This paper examines the persistence of dollarization in two of the most dollarized countries in Latin America, Bolivia and Puru. Dollarization is related not only to the expected rate or devaluation but also to devaluation uncertainty, proxied by the conditional variance of the rate of devaluation, through an application of the capital asset-pricing model (CAPM) to currency substitution.
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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number
325.
Find related papers by JEL classification: E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
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