Understanding Dollarization
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| Author | : Emre Ozsoz |
| Publisher | : Walter de Gruyter GmbH & Co KG |
| Total Pages | : 154 |
| Release | : 2016-05-24 |
| Genre | : Business & Economics |
| ISBN | : 3110434032 |
A very commonly observed phenomenon in developing and emerging market economies is the use of another country’s currency (whether the US dollar or another currency) in lieu or in addition to the local currency. The most common type of this financial phenomenon is partial (de facto) dollarization where foreign currencies are used side by side with local currency for saving and borrowing purposes in addition to serving as medium of exchange. Governments in these countries have been encouraging dollarization for years by allowing their citizens to save and borrow from local banks in foreign currency. Yet the existence of multiple currencies on banks' balance sheets on both the asset and liability side poses risks to the health and stability of the banking system. This book evaluates the practical aspects of partial dollarization in countries such as Turkey, South Korea, Peru, and Cambodia among others. Starting with the origins of the phenomenon, the impact on banking systems and financial depth of the credit markets are discussed along with risks to the banking systems. Challenges faced by Central Banks and banking regulators are evaluated using recent country studies.
| Author | : Mr.Geoffrey J Bannister |
| Publisher | : International Monetary Fund |
| Total Pages | : 39 |
| Release | : 2018-09-11 |
| Genre | : Business & Economics |
| ISBN | : 1484373367 |
Despite significant strides in financial development over the past decades, financial dollarization, as reflected in elevated shares of foreign currency deposits and credit in the banking system, remains common in developing economies. We study the impact of financial dollarization, differentiating across foreign currency deposits and credit on financial depth, access and efficiency for a large sample of emerging market and developing countries over the past two decades. Panel regressions estimated using system GMM show that deposit dollarization has a negative impact on financial deepening on average. This negative impact is dampened in cases with past periods of high inflation. There is also some evidence that dollarization hampers financial efficiency. The results suggest that policy efforts to reduce dollarization can spur faster and safer financial development.
| Author | : Jeffrey J. Fox |
| Publisher | : John Wiley & Sons |
| Total Pages | : 274 |
| Release | : 2004-09-24 |
| Genre | : Business & Economics |
| ISBN | : 0471694231 |
How companies turn value-added into real profits The Dollarization Discipline shows organizations and marketers how to effectively communicate the economic value created by their products and services. Too often, when companies compete using conventional sales and marketing approaches, they force customers to make financial decisions (how much to spend), based on non-financial arguments (product features and benefits). On this playing field, the company that can show true financial advantage in real dollars and cents wins every time. This book offers a step-by-step strategy for doing just that. Every day, good companies suffer because they create value for customers but aren't able to keep their fair share. This is because most marketers can't fully explain the value customers get from their products, and the argument falls to the lowest common denominator-price. The solution is an approach to sales and marketing that goes beyond articulating features and benefits, but calculates the monetary value a customer receives from a product or service. This enables the seller to price the product as a true reflection of its value-and also let's the seller prove it to the customer! With real case studies and detailed, step-by-step guidance on effective dollarization, The Dollarization Discipline finally offers a practical, straightforward way for marketers and business leaders to prove the value of their "value-added." Jeffrey J. Fox (Gilford, New Hampshire) is the founder and President of Fox & Company, Inc., a marketing consulting firm. Fox is also the author of the bestsellers How to Become a CEO, How to Become a Rainmaker, and How to Become a Great Boss. Richard C. Gregory (Farmington, Connecticut) is a Senior Consultant with Fox & Company.
| Author | : Eduardo Levy Yeyati |
| Publisher | : MIT Press |
| Total Pages | : 364 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : 9780262122504 |
Theoretical and empirical analysis of de jure dollarization. With the persistent instability of international financial markets, emerging economies are exploring new ways to reduce exposure to capital flow volatility. Some analysts argue that financially open economies are best served by more flexible regimes, while others argue in favor of extreme exchange rate regimes that have a strong commitment to a fixed parity or dispense with an independent currency. The successful launch of the euro has made more realistic the prospect of replacing a national currency with a strong foreign one. Recent examples include the adoption of the US dollar by Ecuador and El Salvador. The introduction of a foreign currency as sole legal tender, termed full (de jure) dollarization, has been the center of much political and academic debate. 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 lender of last resort, and the institutional and political economy aspects of dollarization.
