supervisors may be constrained in the use of standard money and financial policy tools. The study’s conclusions are the basis of …

Dollarization in financial intermediation has exhibited a widely diverse pattern across countries. Empirical work …-currency banking model to show that deposit and loan dollarization are determined by a broader set of factors. These include interest … availability of tradable collateral. The direction in which dollarization tends to move with macroeconomic shocks is shown to …

monetary regime initially based on money targets, improved financial prudential norms and supervision, and accumulated …

We investigate the role of financial dollarization in the determination of real interest rates in emerging economies … its low degree of financial dollarization and very high real interest rates. The estimated model is unable to explain the … through improvements in fundamentals that lead to investment-grade status rather than through financial dollarization. …

, which achieved almost complete dollarization during 1991-95, the authors review recent developments in the literature on … dollarization and examine the costs and benefits of dollarization in Cambodia, including the ensuing macroeconomic policy … degree of dollarization. In addition to this analysis, the authors present a short description of Cambodia’s economic …

This paper assesses the benefits and risks associated with dollarization of the banking system. We provide novel … empirical evidence on the determinants of dollarization, its role in promoting financial development, and on whether … dollarization is associated with financial instability. We find that: (a) the credibility of macroeconomic policy and the quality of …