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Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops
Razin, Assaf; Rubinstein, Yona - 2021
The literature has not being able to identify clear-cut real effects of exchange-rate regimes on output growth. Similarly, no definitive view emerges from the literature in regard to the effects of open capital markets on macroeconomic performance. The paper attributes the failure of the...
Persistent link: https://www.econbiz.de/10013225587
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Dollarization : Analytical Issues
Chang, Roberto; Velasco, Andrés - 2021
This paper discusses major analytical aspects of dollarization and their practical implications. We develop a simple model to stress that dollarization implies the loss of independent monetary policy and of seigniorage, yet the significance of such losses can only be evaluated in conjunction...
Persistent link: https://www.econbiz.de/10013245507
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Financial Crises, Dollarization, and Lending of Last Resort in Open Economies
Bocola, Luigi - 2017
Foreign currency borrowing is perceived as a source of financial instability in emerging markets. We propose a theory …
Persistent link: https://www.econbiz.de/10012944158
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The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
Calomiris, Charles W. - 2012
bank failure rates in Michigan during the period 1932-1934, which includes the important Michigan banking crisis of early … purchases (the policy tool employed after March 1933) on bank failure rates. Our estimates treat the receipt of RFC assistance … assistance that are not directly related to failure risk) for analyzing the effects of RFC assistance on bank survival. We find …
Persistent link: https://www.econbiz.de/10013100128
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On the Determinants of Exporters' Currency Pricing : History vs. Expectations
Fukuda, Shin-Ichi - 2006
The purpose of this paper is to investigate why the choice of invoice currency under exchange rate uncertainty depends not only on expectations but also on history. The analysis is motivated by the fact that the U.S. dollar has historically been the dominant vehicle currency in developing...
Persistent link: https://www.econbiz.de/10012779585
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Liquidity Insurance in a Financially Dollarized Economy
Levy-Yeyati, Eduardo Levy - 2010
: the limit it imposes on the central bank as domestic lender of last resort, and the resulting exposure to dollar liquidity …%u201D) to reduce self-insurance costs while limiting bank losses in the event of a run …
Persistent link: https://www.econbiz.de/10012761262
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Optimal Currency Shares in International Reserves : The Impact of the Euro and the Prospects for the Dollar
Papaioannou, Elias - 2010
market countries (Brazil, Russia, India and China), adding constraints that reflect a central bank%u2019s desire to hold a …
Persistent link: https://www.econbiz.de/10012761272
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Dollarization and Economic Performance : An Empirical Investigation
Edwards, Sebastian - 2021
In this paper I investigate the historical record of countries that have lived under a 'dollarized' monetary system. As it turns out, this is a very small group of counties, most of which have operated under very special circumstances, and for which there are very limited data. The results...
Persistent link: https://www.econbiz.de/10013216489
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Dollarization and Trade
Klein, Michael W. - 2021
Dollarization has been suggested as a policy that might, among other goals, promote trade between a country adopting the dollar and the United States. Evidence supporting this conjecture could be drawn from a recent series of papers by Rose and co-authors who show that a currency union increases...
Persistent link: https://www.econbiz.de/10013234918
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Dollarization, Inflation and Growth
Edwards, Sebastian; Magendzo, I. Igal - 2021
In this paper we analyze the macroeconomic record of dollarized economies. In particular, we investigating whether, as its supporters' claim, dollarization is associated with lower inflation and faster growth. We analyze this issue by using a matching estimator technique developed in the...
Persistent link: https://www.econbiz.de/10013240614