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The Desirability of a Dollar Appreciation, Given a Contractionary U.S. Monetary Policy

Frankel, Jeffrey A. - 1983

Undesirable real effects have been attributed to floating exchange rates in general, and the 1980-83 appreciation of the dollar in particular.In the appreciating country, the U.S., export industries lose competitiveness and so output falls. In the other country, say Europe, the exchange rate...

Persistent link: https://www.econbiz.de/10012477992

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs

Goldberg, Linda S. - 2010

Following a scarcity of dollar funding available internationally to banks and financial institutions, starting in December 2007 the Federal Reserve established or expanded Temporary Reciprocal Currency Arrangements with fourteen foreign central banks. These central banks had the capacity to use...

Persistent link: https://www.econbiz.de/10012462892

Central Banks as Dollar Lenders of Last Resort : Implications for Regulation and Reserve Holdings

Das, Mitali; Gopinath, Gita; Kim, Taehoon; Stein, Jeremy C. - National Bureau of Economic Research - 2022

This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are...

Persistent link: https://www.econbiz.de/10013477280

Chronicle of a Dollarization Foretold : Inflation and Exchange Rates Dynamics

Caravello, Tomás E.; Martinez-Bruera, Pedro; Werning, Iván - National Bureau of Economic Research - 2023

We study the effects of an anticipated dollarization, announced today but planned to be implemented at some future date …, in a simple open-economy model. Motivated by the profile of countries considering dollarization we make the following …, without dollarization monetary policy finances a deficit via seignorage. We focus on the pre-dollarization period. Our results …

Persistent link: https://www.econbiz.de/10014421188

Monetary Policy Strategies for Latin America

Mishkin, Frederic S. - 2000

The paper examines possible monetary policy strategies for Latin America that may help lock-in the gains in the fight against inflation attained by the region during the 1990s. We start by calling for a refocus of the debate about the conduct of monetary policy away from thinking that it is...

Persistent link: https://www.econbiz.de/10012471153

Domestic Price Dollarization in Emerging Economies

Drenik, Andres - 2020

This paper studies the dollarization of prices in retail markets of emerging economies. We develop a model of the firm …, price dollarization is positively correlated with asset dollarization and inflation, and negatively correlated with exchange …

Persistent link: https://www.econbiz.de/10012481195

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/10012466232

Liquidity Insurance in a Financially Dollarized Economy

Yeyati, Eduardo Levy - 2006

Unlike the financial dollarization (FD) of external liabilities, the dollarization of domestic financial assets …

Persistent link: https://www.econbiz.de/10012466320

Optimal Currency Shares in International Reserves : The Impact of the Euro and the Prospects for the Dollar

Papaioannou, Elias - 2006

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater liquidity in other major currencies, and the rising current account deficits and external debt of the United States have increased the pressure on central banks to diversify away...

Persistent link: https://www.econbiz.de/10012466332

Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops

Razin, Assaf - 2005

projected probability of sudden stops affects the level of dollarization, and provide estimates for the effect of dollarization …

Persistent link: https://www.econbiz.de/10012467554

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