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La dolarización financiera:Experiencia internacional y perspectivas para Colombia

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  • Carlos Eduardo León Rincón

    ()

  • Alejandro Reveiz Herault

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Abstract

Las monedas locales de los países en vías de desarrollo, además de no ser librementeconvertibles a nivel internacional, suelen experimentar niveles de inflación superiores ymás volátiles, al tiempo que tienden a sufrir periodos de fuerte apreciación y depreciación.Estas bien conocidas características no solo implican un reto para las autoridadeseconómicas de estos países, sino que también llaman la atención sobre la capacidad de lasmonedas locales para cumplir cabalmente con sus funciones.Colombia, a pesar de ser reconocida por su historial de manejo monetario disciplinado, noha escapado a ocasionales cuestionamientos sobre la conveniencia de mantener el peso paracumplir con las funciones de la moneda. Estos esporádicos cuestionamientos coinciden conperiodos de fuerte apreciación o depreciación de la moneda, en los cuales se han escuchadointerrogantes sobre la conveniencia de llevar a cabo una dolarización total o parcial de laeconomía.Al respecto, son pocos los países que han optado por reemplazar totalmente la monedalocal por una extranjera para que esta última cumpla con todas las funciones de la moneda,pero sí son muchos los países que han permitido la dolarización parcial de la economía.Basado en la experiencia internacional, y en especial por las características de la economíacolombiana, este documento concluye que la dolarización financiera conllevaría costoselevados, en especial si se comparan con unos beneficios limitados y apenas potenciales.

Suggested Citation

  • Carlos Eduardo León Rincón & Alejandro Reveiz Herault, 2008. "La dolarización financiera:Experiencia internacional y perspectivas para Colombia," BORRADORES DE ECONOMIA 004510, BANCO DE LA REPÚBLICA.
  • Handle: RePEc:col:000094:004510
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    References listed on IDEAS

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    1. Winkelried, Diego & Castillo, Paul, 2010. "Dollarization persistence and individual heterogeneity," Journal of International Money and Finance, Elsevier, vol. 29(8), pages 1596-1618, December.
    2. De Nicolo, Gianni & Honohan, Patrick & Ize, Alain, 2003. "Dollarization of the banking system : good or bad?," Policy Research Working Paper Series 3116, The World Bank.
    3. Pelin Berkmen & Eduardo A. Cavallo, 2007. "Exchange Rate Policy and Liability Dollarization; An Empirical Study," IMF Working Papers 07/33, International Monetary Fund.
    4. Patrick Honohan, 2007. "Dollarization and Exchange Rate Fluctuations," The Institute for International Integration Studies Discussion Paper Series iiisdp201, IIIS.
    5. Eduardo Borensztein & Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 00/50, International Monetary Fund.
    6. Robert Rennhack & Masahiro Nozaki, 2006. "Financial Dollarization in Latin America," IMF Working Papers 06/7, International Monetary Fund.
    7. Alain Ize & Eric Parrado, 2002. "Dollarization, Monetary Policy, and the Pass-Through," IMF Working Papers 02/188, International Monetary Fund.
    8. Eduardo Levy Yeyati & Alain Ize, 1998. "Dollarization of Financial Intermediation; Causes and Policy Implications," IMF Working Papers 98/28, International Monetary Fund.
    9. Alain Ize & Eduardo Levy Yeyati, 2005. "Financial De-Dollarization: Is It for Real?," Business School Working Papers isitforreal, Universidad Torcuato Di Tella.
    10. Adolfo Barajas & Armando Méndez Morales, 2003. "Dollarization of Liabilities; Beyond the Usual Suspects," IMF Working Papers 03/11, International Monetary Fund.
    11. Marco Terrones & Luis Catão, 2000. "Determinants of Dollarization; The Banking Side," IMF Working Papers 00/146, International Monetary Fund.
    12. Eduardo J. J. Ganapolsky, 2003. "Optimal fear of floating: the role of currency mismatches and fiscal constraints," FRB Atlanta Working Paper 2003-31, Federal Reserve Bank of Atlanta.
    13. Antonio Garcia Pascual & Jorge Cayazzo & Socorro Heysen & Eva Gutierrez, 2006. "Toward An Effective Supervision of Partially Dollarized Banking Systems," IMF Working Papers 06/32, International Monetary Fund.
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    Cited by:

    1. Lya Paola Sierra Suárez & Diana Maribel Lozano Baquero, 2010. "¿Qué sabemos sobre la Dolarización y sus efectos en las Economías Latinoamericanas que la adoptaron?," REVISTA FACULTAD DE CIENCIAS ECONÓMICAS, UNIVERSIDAD MILITAR NUEVA GRANADA, June.
    2. Tobal Martín, 2017. "Currency Mismatch in the Banking Sector in Latin America and the Caribbean," Working Papers 2017-05, Banco de México.
    3. Martín Tobal, 2013. "Currency Mismatch: New Database and Indicators for Latin America and the Caribbean," Documentos de Investigación - Research Papers 12, Centro de Estudios Monetarios Latinoamericanos, CEMLA.

    More about this item

    Keywords

    dolarización; dolarización financiera; dolarización parcial; indexación; fear of floating; riesgo cambiario.;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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