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Saturday, July 25, 2020 | History

2 edition of Dollarization and economic performance found in the catalog.

Dollarization and economic performance

Sebastian Edwards

Dollarization and economic performance

what do we really know?

by Sebastian Edwards

  • 333 Want to read
  • 16 Currently reading

Published by Oesterreichische Nationalbank in Wien .
Written in English

    Subjects:
  • Currency substitution.,
  • Dollar, American.,
  • Foreign exchange administration.

  • Edition Notes

    Includes bibliographical references (p. 17-19).

    StatementSebastian Edwards and I. Igal Magendzo, with comments by Luis Adalberto Aquino Cardona and by Hans Genberg.
    SeriesWorking paper -- 65., Working papers (Oesterreichische Nationalbank) -- 65.
    ContributionsMagendzo W., Igal., Oesterreichische Nationalbank.
    The Physical Object
    Pagination46 p. ;
    Number of Pages46
    ID Numbers
    Open LibraryOL16099348M

    Criticism of the dollarization spread on social media even before the official announcement, thanks to a leak to independent news site 14ymedio. And it .   In fact, Ecuador owes its superior economic performance today--compared the two most prominent populist nations in the region, Argentina and Venezuela--mostly to dollarization.

    7. A country that already has a currency board could move to dollarization very quickly. The details for Argentina are laid out in "Monetary Union for the Americas," J.P. Morgan Economic Research Note, Febru , p. That note also describes the prospects for dollarization in Canada, Mexico, Brazil and the Andean Pact countries. 8.   Sometimes sound money has to be imported from abroad. Some countries, like Ecuador, are dollarized. Ecuador dollarized its economy in the year Others countries don’t go that far, but get quite close, by imposing currency boards. During the s, Argentina had a currency board where 1.

    All in all, Kurt Schuler offers a mass of information for the economic historian and the specialist in monetary/international economics. Though some may not accept Schuler’s viewpoints regarding free banking, currency boards, and “dollarization,” the historical tabular material appears to be policy-judgment free. 1 The foreign currency is usually, but not always, the U.S. dollar. The term "dollarization" serves as a shorthand in this paper for the use of any foreign currency. 2 Of the 99 countries that have had IMF arrangements since , 52 reported data on foreign currency deposits (FCD) to the IMF. In those countries reporting data, the median level of FCD over broad money in was .


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Dollarization and economic performance by Sebastian Edwards Download PDF EPUB FB2

Dollarization, Inflation and Growth Sebastian Edwards, I. Igal Magendzo. NBER Working Paper No. Issued in December NBER Program(s):International Finance and Macroeconomics, Monetary Economics In this paper we analyze the macroeconomic record of dollarized by: The papers in this collection Dollarization and economic performance book some very important questions, including those related to country risk, economic performance and the political economy of dollarization.

It is required reading for anyone interested in monetary policy in the emerging and transition economies.

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. Strict Dollarization and Economic Performance: An Empirical Investigation By Edwards, Sebastian; Magendzo, I. Igal Journal of Money, Credit & Banking, Vol.

38, No. 1, February PR PEER-REVIEWED PERIODICAL. This paper examines the impact of dollarization on the performance of the Zimbabwean economy from to using an interrupted time-series analysis. In Zimbabwe’s case, dollarization was the official replacement of the Zimbabwean dollar with the U.S.

: Raphael Tabani Mpofu. Downloadable. In this paper we analyze the macroeconomic record of dollarized economies. In particular, we investigate whether, as its supporters’ claim, dollarization is associated with lower inflation and faster growth.

We analyze this issue by using a matching estimator technique developed in the training evaluation literature. Our findings suggest that inflation has been. "Dollarization and Financial Integration," Meeting Pap Society for Economic Dynamics.

Cristina Arellano & Jonathan Heathcote, " Dollarization and financial integration," International Finance Discussion PapersBoard of Governors of the Federal Reserve System (U.S.), revised the global economic crisis in and the absence of reliable data.

Keywords: Dollarization, Commodities, Multi-Currency System JEL Classification: F31, F33, E40 1. Introduction Developing countries are constantly seeking ways to emancipate themselves from recurring low growth and insufficient economic performance (Cheru, ).

vey benefits in terms of higher economic growth and lower unemployment. Now there is wide- spread belief that monetary authorities should concentrate on providing a stable nominal framework and otherwise staying out of the way. The Pros and Cons of Dollarization In two recent papers (Alesina and Barro.

“Liquidity Insurance in Financially Dollarized Economies”, NBER Working Paper Noforthcoming in Financial Markets Volatility and Performance in Emerging Economies (S. Edwards and M.

Garcia, eds.), University of Chicago Press. “Managing Systemic Liquidity Risk in Financially Dollarized Economies”, (with Alain Ize and Miguel Kiguel), in Financial Dollarization. Strict dollarization and economic performance. Cambridge, Mass.: National Bureau of Economic Research, © (OCoLC) Material Type: Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors: Sebastian Edwards; Igal Magendzo W; National Bureau of Economic Research.

Get this from a library. Dollarization and Economic Performance: An Empirical Investigation. [Sebastian Edwards] -- In this paper I investigate the historical record of countries that have lived under a 'dollarized' monetary system.

As it turns out. Financial (unofficial) dollarization is widely regarded as the key source of financial fragility underlying recent financial crises in Asia and Latin America. Currently one of the most topical issues in the developing world, it has spurred in recent years a body of analytical and empirical work that has shifted the debate towards a more proactive de-dollarization agenda.

Dollarization was interpreted by the early literature as a currency substitution phenomenon. These findings should be taken with caution, however, as the high correlation may also reflect the impact of economic performance on institutional quality as perceived by the country's residents.

32 Finally, the coefficients for the de jure peg. Economic literature pays a great deal of attention to the performance of banks, expressed in terms of competition, concentration, efficiency, productivity and profitability. Dollarization to circulate up to when the government took the dollar out of circulation.

Inchanges to monetary policy and alleged risky. This Selected Issues paper analyzes economic performance of Ecuador under dollarization. The paper reviews the principal trade-offs normally associated with official dollarization, and their specific relevance to Ecuador. A powerful but still longer-term argument for full, legal dollarization is that it makes economic integration easier with the rest of the world, and insulation of the domestic financial system correspondingly more difficult.

Dollarization may establish a firm basis for a sound financial sector, and thus promote strong and steady economic growth. Exchange rate volatility and economic performance in Peru: (03) Get rights and content.

Abstract. This paper analyzes the impact of the exchange rate volatility on the performance of the Peruvian economy using financial information from non-financial listed firms. the high degree of liability dollarization and currency. The –99 Ecuador financial crisis was a period of economic instability that resulted from a combined banking crisis, currency crisis, and sovereign debt crisis.

Severe inflation and devaluation of the Ecuadorian sucre lead to President Jamil Mahuad announcing on January 9, that the US dollar would be adopted as the national currency. Poor economic conditions. dollarization is based on the experience of Panama, a country that has used the US dollar as legal tender since Rose and Engel () provided an early empirical analysis of economic performance in countries with no currency of their own.

Their analysis, however, does not emphasize ‘dollarized’.Performance of dollarized countries. The economic performance of unofficially and semiofficially dollarized countries has been highly variable, but generally unimpressive.

One reason is that their domestic currencies have often been of low quality, and have hampered economic growth by causing high inflation and other problems.Focus on Argentina. By Eli Cohen. Argentina's current economic outlook is bleak.

Last spring's shock to international capital markets which caused a devaluation in Brazil has now combined with uncertainty over the upcoming presidential elections to cause high interest rates, crippling public debt, widespread unemployment, and rising inequality.