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Determinants of Currency Substitution/Dollarization – The Case of the Republic of Serbia

Milenković, Ivan; Davidović, Milivoje - In: Journal of Central Banking Theory and Practice 1 (2013) 3, pp. 139-155

Currency substitution/dollarization is a serious limiting factor for effective monetary policy, especially in …, this paper analyzes the particular relevance of a currency substitution/dollarization phenomenon(s) in the case of the … Republic of Serbia. We initially discuss various approaches and definitions of currency substitution and dollarization that …

Persistent link: https://www.econbiz.de/10010687463

A microfounded approach to currency substitution and government policy

Madison, Florian - In: Journal of economic theory : JET 219 (2024), pp. 1-24

Persistent link: https://www.econbiz.de/10015070978

Currency crises and monetary policy in economies with partial dollarization of liabilities

Proaño Acosta, Christian; Flaschel, Peter; Semmler, Willi - 2006

The right response to a speculative attack on the domestic currency by monetary authorities in a country with liabilities in US dollars has been a matter of hot debate among academics and policy makers especially after the East Asian Crisis. Using a modified version of the currency crisis model...

Persistent link: https://www.econbiz.de/10003744532

Welfare gains from disinflation in an economy with currency substitution

Özbilgin, H. Murat - 2010

This paper studies welfare gains from disinflation in the presence of currency substitution. A distinctive small open economy model with currency substitution and intermediated working capital is constructed for this objective. It is found that welfare gains from disinflation are higher when the...

Persistent link: https://www.econbiz.de/10009157805

What are the effects of monetary policy shocks? : evidence from dollarized countries

Willems, Tim - 2010

Traditional ways of analyzing the effects of monetary policy shocks via structural vector autoregressions require the use of unrealistic identifying assumptions: they either do not allow for a response of output and prices on impact of the shock, or they exclude contemporaneous values of these...

Persistent link: https://www.econbiz.de/10011382001

Using Dollarized Countries to Analyze the Effects of US Monetary Policy Shocks

Willems, Tim - 2011

Identifying monetary policy shocks is difficult. Therefore, instead of trying to do this perfectly, this paper exploits a natural setting that reduces the con sequences of shock misidentification. It does so by inferring from the responses of variables in dollarized countries. They import US...

Persistent link: https://www.econbiz.de/10013132865

Identifying US Monetary Policy Shocks Through Sign Restrictions in Dollarized Countries

Gobbi, Alessandro - 2011

Since dollarized countries import US monetary policy, identifying US monetary shocks through sign restrictions on US variables only, does not use all available information. In this paper, we therefore include dollarized countries, which enable us to restrict more variables and leave the...

Persistent link: https://www.econbiz.de/10013117809

The Effects of a Stronger Dollar on U.S. Prices

Díez, Federico J. - 2016

Since 2014:Q3, the U.S. dollar has experienced the third-fastest appreciation in over 30 years, with its nominal exchange and real exchange rate rising 15 percent against almost all foreign currencies (as measured by the Major Currencies Dollar Index). This sudden and rapid gain has engendered...

Persistent link: https://www.econbiz.de/10013000222

Inflation Targeting in Dollarized Economies

Leiderman, Leonardo - 2006

instruments to hedge exchange rate risks, together with fear of floating and dollarization, have been stressed as factors that … in two highly dollarized economies (Peru and Bolivia) vis-agrave;-vis two economies with low levels of dollarization … (Chile and Colombia), we found that, while dollarization imposes differences in both the transmission capacity of monetary …

Persistent link: https://www.econbiz.de/10012779711

Non-Linearities, Asymmetries and Dollar Currency Pricing in Exchange Rate Pass-through : Evidence from the Sectoral Level

Hjortsoe, Ida - 2020

We investigate pass-through of exchange rate changes into UK import prices for 55 sectors using sector-specific exchange rate indices. Estimating a separate error correction model for each sector, we document substantial sectoral variation in pass-through, but find that compositional effects...

Persistent link: https://www.econbiz.de/10012831150