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Financial de-dollarization in Argentina : when the wind always blows from the East

Corso, Eduardo Ariel; Sangiácomo, Máximo - 2023

Dollarization hinders financial intermediation in domestic currency which is detrimental for economic growth and … development. A broad branch of the financial dollarization literature is based on portfolio theory. Dollarization of savings … approach to analyse financial dollarization's hysteresis in Argentina. Based on the historical experience of our country, we …

Persistent link: https://www.econbiz.de/10013502421

Currency devaluations, aggregate demand, and debt dynamics in an economy with foreign currency liabilities

Köhler, Karsten - 2016

The paper employs a post-Kaleckian model to address the question of how currency devaluations affect aggregate demand, capital accumulation, and debt in an economy with foreign currency liabilities. In benchmark post-Kaleckian open economy models currency devaluations have two key effects....

Persistent link: https://www.econbiz.de/10011567969

The dollar and emerging market economies : financial vulnerabilities meet the international trade system

Shousha, Samer - 2019

This paper shows that dollar appreciations lead to declines in GDP, investment, and credit to the private sector in emerging market economies (EMEs). These results imply that the transmission of dollar movements to EMEs occurs mainly through financial conditions rather than net exports, contrary...

Persistent link: https://www.econbiz.de/10012126103

Shadow banking : financial intermediation beyond banks

Adrian, Tobias; Chrétien, Edouard; Chui, Michael; … - Shadow Banking: Financial Intermediation beyond Banks …; … - 2018

Persistent link: https://www.econbiz.de/10011790739

How strong is the case for dollarization in Central America? : an empirical analysis of business cycles, credit market imperfections and the exchange rate

Lindenberg, Nannette; Westermann, Frank - 2010

In this paper, we contrast two different views in the debate on official dollarization. The Mundell (1961) framework of … Central American economies, and find that the main benefit of official dollarization derives from avoiding a mismatch between … countries form an optimal currency area with the United States according to the Mundell definition. -- dollarization ; real …

Persistent link: https://www.econbiz.de/10009660973

Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities

Chari, Anusha - National Bureau of Economic Research - 2023

Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly open-end mutual funds and ETFs, accounts for nearly half of the external financing flows to emerging markets exceeding cross-border lending by global banks. Evidence suggests that investment...

Persistent link: https://www.econbiz.de/10014250161

External shocks and FX intervention policy in emerging economies

Carrasco, Alex; Florián Hoyle, David - 2021

This paper discusses the role of sterilized foreign exchange (FX) interventions as a monetary policy instrument for emerging market economies in response to external shocks. We develop a model for a commodity-exporting small open economy in which FX intervention is considered as a balance sheet...

Persistent link: https://www.econbiz.de/10012616248

Dominant currency debt

Eren, Egemen; Malamud, Semyon - 2018 - This version: August 22, 2018

We propose a "debt view" to explain the dominant international role of the dollar and provide broad empirical support for it. Within a simple capital structure model in which firms optimally choose the currency composition of their debt, we derive conditions under which all firms issue debt in a...

Persistent link: https://www.econbiz.de/10011900333

Managing risk taking with interest rate policy and macroprudential regulations

Cociuba, Simona E.; Shukayev, Malik; Ueberfeldt, Alexander - 2016

We develop a model in which a financial intermediary's investment in risky assets - risk taking - is excessive due to limited liability and deposit insurance, and characterize the policy tools that implement efficient risk taking. In the calibrated model, coordinating interest rate policy with...

Persistent link: https://www.econbiz.de/10011553837

Investor heterogeneity and large-scale asset purchases

Breckenfelder, Johannes; De Falco, Veronica - 2024

Large-Scale Asset Purchases can impact the price of securities directly, when securities are targeted by the central bank, or indirectly through portfolio re-balancing of private investors. We quantify both the direct and the portfolio re-balancing impact, emphasizing the role of investor...

Persistent link: https://www.econbiz.de/10014528264

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