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A Micro Level Perspective of Euroization in Albania

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  • Edlira Narazani
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    Abstract

    This research investigates what drives the euroization in Albania. By using survey data collected in one of the main Albanian cities, we find that factors like remittances, financial literacy, perception of high inflation and trust in financial system play an important role in the extent of euroization together with the experience of past events. Factors related to the future, such as the expectation on the exchange rate fluctuations, seem to not be correlated with the extent of euroization. As regards the current Eurozone crisis, its impact on euroization results to be mediated by the (mis)trust in EURO rather than local currency.

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    File URL: http://www.wiiw.ac.at/a-micro-level-perspective-of-euroization-in-albania-dlp-3177.pdf
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    Bibliographic Info

    Paper provided by The Vienna Institute for International Economic Studies, wiiw in its series wiiw Balkan Observatory Working Papers with number 109.

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    Date of creation: Feb 2013
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    Publication status: Published as wiiw Balkan Observatory Working Paper
    Handle: RePEc:wii:bpaper:109

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    Related research

    Keywords: Euroization; currency substitution; survey data; eurozone crisis;

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    1. Seater, John J., 2008. "The Demand for Currency Substitution," Economics Discussion Papers 2008-2, Kiel Institute for the World Economy.
    2. Miguel Lebre de Freitas, 2004. "The Dynamics of Inflation and Currency Substitution in a Small Open Economy," NIPE Working Papers 1/2004, NIPE - Universidade do Minho.
    3. Ize, Alain & Yeyati, Eduardo Levy, 2003. "Financial dollarization," Journal of International Economics, Elsevier, vol. 59(2), pages 323-347, March.
    4. Nienke Oomes, 2003. "Network Externalities and Dollarization Hysteresis," IMF Working Papers 03/96, International Monetary Fund.
    5. Nicolo, Gianni De & Honohan, Patrick & Ize, Alain, 2005. "Dollarization of bank deposits: Causes and consequences," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1697-1727, July.
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