the sustainability over time of this monetary regime. The paper is aimed at providing preliminary guidance to policy makers and practitioners adopting official dollarization. The paper does not take a position on how appropriate this monetary arrangement is. Experiences from adopting dollarization in Ecuador, El Salvador, Kosovo, Montenegro, and Timor-Leste are illustrated briefly.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781589061767
Category : Business & Economics
Languages : en
Pages : 886

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Book Description
The papers published in this volume are based on an IMF seminar held in 2000 that covered a broad range of topics on monetary and financial law, such as the liberalization of capital movements, data dissemination, responsibilities of central banks, and the IMF’s goals in financial surveillance and architecture. Participants addressed recent issues in the financial sector, including those related to payment systems and supervision of financial institutions. Updates dealt with Internet banking, bank secrecy, and currency arrangements-including dollarization. Participants discussed the recent activities of the other international financial institutions, which included the European Central Bank and the International Finance Corporation. Prevention of financial crises was also discussed, with reference to the distinct roles of the IMF and the private sector.

Author: Morris Goldstein
Publisher: Peterson Institute
ISBN: 9780881323368
Category : Business & Economics
Languages : en
Pages : 116

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Book Description
In this analysis Morris Goldstein examines currency regime choices for emerging economies that are heavily involved with private capital markets. The author argues that the best regime choice for such economies would be managed floating plus, where "plus" is shorthand for a framework that includes inflation targeting and aggressive measures to discourage currency mismatching. Goldstein argues that if managed floating were enhanced in this way, it would retain the desirable features of a flexible rate regime while addressing the nominal anchor and balance-sheet problems that have historically underpinned a "fear of floating" and handicapped the performance of managed floating in emerging economies. The author also shows why managed floating plus is superior to four alternative currency-regime options--an adjustable peg system, a "BBC (basket, band, crawl) regime," a currency board, and dollarization.