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Dedollarization

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  • Annamaria Kokenyne
  • Jeremy Ley
  • Romain Veyrune
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    Abstract

    This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater control of monetary policy and draws on the experiences of countries that have successfully dedollarized. Unlike previous work on the subject, this paper examines both macroeconomic stabilization policies and microeconomic measures, such as prudential regulation of the financial system. This study is also the first attempt to make extensive use of the foreign exchange regulation data reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. The main conclusion is that durable dedollarization depends on a credible disinflation plan and specific microeconomic measures.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/188.

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    Length: 50
    Date of creation: 01 Aug 2010
    Date of revision:
    Handle: RePEc:imf:imfwpa:10/188

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    Related research

    Keywords: Dollarization; Bank supervision; Disinflation; Exchange rate variability; foreign currency; foreign exchange; exchange rate; inflation; monetary policy; exchange rate volatility; currency substitution; exchange risk; foreign exchange risk; flexible exchange rate; real exchange rate; exchange rate policy; fixed exchange rate; exchange rate arrangement; nominal exchange rate; exchange rate flexibility; exchange rate regime; inflation rate; low inflation; exchange rate risk; macroeconomic stability; real interest rates; exchange restrictions; financial stability; foreign exchange transactions; exchange rate risks; exchange transactions; currency transactions; exchange rate appreciation; floating exchange rate; real exchange rate volatility; exchange controls; inflation targeting; foreign exchange market; exchange rates; foreign exchange holdings; flexible exchange rate regime; currency risk; aggregate demand; fixed exchange rate regime; exchange rate instability; exchange control; floating exchange rate regime; exchange risks; exchange arrangements; exchange rate regimes; currency markets; high inflation; reduction in inflation; lower inflation; inflationary expectations; forward cover; money supply; fixed exchange rates; exchange rate behavior; real ? interest rate; stable exchange rate; currency risks; nominal interest rate; currency depreciation; exchange rate system; floating exchange rate system; currency appreciation; real exchange rate appreciation; exchange rate fluctuations; exchange rate policies; average exchange rate; flexible exchange rate regimes; exchange rate arrangements;

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