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The limits to dollarization in Ecuador: Lessons from Argentina
Bradbury, Mathew; Vernengo, Matías - 2008
The paper sheds light on the apparent success of dollarization in Ecuador. The experience of Argentina with …
Persistent link: https://www.econbiz.de/10010288102
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Why Do People Save in Cash? Distrust, Memories of Banking Crises, Weak Institutions and Dollarization
Stix, Helmut - 2012
The paper analyzes why households in transition economies prefer to hold sizeable shares of their assets in cash at home rather than in banks. Using survey data from ten Central, Eastern and Southeastern European countries, I document the relevance of this behavior and show that cash preferences...
Persistent link: https://www.econbiz.de/10013370095
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Foreign Currency Loans and Loan Arrears of Households in Central and Eastern Europe
Beckmann, Elisabeth; Fidrmuc, Jarko; Stix, Helmut - 2012
Given recent adverse developments, widespread foreign currency borrowing in CEECs poses a serious challenge for financial stability. Against this background, we use survey data to study the determinants of loan arrears of private households. Our data confirm a non-negligible impact of foreign...
Persistent link: https://www.econbiz.de/10013370098
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Euroization: What Factors drive its Persistence?
Stix, Helmut - 2008
The question asked in this paper is why people continue to use foreign currencies even after their economies have stabilized. Survey data for Croatia, Slovenia and Slovakia are employed to provide an answer. The results confirm the role of network effects and of remittances. Furthermore, the...
Persistent link: https://www.econbiz.de/10013370057
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Euroization in Central, Eastern and Southeastern Europe – New Evidence On Its Extent and Some Evidence On Its Causes
Scheiber, Thomas; Stix, Helmut - 2009
We present new evidence on de facto euroization in eleven Central, Eastern and Southeastern European countries. Estimates of the extent of foreign currency cash holdings are derived from survey data. Furthermore, we define overall euroization indices, relating both assets and cash holdings....
Persistent link: https://www.econbiz.de/10013370076
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Living with Dollarization and the Route to Dedollarization
Galindo, Arturo; Leiderman, Leonardo - 2005
Financial dollarization in Latin America has been growing over time in spite of a major reduction in inflation and a … shift toward central bank independence. After discussing the key stylized facts of dollarization and dedollarization in the … vulnerability due to the dollarization of public and private debt. We emphasize the importance of precautionary/regulatory measures …
Persistent link: https://www.econbiz.de/10010327057
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Corporate Dollar Debt and Depreciations: Much Ado About Nothing?
Bleakley, Hoyt; Cowan, Kevin - 2005
Much has been written recently about the problems for emerging markets that might result from a mismatch between foreign-currency denominated liabilities and assets (or income flows) denominated in local currency. In particular, several models, developed in the aftermath of financial crises of...
Persistent link: https://www.econbiz.de/10010327180
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Real exchange rates, dollarization and industrial employment in Latin America
Galindo, Arturo; Izquierdo, Alejandro; Montero, José Manuel - 2006
dollarization data at the industrial level is available. We test whether real exchange rate fluctuations have a significant impact … on employment, and analyze whether the impact varies with the degree of trade openness and liability dollarization … effect is reversed as liability dollarization increases. In industries with high liability dollarization, the overall impact …
Persistent link: https://www.econbiz.de/10010278258
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Targeting Inflation in a Dollarized Economy: The Peruvian Experience
Armas, Adrián; Grippa, Francisco - 2005
high degree of financial dollarization. The paper outlines how Peru has taken financial dollarization into consideration in … controlling financial dollarization risks. The paper concludes with analysis and lessons drawn from the Peruvian case. …
Persistent link: https://www.econbiz.de/10010327093
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Monetary policy challenges in emerging markets: Sudden stop, liability dollarization, and lender of last resort
Calvo, Guillermo A. - 2006
The paper argues that Emerging Market economies (EMs) face financial vulnerabilities that weaken the effectiveness of a domestic Lender of Last Resort (LOLR). As a result, monetary policy is inextricably linked to the state of the credit market. In particular, the central bank should be ready to...
Persistent link: https://www.econbiz.de/10010278274