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Currency boards, dollarized liabilities, and monetary policy credibility

Valderrama, Diego; Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2003

The recent collapse of the Argentine currency board raises new questions about the desirability of formal fixed exchange rate regimes in modern developing economies. This paper examines the impact of dollarized liabilities with potential default for a currency board with costly abandonment. We...

Persistent link: https://www.econbiz.de/10010702238

Macroeconomic Adjustment in a Highly Dollarized Economy; The Case of Cambodia

International Monetary Fund (IMF); International … - 2002

degree of dollarization empirically. Our results show that Cambodia has been virtually fully dollarized since 1995. Against a …

Persistent link: https://www.econbiz.de/10005248256

Managing Financial Crises; Recent Experience and Lessons for Latin America

Kincaid, G. Russell; Collyns, Charles - International Monetary Fund (IMF) - 2003

This paper seeks to draw lessons from the IMFâ€™s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

Persistent link: https://www.econbiz.de/10005824823

An Evaluation of Monetary Regime Options for Latin America

Berg, Andrew; Mauro, Paolo; Borensztein, Eduardo - International Monetary Fund (IMF) - 2002

dollarization would be desirable only for those countries where there are strong links to the U.S. economy, the credibility of the …

Persistent link: https://www.econbiz.de/10005826660

Introducing the Euro As Legal Tender; Benefits and Costs of Eurorization for Cape Verde

Imam, Patrick A. - International Monetary Fund (IMF) - 2009

In recent years, recommendations for countries to unilaterally dollarize/eurorize have become common, particularly when the countries lack economic credibility. After exploring the characteristics of dollarizing/eurorizing economies, we look at the merits and costs of unilateral eurorization for...

Persistent link: https://www.econbiz.de/10008528623

Economic Policy in a Highly Dollarized Economy; The Case of Cambodia

International Monetary Fund (IMF); International … - 2003

, which achieved almost complete dollarization during 1991-95, the authors review recent developments in the literature on … dollarization and examine the costs and benefits of dollarization in Cambodia, including the ensuing macroeconomic policy … degree of dollarization. In addition to this analysis, the authors present a short description of Cambodiaâ€™s economic …

Persistent link: https://www.econbiz.de/10005590965

Dollarization of the Banking System; Good or Bad?

Nicoló, Gianni De; Honohan, Patrick; Ize, Alain - International Monetary Fund (IMF) - 2003

This paper assesses the benefits and risks associated with dollarization of the banking system. We provide novel … empirical evidence on the determinants of dollarization, its role in promoting financial development, and on whether … dollarization is associated with financial instability. We find that: (a) the credibility of macroeconomic policy and the quality of …

Persistent link: https://www.econbiz.de/10005599374