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What is Driving Financial De-dollarization in Latin America?

Author: Mercedes Garcia-Escribano; Sebastian Sosa
Publisher: Washington : International Monetary Fund, 2011.
Series: IMF Working Papers.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
In the last decade, a group of Latin American countries (Bolivia, Paraguay, Peru, and Uruguay) experienced a gradual, yet sustained decline in financial dollarization. This paper documents the stylized facts and uses a standard VAR approach to examine the drivers of both deposit and credit de-dollarization. It finds that the exchange rate appreciation has been a key factor explaining deposit de-dollarization. The  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Garcia-Escribano, Mercedes.
What is Driving Financial De-dollarization in Latin America?
Washington : International Monetary Fund, ©2011
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Mercedes Garcia-Escribano; Sebastian Sosa
ISBN: 9781455222612 1455222615 1283569191 9781283569194
OCLC Number: 867927203
Description: 1 online resource (40 pages).
Contents: Cover Page; Title Page; Copyright Page; Contents; I. Introduction; 1. Evolution of Dollarization in Selected Countries of Latin America; II. De-dollarization Trend-Stylized Facts; 2. Evolution of Financial Dollarization; 1. De-dollarization 200110; 3. Evolution of Deposit Dollarization by Maturity; 4. Evolution of Credit Dollarization by Type of Credit; 2. Peru: Decomposition of De-dollarization Into a Within and Between Components; III. Explaining De-dollarization: Empirical Approach; A. Methodology; 3. Definition of Variables in the VAR. B. Macro variables-the role of exchange rate trend and volatility5. Evolution of Inflation; 6. Changes in the Exchange Rate and Dollarization Ratios, 2003-2010; 7. Evolution of the Nominal Exchange Rate and Dollarization; 8. Exchange Rate Volatility and Changes in Dollarization; C. The introduction of prudential measures; D. Capital market development in local currency; 9. Development of Debt Market in Domestic Currency and Dollarization; IV. Empirical Results; 10. Response of Dollarization to a Shock to Differential Reserve Requirement Ratios. 11. Response of Dollarization to the Introduction of Prudential Measures12. Response of Dollarization to the Issuance of Local Currency Long-term Bonds; 13. Response of Dollarization to an Exchange Rate Shock; 14. Response of Dollarization to an Exchange Rate Volatility Shock; 4. Size of the Shock; 15. Response of Credit Dollarization to a Shock to Deposit Dollarization; 5. Variance Decomposition of Changes in Credit Dollarization; 6. Variance Decomposition of Changes in Deposit Dollarization; 7. What Drives De-dollarization?; V. Concluding Remarks; References; Footnotes.
Series Title: IMF Working Papers.

Abstract:

In the last decade, a group of Latin American countries (Bolivia, Paraguay, Peru, and Uruguay) experienced a gradual, yet sustained decline in financial dollarization. This paper documents the stylized facts and uses a standard VAR approach to examine the drivers of both deposit and credit de-dollarization. It finds that the exchange rate appreciation has been a key factor explaining deposit de-dollarization. The introduction of prudential measures to create incentives to internalize the risks of dollarization (including an active management of reserve requirement differentials), the developme.

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