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Financial De-Dollarization : Is it for Real?
Levy Yeyati, Eduardo - 2005
De facto (unofficial) dollarization, defined as the holding by residents of assets and liabilities denominated in a foreign currency, is a policy concern in an increasing number of developing economies. This paper addresses the dollarization debate from this perspective, with the goal of setting...
Persistent link: https://www.econbiz.de/10014404222
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Inflation Targeting in Dollarized Economies
Leiderman, Leonardo - 2006
The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful implementation were not in place. The existence of managed exchange rate regimes, a...
Persistent link: https://www.econbiz.de/10014402285
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Financial Dollarization in Latin America
Rennhack, Robert - 2006
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...
Persistent link: https://www.econbiz.de/10014404249
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Managing Systemic Liquidity Risk in Financially Dollarized Economies
Levy Yeyati, Eduardo - 2005
This paper evaluates ways to protect highly dollarized banking systems from systemic liquidity runs (such as the ones that took place recently in Argentina, Uruguay, and Paraguay). In view of the limitations of available (private or official) insurance schemes, and the distortions introduced by...
Persistent link: https://www.econbiz.de/10014404199
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Patterns of foreign exchange intervention under inflation targeting
Adler, Gustavo; Chang, Kyun Suk; Wang, Zijiao - 2020
The paper documents the use of foreign exchange intervention (FXI) across countries and monetary regimes, with special attention to its use under inflation targeting (IT). We find significant differences between advanced and emerging market economies, with the former group conducting FXI...
Persistent link: https://www.econbiz.de/10012251394
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The macroeconomic impact of foreign exchange intervention : some cross-country empirical findings
Jin, Zhongxia; Wang, Haobin; Zhao, Yue - 2021
countries that intervene more heavily in response to external shocks experience greater general and asset price volatility …
Persistent link: https://www.econbiz.de/10012613705
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Foreign exchange intervention : a dataset of public data and proxies
Adler, Gustavo; Chang, Kyun Suk; Mano, Rui; Shao, Yuting - 2021
Foreign exchange intervention (FXI) is a highly debated topic. Yet, comprehensive and comparable data on FXI is hard to find. This paper provides a new dataset of FXI covering a large number of countries over the period 2000-20 at monthly and quarterly frequencies. It includes publicly available...
Persistent link: https://www.econbiz.de/10012518682
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Foreign Exchange Intervention and the Australian Dollar : Has it Mattered?
Liang, Hong - 2003
(RBA) have had on the level and volatility of the Australian dollar exchange rate. First, using an event study we evaluate … Australian dollar. Second, we investigate the effects of RBA intervention policies on exchange rate volatility over the floating … volatility, which suggests that official intervention may have added to market uncertainty. Overall, the effects of RBA …
Persistent link: https://www.econbiz.de/10014403823
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Limiting Currency Volatility to Stimulate Goods Market Integration : A Price-Based Approach
Parsley, David C. - 2001
This paper studies the effect of instrumental and institutional stabilization of exchange rate volatility on the …
Persistent link: https://www.econbiz.de/10014401231
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Structural Factors Affecting Exchange Rate Volatility : A Cross-Section Study
Canales Kriljenko, Jorge Iván - 2004
The paper examines factors affecting exchange rate volatility, with an emphasis on structural features of the foreign … exchange rate volatility. The paper also provides support for earlier results on the influence of macroeconomic conditions and … the choice of exchange rate regime on volatility …
Persistent link: https://www.econbiz.de/10014401319