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Coca Dollars and the Dollarization of South America

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  • Melvin, Michael
  • Ladman, Jerry

Abstract

A unique data set on the informal loan market in a coca-growing region of Bolivia is used to explore the hypothesis that the dollarization of this market is related to the coca industry. Implications are then drawn for other nations where coca or cocaine is an important industry. The authors find that loans are significantly more likely to be denominated in dollars in the season of the major coca harvest than at any other time of the year. The effects of the term and size of loans is consistent with the financial needs of the drug industry, which is highly dollarized. Copyright 1991 by Ohio State University Press.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 23 (1991)
Issue (Month): 4 (November)
Pages: 752-63

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Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:4:p:752-63

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Cited by:
  1. William C. Gruben & John H. Welch, 1993. "Default risk, dollarization, and currency substitution in Mexico," Research Paper 9313, Federal Reserve Bank of Dallas.
  2. Mariya Hake & Fernando López-Vicente & Luis Molina, 2014. "Do the drivers of loan dollarisation differ between cesee and Latin America? a meta-analysis," Banco de Espa�a Working Papers 1406, Banco de Espa�a.
  3. Kem Reat Viseth, 2001. "Currency Substitution and Financial Sector Developments in Cambodia," International and Development Economics Working Papers idec01-4, International and Development Economics.
  4. Loviscek, Anthony L., 1996. "Seigniorage and the Mexican financial crisis," The Quarterly Review of Economics and Finance, Elsevier, vol. 36(1), pages 55-64.
  5. Alberto Giovannini & Bart Turtelboom, 1992. "Currency Substitution," NBER Working Papers 4232, National Bureau of Economic Research, Inc.
  6. International Monetary Fund, 2011. "The Relationship Between Illicit Coca Production and Formal Economic Activity in Peru," IMF Working Papers 11/182, International Monetary Fund.
  7. Kamin, Steven B. & Ericsson, Neil R., 2003. "Dollarization in post-hyperinflationary Argentina," Journal of International Money and Finance, Elsevier, vol. 22(2), pages 185-211, April.
  8. Salvatore Dell'Erba & Martin Saldías Zambrana, 2006. "Financial Dollarization and Currency Substitution. An Empirical Study for Bolivia America than in Asia?," Kiel Advanced Studies Working Papers 432, Kiel Institute for the World Economy.

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