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Author: Mr.Romain Veyrune Publisher: International Monetary Fund ISBN: 1455202223 Category : Business & Economics Languages : en Pages : 52
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: Mr.Romain Veyrune Publisher: International Monetary Fund ISBN: 1455202223 Category : Business & Economics Languages : en Pages : 52
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: StoryBuddiesPlay Publisher: StoryBuddiesPlay ISBN: Category : Business & Economics Languages : en Pages : 70
Book Description
Dedollarization: A Paradigm Shift in Global Finance - Unveiling the Impact on Markets, Risks, and Opportunities The dominance of the US dollar as the world's reserve currency is facing potential challenges. This phenomenon, known as dedollarization, is poised to reshape the global financial landscape with significant implications for investors, businesses, and policymakers. This comprehensive guide delves into the intricacies of dedollarization, exploring its potential impact on various aspects of financial markets. Understanding the Mechanics: We break down the concept of dedollarization, explaining the factors driving the decline of the US dollar's dominance and the potential rise of alternative reserve currencies. We explore the potential consequences for exchange rates, including increased volatility and its impact on international trade and investment decisions. Navigating a New Risk Landscape: Dedollarization introduces new risk factors such as counterparty risk and liquidity challenges in non-dollar denominated markets. We equip you with strategies to mitigate these risks and build a resilient investment portfolio. Opportunities Amidst Change: While dedollarization presents challenges, it also unlocks opportunities for diversification. We explore how investors can leverage this shift to access a wider range of currencies and asset classes. The Long View: A Multipolar Future? We delve into potential long-term scenarios, examining the possibility of a multipolar currency system or a fragmented financial landscape. We explore the geopolitical implications of dedollarization, including potential shifts in power dynamics and the "weaponization" of finance. Beyond the Basics: This guide extends beyond a theoretical discussion, offering practical insights and risk management tools to navigate a dedollarized financial world. We explore the role of regulatory bodies in ensuring financial stability and fostering a smooth transition. Stay Informed, Stay Ahead: Dedollarization is a complex and evolving process. This guide serves as a valuable resource for anyone seeking to understand its potential impact on financial markets, identify emerging risks and opportunities, and develop effective strategies for navigating this transformative era in global finance.
Author: Koji Kubo Publisher: Springer ISBN: 3319577689 Category : Business & Economics Languages : en Pages : 255
Book Description
This book sheds light on the dollarization trends of four transitional economies in Southeast Asia: Cambodia, Lao PDR, Myanmar, and Vietnam. Moving beyond the tendency to focus on the Latin American experience of dollarization and prolonged high inflation, the chapters in this book compare how payment dollarization has been more persistent than other types of dollarization in this region due to network externalities. The book illustrates that dollarization started in the underdeveloped financial system in these countries and that dollarization interacted with financial development, which is in contrast to dollarization in Latin America. This project extends the frontiers of empirical studies on dollarization. It will be of interest to students, researchers and policy makers concerned with dollarization and economics in Southeast Asia.
Author: Mr.Luis Catão Publisher: International Monetary Fund ISBN: 1484341376 Category : Business & Economics Languages : en Pages : 25
Book Description
We re-appraise the cross-country evidence on the dollarization of financial systems in emerging market economies. Amidst striking heterogeneity of patterns across regions, we identify a broad global trend towards financial sector de-dollarization from the early 2000s to the eve of the global financial crisis of 2008–09. Since then, de-dollarization has broadly stalled or even reversed in many economies. Yet a few of them have continued to de-dollarize. This suggests that domestic factors are also important and interact with global factors. To gain insight into such an interaction, we examine the experience of Peru since the early 1990s and find that low global interest rates, low global risk-aversion, and high commodity prices have fostered de-dollarization. Domestic macro-prudential measures that raise the relative cost of domestic dollar loans and the introduction and adherence to inflation targeting have also been key.
