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Wednesday, April 29, 2020 | History

2 edition of Macroeconomic implications of financial dollarization found in the catalog.

Macroeconomic implications of financial dollarization

Macroeconomic implications of financial dollarization

the case of Uruguay

by

  • 50 Want to read
  • 13 Currently reading

Published by International Monetary Fund in Washington, DC .
Written in English

    Subjects:
  • Dollarization -- Uruguay,
  • Monetary policy -- Uruguay,
  • Banks and banking -- Uruguay,
  • Finance -- Uruguay

  • Edition Notes

    Includes bibliographical references.

    Statementedited by Marco Piñón, Gaston Gelos, and Alejandro López-Mejía.
    SeriesOccasional paper -- 263, Occasional paper (International Monetary Fund) -- 263.
    ContributionsPiñon, Marco., Gelos, Gaston., López Mejía, Alejandro., International Monetary Fund.
    Classifications
    LC ClassificationsHG905 .M337 2008
    The Physical Object
    Paginationix, 71 p. :
    Number of Pages71
    ID Numbers
    Open LibraryOL23184632M
    ISBN 101589067274
    ISBN 109781589067271
    LC Control Number2008300671

    This paper develops a framework for analyzing macro-financial linkages in the United States. We estimate the effects of a negative shock to banks' capital/assetratio on lending standards, which in turn affect consumer credit, mortgages, and corporate loans, and the corresponding components of private spending (consumption, residential investment and business investment). Dollarization plus financial integration makes the financial system part of the worldwide pool of dollar liquidity, which is far larger than the pool of liquidity in, say, Mexican pesos. Moreno-Villalaz () estimates that in the case of Panama, the financial system holds perhaps 3 percentage points of GDP less in reserves than it would if.


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Macroeconomic implications of financial dollarization Download PDF EPUB FB2

Macroeconomic Implications of Financial Dollarization: The Case of Uruguay (Occasional Papers Book ) - Kindle edition by Gelos, Gaston, Mejía, Alejandro López, Piñón-Farah, Marco A. Download it once and read it on your Kindle device, PC, phones or tablets. Use features like bookmarks, note taking and highlighting while reading Macroeconomic Implications of Financial Dollarization: The Manufacturer: INTERNATIONAL MONETARY FUND.

Uruguay has experienced a remarkable recovery since the crisis, supported by sound policies and favorable external conditions. With the framework put in place inUruguay abandoned an exchange rate peg in favor of a free float, adoped a monetary regime initially based on money targets, improved financial prudential norms and supervision, and accumulated significant central bank reserves.

Macroeconomic Implications of Financial Dollarization: The Case of Uruguay. by Gaston Mr. Gelos,Alejandro Mr. López Mejía,Marco Mr. Piñón-Farah. Occasional Papers (Book ) Thanks for Sharing. You submitted the following rating and review.

We'll publish them on Brand: INTERNATIONAL MONETARY FUND. Get this from a library. Macroeconomic implications of financial dollarization: the case of Uruguay.

[Marco Piñon; Gaston Gelos; Alejandro López Mejía; International Monetary Fund.;] -- Uruguay has experienced a remarkable recovery since the crisis, supported by sound policies and favorable external conditions.

With the framework put in place inUruguay abandoned an. Macroeconomic Implications of Financial Dollarization: The Case of Uruguay. The Case of Uruguay by Gelos R, Mejia Alejandro Lopez, and Piñón-Farah Marco A Topics covered in this book.

As the country pursues key postcrisis monetary and financial reforms, the analysis provided in this paper has a direct bearing on the ongoing efforts.

Macroeconomic Implications of Financial Dollarization: The Case of Uruguay. por Gaston Mr. Gelos,Alejandro Mr. López Mejía,Marco Mr. Piñón-Farah. Occasional Papers (Book ) ¡Gracias por compartir. Has enviado la siguiente calificación y reseña.

Lo publicaremos en nuestro sitio después de haberla : INTERNATIONAL MONETARY FUND. financial dollarization (FD), in which residents hold deposits denominated in foreign currency—the U.S. dollar in many cases. 2 In several countries, this has been accompanied by dollarization of the real sector, with a large share of purchases of goods and services and.

This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes.

