Dedollarization, Indexation and Nominalization: The Chilean Experience
AbstractThis paper is part of the project "Financial Dedollarization: Policy Options" launched by the Inter-American Development Bank. The purpose of the project is to contribute to the policy dialogue on the macroeconomic and prudential risks associated with financial dollarization as well as to evaluate the costs and benefits of alternative financial dedollarization strategies. The project aims at providing guidance on the design of cost-effective policy instruments to reduce financial dollarization, including selective prudential regulation and the development of attractive new markets and instruments in local currency. It focuses on domestic asset holders, as opposed to foreign investors, as the primary targets of a dedollarization strategy. This paper revisits the Chilean experience with dollarization, indexation and nominalization in the 1958-2003 period. The purpose is to understand how Chile generally avoided dollarization and actually dedollarized in the 80s in order to draw some lessons for other countries. This is one of several studies discussed in an IDB/WB Conference at the Inter-American Development Bank, December 1-2, 2003.
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Bibliographic InfoPaper provided by Inter-American Development Bank in its series IDB Publications with number 34778.
Date of creation: Jul 2004
Date of revision:
Financial Policy; Monetary Policy; Public Administration & Policy Making; NFP Economic & Social Studies; Dedollarization; Indexation and Nominalization;
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- Kevin Cowan & José De Gregorio, 2007.
"International Borrowing, Capital Controls, and the Exchange Rate: Lessons from Chile,"
in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 241-296
National Bureau of Economic Research, Inc.
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- José De Gregorio & Andrea Tokman & Rodrigo Valdés, 2005. "Tipo de cambio flexible y fijación de metas inflacionarias en Chile: experiencia y aspectos resaltantes," Research Department Publications 4428, Inter-American Development Bank, Research Department.
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