Luis Carranza () José E. Galdón-Sánchez () (Public University of Navarra) Javier Gómez Biscarri () (School of Economics and Business Administration, University of Navarra)
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Is the degree of dollarization important to determine the pass-through between nominal exchange rate depreciation and inflation? The common view in the literature is that countries with higher dollarization present higher pass-through coefficients. In our study we qualify this common view. Using a sample of fifteen emerging-market countries with different degrees of dollarization, we find that the pass-through in highly dollarized economies is indeed higher, but it also tends to be more asymmetric than in economies with a lower degree of dollarization: We define asymmetric pass-through as the presence of a negative pass-through coefficient during economic downturns. The reason for this asymmetry is the negative balance-sheet effect that can dominate the positive competition effect generated by real exchange rate depreciations.
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Paper provided by School of Economics and Business Administration, University of Navarra in its series Faculty Working Papers with number
10/04.
Find related papers by JEL classification: F31 - International Economics - - International Finance - - - Foreign Exchange F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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