The first channel, which operates through the demand side of finance and is captured by financial accelerator-type mechanisms, describes how Cited by: 5. Empirically, the book combines analyses of cross-national survey data of voters' and firms' policy evaluations with comparative case studies of national policy responses to the Asian financial crisis of /8 and the recent global financial crisis in Eastern Europe.

The book shows that variation in policy makers' willingness to implement Cited by: Currency substitution or dollarization is the use of a foreign currency in parallel to or instead of the domestic currency.

Currency substitution can be full or partial. Most, if not all, full currency substitution has taken place after a major economic crisis, for example, Ecuador and El Salvador in Latin America and Zimbabwe in Africa.

Some small economies, for whom it is impractical to. Financial Dollarization: Evaluating the Consequences Article (PDF Available) in Economic Policy 21(45) February with 1, Reads How we measure 'reads'. Although the literature on dollarization is very vast, it leaves some important issues unaddressed.

While there is a general presumption that dollarization restricts the scope for independent monetary and exchange rate policies, few attempts have been made to systematically estimate dollarization levels across countries based on macroeconomic conditions, or to explore the scope for altering.

Financial dollarization creates design problems for economic policy as increases the level of financial vulnerability. However, countries with high levels of dollarization have done almost nothing.

Good and bad uncertainty: Macroeconomic and financial market implications 25 equity portfolios sorted on book-to-market ratio and size, and two bond portfolios (Credit and Term premium portfolios).

In this section we empirically analyze the implications of good and Cited by: Description. For intermediate courses in economics. A Unified View of the Latest Macroeconomic Events. In Macroeconomics, Blanchard presents a unified, global view of macroeconomics, enabling students to see the connections between goods markets, financial markets, and labor markets zed into two parts, the text contains a core section that focuses on short- medium- and long Format: On-line Supplement.

This book provides a comprehensive analysis of the issues from both theoretical and empirical perspectives. The topics discussed include the role of balance sheet effects, the linkage between currency risk and country risk, the impact of dollarization on trade, financial integration and credibility, the implications of dollarization for the.

welfare implications (hence desirability) of dollarization on the basis of its impact on the anti-inflationary credibility of the authorities. This focus on macroeconomic credibility may resonate with some strains of the scholarly literature – especially that which rejects any lasting real effects of nominal.

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 macroeconomic result of the simulations is that the potential of. Dollarization has been the subject of all too much fast and loose analysis. This book, for once, asks the hard questions.

Rather than conveniently assuming that dollarization will encourage macroeconomic and structural reforms, it analyzes the circumstances under which this hoped-for scenario will obtain.5/5(2).

Although the exact impact of dollarization on Ecuador’s economic growth is beyond the scope of this study, after dollarization, Ecuador has enjoyed an average annual economic growth of percent, higher than many Latin American countries.

[10] Benefits of Dollarization. There are several benefits of dollarization that should be noted. In addition the economy may become stuck in a "dollarization trap" in which dollarized liabilities limit the ability of agents to learn the true type of the monetary authority.

The model has clear-cut policy implications regarding the taxation of foreign currency liabilities as a way to encourage perfect information and avoid dollarization by: This volume presents a collection of essays, comments and discussions on the roots, risks and policy implications of de facto financial dollarization.

The book’s analysis and conclusions are founded in an extensive survey of the theoretical and empirical literature — as well as original contributions — on the causes and risks of financial Cited by: 3. Fiscal policy, public debt and monetary policy in EMEs: an overview M 1S Mohanty 1.

Introduction During the s and s, the vulnerability of EMEs to shocks was often exacerbated by high fiscal deficits, underdeveloped domestic bond markets, and largecurrency and maturity mismatches.

The authors provide novel empirical evidence on the determinants of dollarization, its role in promoting financial development, and on whether dollarization is associated with financial instability. They find that: • The credibility of macroeconomic policy and the quality of institutions are both key determinants of cross-country variations.

Downloadable. Financial dollarisation, defined as the holding by residents of foreign currency assets and liabilities, has been placed at the forefront of the policy debate in developing economies. The reasons include its alleged influence on the conduct of monetary policy and, most prominently, the deleterious impact of exchange rate depreciations on the solvency of dollar debtors (the.

Given the ease with which capital flows between countries and the impact such flows can have on countries with weak national financial systems, it is clear that finance is a fundamental dimension of globalization.

However, until a financial crisis erupts, analysts and policy-makers often remain focused on the domestic financial market, overlooking the global impact of their choices. Downloadable.

