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Dollarization: Concepts and Implications for Monetary and Exchange Rate Policy in the Philippines

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  • Yap, Josef T.

Abstract

Currency substitution implies the greater share of foreign currency in the asset holdings of domestic residents. Dollarization is the complete replacement of the local currency- in this case, the peso- by a foreign currency, most likely the US dollar. The paper finds that dollarization or official dollarization has both its costs and benefits but it is not a viable option for the Philippines at the moment.

Suggested Citation

  • Yap, Josef T., 2001. "Dollarization: Concepts and Implications for Monetary and Exchange Rate Policy in the Philippines," Philippine Journal of Development PJD 2001 Vol. XXVIII No. , Philippine Institute for Development Studies.
    • Handle: RePEc:phd:pjdevt:pjd_2001_vol__xxviii_no__1-d
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    File URL: https://www.pids.gov.ph/publication/philippine-journal-of-development/dollarization-concepts-and-implications-for-monetary-and-exchange-rate-policy-in-the-philippines
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    References listed on IDEAS

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    1. Taylor, Mark P & Sarno, Lucio, 1997. "Capital Flows to Developing Countries: Long- and Short-Term Determinants," The World Bank Economic Review, World Bank, vol. 11(3), pages 451-470, September.
    2. Reinhart, Carmen & Calvo, Guillermo, 2000. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options," MPRA Paper 6982, University Library of Munich, Germany.
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    Cited by:

    1. Lamberte, Mario B., 2001. "The Philippine Payment System: Efficiency and Implications for the Conduct of Monetary Policy," Discussion Papers DP 2001-20, Philippine Institute for Development Studies.

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    Keywords

    exchange rate policy; monetary policy;

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