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The Monetary Crisis of Lebanon

Author

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  • Bitar Joseph

    (Independent Economic Advisor, Paris, France)

Abstract

Above its traditional currency and debt crisis features, Lebanon’s ongoing crisis sheds the light on the inherent weakness of dollarized monetary systems. This crisis can be seen as a monetary crisis, as the country’s dollarized banking system’s liquidity and solvency problems led to the loss of the “moneyness” of its dollar denominated deposits. We analyze the different dimensions of this crisis and we make policy recommendations, inspired by the experience of the Argentine 2001–2002 convertibility crisis. Finally, we look into the redistributive implications of different conversion scenarios.

Suggested Citation

  • Bitar Joseph, 2021. "The Monetary Crisis of Lebanon," Review of Middle East Economics and Finance, De Gruyter, vol. 17(2), pages 71-96, August.
    • Handle: RePEc:bpj:rmeecf:v:17:y:2021:i:2:p:71-96:n:3
    DOI: 10.1515/rmeef-2020-0050
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    More about this item

    Keywords

    dollarization; monetary crisis; currency crisis; emerging markets; Lebanon;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G01 - Financial Economics - - General - - - Financial Crises

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