This paper presents a portfolio model of financial intermediation in which currency choice is determined by hedging decisions on both sides of a bank’s balance sheet.

Minimum variance portfolio (MVP) allocations are found to provide a natural benchmark to estimate the scope for dollarization of bank deposits and loans as a function of macroeconomic uncertainty.

José Antonio González is a senior research scholar at the Center for Research on Economic Development and Policy Reform at Stanford University. Vittorio Corbo is a nonresident senior research fellow at the Center and professor of economics at Universidad Católica de Chile.

Anne O. Krueger is the first deputy managing director of the International Monetary :   Macroeconomic analysis broadly focuses on three things—national output (measured by gross domestic product), unemployment, and inflation, which we look at. This study examines the challenges and issues facing policymakers in highly dollarized economies.

Focusing on Cambodia, which achieved almost complete dollarization duringthe authors review recent developments in the literature on dollarization and examine the costs and benefits of dollarization in Cambodia, including the ensuing macroeconomic policy implications.

Description. For intermediate courses in Economics. A Unified View of the Latest Macroeconomic Events. In Macroeconomics, Blanchard presents a unified, global view of macroeconomics, enabling students to see the connections between goods markets, financial markets, and labor markets zed into two parts, the text contains a core section that focuses on short- medium- and long.

The book covers analytical and empirical advances on the causes and implications of financial dollarization, the policy options to mitigate its negative effects, and recent experiences in adapting the monetary and prudential frameworks to a dollarized environment, developing local-currency substitutes, and limiting dollarization through.

A second selling point for dollarization is that by eliminating the ex-change rate between the domestic currency and the (dominant) foreign reserve currency, it simultaneously eliminates currency mismatching. After dollarization, income streams, financial assets, and liabilities would be 3.

International Finance and Open-Economy Macroeconomics provides a complete theoretical, historical, and policy-focused account of the international financial system that covers all of the standard topics, such as foreign exchange markets, balance of payments accounting, macroeconomic policy in an open economy, exchange rate crises, multinational enterprises, and international financial markets.

Current Global Crisis and Macroeconomic Implications of AID-financed Public Investments: Evidence from Tanzania "In this paper we discuss the macroeconomic implications of variations in AID inflows for Tanzania using an economy-wide dynamic CGE model.

The major conclusions coming out from this work is that productivity effects matter. Author: Helmut Frisch,Andreas Worgotter. Publisher: Springer ISBN: Category: Business & Economics Page: View: DOWNLOAD NOW» The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies.

in accounting for the macroeconomic implications of various market structures, in the modeling of open economies, and in accounting for the ultimate sources of economic growth. In this book I have tried to explain macroeconomics, inclusive of recent developments, in a.

A Macroeconomic Model with a Financial Sector By Markus K. Brunnermeier and Yuliy Sannikov This paper studies the full equilibrium dynamics of an economy with nancial frictions. Due to highly nonlinear ampli cation ef-fects, the economy is prone to instability and occasionally enters volatile crisis episodes.

Endogenous risk, driven by asset Cited by: in dollars, and by facilitating dollarization in the private sector (for example, by adopting prudential norms in the banking system that biased deposits and loans toward dollars rather than pesos).

As exit costs mounted, of course, financial markets became increasingly concerned about the dire implications of a devaluation, which in turn. financial dollarization, monetary policy stance and institutional structure: the experience of latin america and turkey a thesis submitted to the graduate school of social sciences of middle east technical university by arzu uzun in partial fulfillment of the requirements for the degree of.

Macroeconomics Analysis of a country's economy as a whole. Macroeconomics The study of an economy in its largest sense. That is, macroeconomics studies gross domestic product, unemployment, inflation, and similar matters.

It does not look at the function of individual companies and only tangentially studies individual industries. It is useful in helping.Amidst striking heterogeneity of patterns across regions, we identify a broad global trend towards financial sector de-dollarization from the early s to the eve of the global financial crisis of Since then, de-dollarization has broadly stalled or even reversed in many economies.

Yet a few of them have continued to de-dollarize.Macroeconomic Theory, in its first edition, was widely adopted for use as a graduate text; this updated and expanded version should find even greater popularity as a text and as a research reference. It has been substantially revised to include three entirely new chapters: The Consumption Function, Government Debt and Taxes, and Dynamic Optimal Taxation.