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150128 ||| eng |
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|a 9781455211883
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| 100 |
1 |
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|a Garcia-Escribano, Mercedes
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| 245 |
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|a What is Driving Financial De-Dollarization in Latin America?
|c Mercedes Garcia-Escribano, Sebastian Sosa
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2011
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| 300 |
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|a 23 pages
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| 651 |
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4 |
|a Bolivia
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Government and the Monetary System
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| 653 |
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|a Credit
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| 653 |
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|a Payment Systems
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| 653 |
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|a Banks
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| 653 |
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|a Dollarization
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| 653 |
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|a Banks and banking
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| 653 |
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|a Currency; Foreign exchange
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| 653 |
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|a Monetary economics
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| 653 |
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|a Regimes
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| 653 |
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|a Financial services
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a De-dollarization
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| 653 |
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|a Financial Institutions and Services: Government Policy and Regulation
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| 653 |
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|a Mortgages
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| 653 |
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|a Money
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Standards
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Financial Institutions and Services: General
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Monetary policy
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| 653 |
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|a Banking
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| 653 |
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|a Bank deposits
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| 653 |
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|a Exchange rates
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Foreign exchange
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| 700 |
1 |
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|a Sosa, Sebastian
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781455211883.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2011/010/001.2011.issue-010-en.xml?cid=24563-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a 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 development of a capital market in local currency, and de-dollarization of deposits have all contributed to a decline in credit dollarization. Continuing efforts on these fronts, while maintaining macroeconomic stability and strong fundamentals, would help deepening de-dollarization
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