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9781403987594

Financial Dollarization The Policy Agenda

by ; ;
  • ISBN13:

    9781403987594

  • ISBN10:

    1403987599

  • Format: Hardcover
  • Copyright: 2006-10-03
  • Publisher: Palgrave Macmillan
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Summary

Financial (unofficial) dollarization is widely seen as a critical source of financial fragility in both developing and emerging economies. This volume provides a rigorous and balanced perspective on the causes and implications of dollarization, and the basic policies and options to deal with it: the adaptation of the monetary and prudential frameworks, the development of local-currency substitutes, and the scope for limiting dollarization through administrative restrictions.

Author Biography

ADRIÁN ARMAS is Head of the Economic Studies Department of the Central Bank of Peru. ALAIN IZE works in the Monetary and Financial Systems Department of the IMF. EDUARDO LEVY-YEYATI is Associate Professor of Economics and Director of the Centre for Financial Research at Universidad Torcuato Di Tella, Buenos Aires, Argentina, and Research Associate at the Inter-American Development Bank.

Table of Contents

Preface--O.Dancourt & S.Ingves * Introduction--A.Armas, A.Ize & E.Levy-Yeyati * PART I: FINANCIAL DOLLARIZATION: ROOTS AND DYNAMICS * Financial Dollarization Equalibria: A Framework for Policy Analysis--A.Ize * Comments on Chapter 2--O.Jeanne * Financial De-dollarization: Is it for Real? A.Ize & E.Levy-Yeyati * Comments on Chapter 3--R.Chang * Financial Dollarization in Latin America--R.Rennhack & M.Nozaki * Comments on Chapter 4--K.Cowan * PART II: MONETARY AND EXCHANGE RATE MANAGEMENT * Exchange Rate and Monetary Management in a Partially Dollarized Economy--L.Leiderman, R.Maino & E.Parrado * Targeting Inflation in a Dollarized Economy: The Peruvian Experience--A.Armas & F.Grippa * Discussants--K.Schmidt-Hebbel * PART III: PRUDENTIAL MANAGEMENT * Controlling Currency Mismatches in Emerging Economies--P.Turner * Prudential Management in a Partially Dollarized Economy: Toward Internationally Accepted Best Practices--J.Cayazzo, A.I.G.Pascual, E.Gutierrez & S.Heysen * Managing Systematic Liquidity Risk in a Dollarized Economy--A.Ize, M.Kiguel & E.Levy-Yeyati * To Hell and Back: Crisis Management in a Dollarized Economy: The Case of Uruguay--J.de Brun & G.Licandro * Discussant--P.Turner * PART IV: PROMOTING THE LOCAL CURRENCY * Can Indexed Debt Absolve Original Sin? Going Indexed or is Self-Flagellation Needed? A.Holland & C.Mulder * De-dollarizing: The Gentle Way or the Hard Way? D.C.Hardy & C.Pazarbasioglu * Discussants--A.de La Torre, L.Oscar Herrera & C.Irigoyen * PART V: THE ROUTE AHEAD * Summary of Round Table Discussion--A.Carstens, F.de Paula Gutierrez, L.Leiderman, J.A.Morales, M.Rodlauer & R.Rossini
Preface--O.Dancourt & S.Ingves * Introduction--A.Armas, A.Ize & E.Levy-Yeyati * PART I: FINANCIAL DOLLARIZATION: ROOTS AND DYNAMICS * Financial Dollarization Equalibria: A Framework for Policy Analysis--A.Ize * Comments on Chapter 2--O.Jeanne * Financial De-dollarization: Is it for Real? A.Ize & E.Levy-Yeyati * Comments on Chapter 3--R.Chang * Financial Dollarization in Latin America--R.Rennhack & M.Nozaki * Comments on Chapter 4--K.Cowan * PART II: MONETARY AND EXCHANGE RATE MANAGEMENT * Exchange Rate and Monetary Management in a Partially Dollarized Economy--L.Leiderman, R.Maino & E.Parrado * Targeting Inflation in a Dollarized Economy: The Peruvian Experience--A.Armas & F.Grippa * Discussants--K.Schmidt-Hebbel * PART III: PRUDENTIAL MANAGEMENT * Controlling Currency Mismatches in Emerging Economies--P.Turner * Prudential Management in a Partially Dollarized Economy: Toward Internationally Accepted Best Practices--J.Cayazzo, A.I.G.Pascual, E.Gutierrez & S.Heysen * Managing Systematic Liquidity Risk in a Dollarized Economy--A.Ize, M.Kiguel & E.Levy-Yeyati * To Hell and Back: Crisis Management in a Dollarized Economy: The Case of Uruguay--J.de Brun & G.Licandro * Discussant--P.Turner * PART IV: PROMOTING THE LOCAL CURRENCY * Can Indexed Debt Absolve Original Sin? Going Indexed or is Self-Flagellation Needed? A.Holland & C.Mulder * De-dollarizing: The Gentle Way or the Hard Way? D.C.Hardy & C.Pazarbasioglu * Discussants--A.de La Torre, L.Oscar Herrera & C.Irigoyen * PART V: THE ROUTE AHEAD * Summary of Round Table Discussion--A.Carstens, F.de Paula Gutierrez, L.Leiderman, J.A.Morales, M.Rodlauer & R.Rossini

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