| Author | : Ia Eradze |
| Publisher | : Taylor & Francis |
| Total Pages | : 232 |
| Release | : 2023-06-22 |
| Genre | : Business & Economics |
| ISBN | : 1000719030 |
This volume engages with the roots, dimensions, and implications of foreign currency domination in states with a national currency. Referred to as unofficial dollarization in literature, this is a worldwide phenomenon among developing countries and has a long history. This monograph provides a political economic analysis of dollarization in Georgia and is structured around three themes: the genesis of dollarization (1991–2003), the persistence of dollarization (2003–12) and the politicization of dollarization (2012–19). The case of Georgia is especially representative of the post-socialist transition states, but also has wider applicability. A high level of dollarization is a significant barrier to economic growth, macroeconomic and political stability, functional monetary policy, as well as social welfare. The Covid-19 crisis and the increasing debt of developing countries in foreign currency exacerbate dollarization-related vulnerabilities for these economies. This book will be of interest to postgraduate students in global/comparative political economy, development economics or transition economies, researchers in monetary sovereignty, central banking, exchange rate policies, currency hierarchy, money, financialization, and policy makers in dollarized countries and global institutions.
| Author | : Manuel Hinds |
| Publisher | : Yale University Press |
| Total Pages | : 295 |
| Release | : 2006-01-01 |
| Genre | : Business & Economics |
| ISBN | : 0300129777 |
In this elegantly written book, Jerome Kagan melds the history of the field of psychology during the past 50 years with the story of his own research efforts of the same period and an analysis of what he terms 'the currently rocky romance between psychology and biology'. As Kagan unwinds his own history, he reveals the seminal events that have shaped his career and discusses how his assumptions have changed. With full appreciation for the contributions to psychology of history, philosophy, literature and neuroscience, he approaches a wide range of fascinating topics, including: the abandonment of orthodox forms of behaviourism and psychoanalysis; the forces that inspired later-twentieth-century curiosity about young children; why B. F. Skinner chose to study psychology; why the study of science less often ignites imaginations today; our society's obsession with erotic love; and, the resurgence of religious fanaticism and the religious Right. Embedded in Kagan's discussions is a rejection of the current notion that a mature neuroscience will eventually replace psychology. He argues that a complete understanding of brain is not synonymous with a full explanation of mind, and he concludes with a brief prediction of the next five decades in the field of psychology.
| Author | : Hidenobu Okuda |
| Publisher | : Taylor & Francis |
| Total Pages | : 228 |
| Release | : 2023-09-07 |
| Genre | : Business & Economics |
| ISBN | : 1000955575 |
This book is the first study to provide a comprehensive picture of the reality and structure of dollarization in Cambodia, which has been achieving rapid economic and financial development since the end of 1998, when full piece reigned over the kingdom. It uses the micro-level data collected through nationwide surveys conducted jointly by the National Bank of Cambodia and JICA Ogata Sadako Research Institute in 2014 and 2017. By applying econometric analysis to collected data, the book analyses in detail the structures and mechanisms of dollarization in households, companies, and financial institutions. It also provides detailed information on the historical development of Cambodian dollarization, international comparisons with various cases of dollarization in countries around the world, and the impact of NBC's digital payment platforms (particularly Bakong) on the use of local and foeign currencies. The Cambodian case shows that financial development of low- and middle-income countries is promoted mutually by dollarization and that policies to separate the two are necessary to curb dollarization. This book will be of interest to students, researchers and policy-makers concerned with dollarization and economics in Southeast Asia.
| Author | : Mr.Adam Bennett |
| Publisher | : International Monetary Fund |
| Total Pages | : 62 |
| Release | : 1999-03-15 |
| Genre | : Business & Economics |
| ISBN | : 9781557757579 |
Dollarization - the holding by residents of a substantial portion of their assets in foreign-currency-denominated assets- is a common feature of developing and transition economies, and therefore typical of many countries with IMF - supported adjustment programs. This paper analyzes policy issues that arise-and various monetary strategies that may be pursued- when the monetary sector is dollarized, and it considers the implications that dollarization has for the design of IMF programs.
| Author | : Mr.Johannes Mueller |
| Publisher | : International Monetary Fund |
| Total Pages | : 50 |
| Release | : 1994-10-01 |
| Genre | : Business & Economics |
| ISBN | : 1451934610 |
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
| Author | : Mr.Luis Ignacio Jácome |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2010-04-01 |
| Genre | : Business & Economics |
| ISBN | : 1455200654 |
This paper identifies key aspects that countries willing to officially dollarize must necessarily address. Based on country experiences, it discusses the critical institutional bases that are necessary to unilaterally introduce a new legal tender, describes the relevant operational issues to smooth the transition toward the use of the new currency, and identifies key structural reforms that are necessary to favor the sustainability over time of this monetary regime. The paper is aimed at providing preliminary guidance to policy makers and practitioners adopting official dollarization. The paper does not take a position on how appropriate this monetary arrangement is. Experiences from adopting dollarization in Ecuador, El Salvador, Kosovo, Montenegro, and Timor-Leste are illustrated briefly.
