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Financial Stability in Dollarized Economies

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  • Anne Marie Gulde
  • David S. Hoelscher
  • Alain Ize
  • David Marston
  • Gianni De Nicoló
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    Abstract

    This paper addresses the challenges to prudential supervision in highly dollarized economies, where central banks and supervisors may be constrained in the use of standard money and financial policy tools. The study’s conclusions are the basis of an ongoing policy dialogue with IMF member countries, standard-setters in the financial area, and academia. The paper is part of the policy development work conducted by the IMF’s Monetary and Financial Systems Department.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=16918
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 230.

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    Length: 35
    Date of creation: 15 Jun 2004
    Date of revision:
    Handle: RePEc:imf:imfocp:230

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    Related research

    Keywords: Dollarization; Financial stability; banking; foreign exchange; banking system; exchange rate; deposit insurance; reserve requirements; financial systems; financial intermediation; international financial statistics; exchange rate depreciation; international reserves; bank runs; moral hazard; liquidity support; banking crises; financial system; bonds; consolidated supervision; financial sector; banks? balance sheets; reserve requirement; real exchange rate; banking crisis; real exchange rate depreciation; financial instruments; currency risk; interest rate risk; bond; bank deposits; hedging; banking supervision; financial contracts; bank instruments; domestic financial intermediation; banking systems; bank liabilities; international banks; exchange rates; bank securities; capital requirement; bond markets; disintermediation; financial intermediaries; financial crises; currency depreciation; exchange rate adjustments; financial institutions; bank capital; government bonds; cash flow; forward market; bank supervision; deposit growth; financial markets; deposit rate; state bank; liquidity crises; capital adequacy; systemic banking crises; currency mismatch; interest rates on foreign currency; financial fragility; liquid asset; macroeconomic policies; government bond; private bank; recapitalization; check clearing; money market transactions; bank customers; local financial institution; national bank; bank reserves; bank credit; equity investment; regulatory approach; exchange rate devaluation; banking institutions; money market; bank shareholders; financial liberalization; hedging instruments; foreign exchange hedges; maturity matching; financial statements; hedges; bank supervisors; financial repression; bank issues; domestic dollar intermediation; currency crises; bank insolvency; derivative transactions; financial risk; bank equity; financial market; return on assets; financial vulnerabilities; international finance; bankrupt banks; bank risk; hedge; banks? liabilities; financial globalization; stock exchange; bank risk taking; financial assets; stock market; international financial system; bank consolidation; domestic financial system; equity capital; portfolio investment; banks? solvency; exchange rate fluctuations; exchange rate movement; exchange rate volatility; constant exchange rate; exchange rate depreciations; real exchange rates; bilateral real exchange rate; exchange rate regime; exchange rate float; stable exchange rate; capital flight; bilateral exchange rates; balance sheets; fixed exchange rate; stable exchange rates; exchange rate system; exchange rate management; open capital accounts; derivative; bankrupt; currency crisis; derivatives markets; prudential regulation; bank for international settlements; settlement risk; capital accounts; banking risk;

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    Citations

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    Cited by:
    1. Ramon-Ballester, Francisco & Wezel, Torsten, 2007. "International financial linkages of Latin American banks: the effects of political risk and deposit dollarisation," Working Paper Series 0744, European Central Bank.
    2. Adrián Armas, 2005. "Forex interventions in Peru: 2002-2004," BIS Papers chapters, in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 242-54 Bank for International Settlements.
    3. Bednarik, Radek, 2007. "Loan Dollarization in V4 Countries," MPRA Paper 14695, University Library of Munich, Germany.
    4. Eduardo Levy Yeyati & Alain Ize, 2005. "Financial De-Dollarization," IMF Working Papers 05/187, International Monetary Fund.
    5. Renzo Rossini & Zenon Quispe & Rocío Gondo, 2008. "Macroeconomic implications of capital inflows: Peru 1991–2007," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 363-387 Bank for International Settlements.
    6. Eduardo Levy Yeyati & Alain Ize & Miguel A. Kiguel, 2005. "Managing Systemic Liquidity Risk in Financially Dollarized Economies," IMF Working Papers 05/188, International Monetary Fund.
    7. Myriam Quispe-Agnoli & Elena Whisler, 2006. "Official dollarization and the banking system in Ecuador and El Salvador," Economic Review, Federal Reserve Bank of Atlanta, issue Q 3, pages 55-71.
    8. Adrián Armas & Francisco Grippa, 2008. "Metas de inflación en una economía dolarizada: La experiencia del Perú," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 10(1), pages 7-44, December.
    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. Liliana Schumacher & Jiro Honda, 2006. "Adopting Full Dollarization in Postconflict Economies," IMF Working Papers 06/82, International Monetary Fund.
    11. Alain Ize & Miguel Kiguel & Eduardo Levy Yeyati, 2005. "Managing Systemic Liquidity Risk in Financially Dollarized Economy," Business School Working Papers managsystrisk, Universidad Torcuato Di Tella.

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