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220928 ||| eng |
| 020 |
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|a 9781513556536
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| 100 |
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|a Gondo, Rocio
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| 245 |
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|a Impact of Remittances on Natural Rate of Dollarization—Trends in Caucasus and Central Asia
|c Rocio Gondo, Altynai Aidarova, Manmohan Singh
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2020
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| 300 |
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|a 21 pages
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| 651 |
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4 |
|a Russian Federation
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| 653 |
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|a International finance
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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 Payment Systems
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| 653 |
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|a Migration
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| 653 |
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|a Income
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| 653 |
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|a Dollarization
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| 653 |
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|a International Migration
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| 653 |
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|a Regimes
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| 653 |
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|a Monetary economics
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| 653 |
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|a Migration, immigration & emigration
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| 653 |
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|a Balance of payments
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| 653 |
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|a Emigration and immigration
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| 653 |
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|a Currency
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Aggregate Factor Income Distribution
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| 653 |
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|a International economics
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| 653 |
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|a National accounts
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| 653 |
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|a Money
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| 653 |
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|a Population and demographics
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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 International Finance: General
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| 653 |
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|a Currencies
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Monetary policy
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| 653 |
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|a Exchange rates
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| 653 |
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|a Emigration and Immigration
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| 653 |
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|a Remittances
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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 Aidarova, Altynai
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| 700 |
1 |
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|a Singh, Manmohan
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| 041 |
0 |
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 10.5089/9781513556536.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2020/185/001.2020.issue-185-en.xml?cid=49731-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a This paper discusses migration and remittances trends, and calculates the natural (or benchmark) level of dollarization in Caucasus, Central Asia and others in the region. This natural level of dollarization is conceptually linked to the currency allocation in a portfolio of deposits to maximize welfare, in line with Ize and Levy Yeyati (2003). The fall in remittances due to the economic slowdown since the spread of COVID-19 affects the macroeconomic fundamentals that determine demand for foreign currency deposits. We calculate the natural dollarization level by integrating structural macroeconomic characteristics. We show that despite the reduction in deposit dollarization, there is still a gap with respect to the natural level of dollarization, especially in a scenario of (persistent) lower remittance inflows
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