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La dolarización financiera:Experiencia internacional y perspectivas para Colombia

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Author Info
Carlos Eduardo León Rincón ()
Alejandro Reveiz Herault ()

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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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Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 004510.

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Length: 33
Date of creation: 31 Jan 2008
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Handle: RePEc:col:000094:004510

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  1. Alain Ize & Eduardo Levy Yeyati, 2005. "Financial De-Dollarization: Is It for Real?," IMF Working Papers 05/187, International Monetary Fund. [Downloadable!]
    Other versions:
  2. Paul Castillo & Diego Winkelried, 2007. "Dollarization Persistence and Individual Heterogeneity," Working Papers 2007-004, Banco Central de Reserva del Perú. [Downloadable!]
    Other versions:
  3. Luis Catão & Marco Terrones, 2000. "Determinants of Dollarization - The Banking Side," IMF Working Papers 00/146, International Monetary Fund.
  4. 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. [Downloadable!]
  5. Gianni De Nicoló & Alain Ize & Patrick Honohan, 2003. "Dollarization of the Banking System: Good or Bad?," IMF Working Papers 03/146, International Monetary Fund. [Downloadable!]
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  6. 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. [Downloadable!]
  7. Eduardo Borensztein & Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 00/50, International Monetary Fund.
  8. Adolfo Barajas & Armando Méndez Morales, 2003. "Dollarization of Liabilities: Beyond the Usual Suspects," IMF Working Papers 03/11, International Monetary Fund. [Downloadable!]
  9. Robert Rennhack & Masahiro Nozaki, 2006. "Financial Dollarization in Latin America," IMF Working Papers 06/7, International Monetary Fund. [Downloadable!]
  10. Eric Parrado & Alain Ize, 2002. "Dollarization, Monetary Policy, and the Pass-Through," IMF Working Papers 02/188, International Monetary Fund. [Downloadable!]
  11. Pelin Berkmen & Eduardo E. Cavallo, 2007. "Exchange Rate Policy and Liability Dollarization: An Empirical Study," IMF Working Papers 07/33, International Monetary Fund. [Downloadable!]
  12. Honohan, Patrick, 2007. "Dollarization and Exchange Rate Fluctuations," CEPR Discussion Papers 6205, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  13. Alain Ize & Eduardo Levy Yeyati, 1998. "Dollarization of Financial Intermediation: Causes and Policy Implications," IMF Working Papers 98/28, International Monetary Fund.
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