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La dolarización financiera: Experiencia internacional y perspectivas para Colombia

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  • Carlos Eduardo León Rincón

    ()

  • Alejandro Reveiz

    ()

Abstract

Las monedas locales de los países en vías de desarrollo, además de no ser libremente convertibles a nivel internacional, suelen experimentar niveles de inflación superiores y más volátiles, al tiempo que tienden a sufrir periodos de fuerte apreciación y depreciación. Estas bien conocidas características no solo implican un reto para las autoridades económicas de estos países, sino que también llaman la atención sobre la capacidad de las monedas locales para cumplir cabalmente con sus funciones. Colombia, a pesar de ser reconocida por su historial de manejo monetario disciplinado, no ha escapado a ocasionales cuestionamientos sobre la conveniencia de mantener el peso para cumplir con las funciones de la moneda. Estos esporádicos cuestionamientos coinciden con periodos de fuerte apreciación o depreciación de la moneda, en los cuales se han escuchado interrogantes sobre la conveniencia de llevar a cabo una dolarización total o parcial de la economía. Al respecto, son pocos los países que han optado por reemplazar totalmente la moneda local por una extranjera para que esta última cumpla con todas las funciones de la moneda, pero sí son muchos los países que han permitido la dolarización parcial de la economía. Basado en la experiencia internacional, y en especial por las características de la economía colombiana, este documento concluye que la dolarización financiera conllevaría costos elevados, en especial si se comparan con unos beneficios limitados y apenas potenciales.

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Bibliographic Info

Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 482.

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Handle: RePEc:bdr:borrec:482

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Related research

Keywords: Dolarización; dolarización financiera; dolarización parcial; indexación; fear of floating; riesgo cambiario. Classification JEL: F31; F33; F36.;

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References

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  1. Eduardo Levy Yeyati & Alain Ize, 2005. "Financial De-Dollarization: Is It for Real?," IMF Working Papers 05/187, International Monetary Fund.
  2. Paul Castillo & Diego Winkelried, 2007. "Dollarization Persistence and Individual Heterogeneity," Working Papers 2007-004, Banco Central de Reserva del Perú.
  3. Gianni De Nicoló & Patrick Honohan & Alain Ize, 2003. "Dollarization of the Banking System: Good or Bad?," IMF Working Papers 03/146, International Monetary Fund.
  4. Adolfo Barajas & Armando Méndez Morales, 2003. "Dollarization of Liabilities: Beyond the Usual Suspects," IMF Working Papers 03/11, International Monetary Fund.
  5. Pelin Berkmen & Eduardo A. Cavallo, 2007. "Exchange Rate Policy and Liability Dollarization: What Do the Data Reveal About Causality?," IMF Working Papers 07/33, International Monetary Fund.
  6. Honohan, Patrick, 2007. "Dollarization and exchange rate fluctuations," Policy Research Working Paper Series 4172, The World Bank.
  7. Marco Terrones & Luis Catão, 2000. "Determinants of Dollarization - The Banking Side," IMF Working Papers 00/146, International Monetary Fund.
  8. Eduardo J.J. Ganapolsky, 2003. "Optimal fear of floating: the role of currency mismatches and fiscal constraints," Working Paper 2003-31, Federal Reserve Bank of Atlanta.
  9. Antonio Garcia Pascual & Jorge Cayazzo & Socorro Heysen & Eva Gutierrez, 2006. "Toward an Effective Supervision of Partially Dollarized Banking Systems," IMF Working Papers 06/32, International Monetary Fund.
  10. Eduardo Borensztein & Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 00/50, International Monetary Fund.
  11. Robert Rennhack & Masahiro Nozaki, 2006. "Financial Dollarization in Latin America," IMF Working Papers 06/7, International Monetary Fund.
  12. Alain Ize & Eric Parrado, 2002. "Dollarization, Monetary Policy, and the Pass-Through," IMF Working Papers 02/188, International Monetary Fund.
  13. Eduardo Levy Yeyati & Alain Ize, 1998. "Dollarization of Financial Intermediation: Causes and Policy Implications," IMF Working Papers 98/28, International Monetary Fund.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. ¿Debe Argentina copiar al sistema monetario y bancario de Panamá?
    by Adrián Ravier in Punto de Vista Economico on 2012-06-13 20:34:36
  2. ¿Debe Colombia copiar al sistema monetario y bancario de Panamá?
    by Adrián Ravier in Punto de Vista Economico on 2012-07-11 17:16:55

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