In this paper, a real-financial CGE model is employed for Bolivia to simulate the macroeconomic and distributional effects of exchange rate policy in a highly dollarized economy. Overall, dollarization appears to matter more through real than through financial-sector effects. The main...

In this paper, I discuss the implications for emerging countries of the adoption of central bank digital currencies (CBDCs) in advanced jurisdictions, such as the United States, the United Kingdom, and the Euro Zone. The analysis identifies benefits as well as costs. Among the former, one of the...

Purpose - This study empirically aims to analyze the transmission of monetary policy in consideration of asymmetry based on the Bank of the Lao PDR (BOL)'s monetary policy tools and real and financial variables in the domestic market. Design/methodology/approach - This study adopts two...

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 assumptions. First, the government faces a scarcity of...

Intro -- DOLLAR DEPRECIATION: ECONOMIC EFFECTS AND POLICY RESPONSE -- DOLLAR DEPRECIATION: ECONOMIC EFFECTS AND POLICY RESPONSE -- Library of Congress Cataloging-in-Publication Data -- Contents -- Preface -- Chapter 1: The Depreciating Dollar: Economic Effects and Policy Response* -- Summary --...

We use the synthetic control method (SCM) to estimate the effect of official dollarization in Ecuador and quasi-dollarization, in the form of a currency board, in Argentina. We show that these monetary arrangements were effective at controlling inflation in these two countries. Interestingly, in...