Author: Mr.Sebastian Sosa Publisher: International Monetary Fund ISBN: 1455211885 Category : Business & Economics Languages : en Pages : 25
Book Description
In the last decade, a group of Latin American countries (Bolivia, Paraguay, Peru, and Uruguay) experienced a gradual, yet sustained decline in financial dollarization. This paper documents the stylized facts and uses a standard VAR approach to examine the drivers of both deposit and credit de-dollarization. It finds that the exchange rate appreciation has been a key factor explaining deposit de-dollarization. The introduction of prudential measures to create incentives to internalize the risks of dollarization (including an active management of reserve requirement differentials), the development of a capital market in local currency, and de-dollarization of deposits have all contributed to a decline in credit dollarization. Continuing efforts on these fronts, while maintaining macroeconomic stability and strong fundamentals, would help deepening de-dollarization.
Author: Alejandro M. Werner Publisher: International Monetary Fund ISBN: 1513598538 Category : Business & Economics Languages : en Pages : 458
Book Description
Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the 1980s to having buffers in place that allowed it to emerge unscathed from the global financial crisis. The book examines the steps Peru undertook to achieve these results and extracts lessons to be learned. Chapters are written by IMF staff and Peruvian economists.
Author: International Monetary Fund. External Relations Dept. Publisher: International Monetary Fund ISBN: 1513511912 Category : Business & Economics Languages : en Pages : 60
Book Description
This issue of Finance & Development focuses on how technology is driving growth. The issue looks at “transmission channels.” As with drive-through tellers, ever-more-powerful technology allows us to streamline, replacing less efficient practices (the drive-through teller) with more efficient ones (smartphone deposits). Other articles in this issue cover package chronicle technology’s power to transform: Sanjiv Ranjan Das examines big data’s influence on economics and finance; Aditya Narain documents the rise of a new breed of hybrid financial technology—fintech—firms; and Sharmini Coorey touts distance learning for better policymaking. The issue also examines the impact of remittances on monetary policy, de-dollarization in Peru, and the efficacy of public-private partnerships, among other topics. It also presents profile of Nancy Birdsall, the former head of the Center for Global Development, who has dedicated her career to fighting poverty and inequality through compelling research.
Author: International Monetary Fund. Middle East and Central Asia Dept. Publisher: International Monetary Fund ISBN: 1498387055 Category : Business & Economics Languages : en Pages : 120
Book Description
This issue discusses economic developments in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP), which continue to reflect the diversity of conditions prevailing across the region. Most high-income oil exporters, primarily in the GCC, continue to record steady growth and solid economic and financial fundamentals, albeit with medium-term challenges that need to be addressed. In contrast, other countries—Iraq, Libya, and Syria—are mired in conflicts with not only humanitarian but also economic consequences. And yet other countries, mostly oil importers, are making continued but uneven progress in advancing their economic agendas, often in tandem with political transitions and amidst difficult social conditions. In most of these countries, without extensive economic and structural reforms, economic prospects for the medium term remain insufficient to reduce high unemployment and improve living standards.
Author: Mr.Olaf Unteroberdoerster Publisher: International Monetary Fund ISBN: 1484307925 Category : Business & Economics Languages : en Pages : 160
Book Description
Cambodia is poised to join a new generation of Asian frontier economies transitioning from low-income to emerging-market. But the path to greater and more shared prosperity requires a solid foundation of sound macroeconomic policies, enabling new growth drivers, tackling a highly dollarized and fragmented financial system, and creating more fiscal policy space to help meet Cambodia’s vast development needs. This book first takes a closer look at the key economic challenges Cambodia faces at the current juncture, highlighting Cambodia’s structural and financial constraints to growth as well as shifting vulnerabilities as Asia rebalances. It then lays out how a strategy of fiscal and financial sector policies, from creating a fairer and more buoyant tax system to modernizing financial instruments, markets and supervision, can help mobilize the resources and tools needed for one of Asia’s youngest and fastest-growing populations to enjoy more self-sustaining and inclusive growth.
Author: Mr.Romain Veyrune
Author: Mr.Romain Veyrune
Author: StoryBuddiesPlay
Author: Luis Oscar Herrera
Author: Koji Kubo
Author: Mr.Luis Catão
Author: Mr.Sebastian Sosa
Author: Alejandro M. Werner
Author: International Monetary Fund. External Relations Dept.
Author: International Monetary Fund. Middle East and Central Asia Dept.
Author: Mr.Olaf Unteroberdoerster