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Hard currency and financial development

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Author Info
Ilan Goldfajn () (Department of Economics PUC-Rio)
Roberto Rigobon ()

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Abstract

This paper investigates the relationship between hard currency and financial development. It creates four different series of hard currency based on different sets of data. The results of the paper suggest that indeed financial development and the hardness of currencies are highly correlated. However, we find that the relationship from currency hardness to financial development is fully captured by macro variables that represent overall macroeconomic stability. This suggest that having a hard currency is not a pre-condition for financial development but rather establishing a macroeconomic stable environment.

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File URL: http://www.econ.puc-rio.br/pdf/td438.pdf
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Paper provided by Department of Economics PUC-Rio (Brazil) in its series Textos para discussão with number 438.

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Length: 37 pages
Date of creation: Dec 2000
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Handle: RePEc:rio:texdis:438

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  1. Sebastian Edwards & Miguel A. Savastano, 1999. "Exchange Rates in Emerging Economies: What Do We Know? What Do We Need to Know?," NBER Working Papers 7228, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Norbert Funke & Mike Kennedy, 1997. "International Implications of European Economic and Monetary Union," OECD Economics Department Working Papers 174, OECD Economics Department. [Downloadable!]
  3. Frederic S. Mishkin, 1999. "International Experiences with Different Monetary Policy Regimes," NBER Working Papers 6965, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. McNelis, P.D. & Rojas-Suarez, L., 1996. "Exchange rate depreciation, Dollarization and Uncertainty: A Comparison of Bolivia and Peru," RES Working Papers 325, Inter-American Development Bank, Research Department.
  5. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange Rates and Financial Fragility," NBER Working Papers 7418, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. McNelis, P.D. & Rojas-Suarez, L., 1996. "Exchange rate depreciation, Dollarization and Uncertainty: A Comparison of Bolivia and Peru," RES Working Papers 325, Inter-American Development Bank, Research Department.
  7. Fernandez-Arias, E. & Hausman, R., 1999. "International Initiatives to Bring Stability to Financial Integration," RES Working Papers 402, Inter-American Development Bank, Research Department.
  8. Fernandez-Arias, E. & Hausman, R., 1999. "International Initiatives to Bring Stability to Financial Integration," RES Working Papers 402, Inter-American Development Bank, Research Department.
  9. Jeffrey A. Frankel, 1999. "No Single Currency Regime is Right for All Countries or At All Times," NBER Working Papers 7338, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Alain Ize & Eduardo Levy Yeyati, 1998. "Dollarization of Financial Intermediation: Causes and Policy Implications," IMF Working Papers 98/28, International Monetary Fund.
  11. James Tobin, 1998. "Financial Globalization: Can National Currencies Survive?," Cowles Foundation Discussion Papers 1188, Cowles Foundation, Yale University. [Downloadable!]
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  1. Fatih Ozatay & Guven Sak, 2003. "Banking Sector Fragility and Turkey’s 2000–01 Financial Crisis," Working Papers 0308, Research and Monetary Policy Department, Central Bank of the Republic of Turkey. [Downloadable!]
  2. Honohan, Patrick & Shi, Anging, 2001. "Deposit dollarization and the financial sector in emerging economies," Policy Research Working Paper Series 2748, The World Bank. [Downloadable!]
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