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Overshooting and Dollarization in the Democratic Republic of the Congo

  • Philippe Beaugrand
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    The paper develops an interpretation of volatile exchange rate movements in a dollarized economy with very high rates of inflation. Differences between the rate of inflation and currency depreciation (over- or undershooting of the exchange rate) are seen as a proxy for changes in the relative demand for domestic and foreign currency. A simple model is calibrated for the Democratic Republic of the Congo in the 1990s and is used to derive estimates of the rate of dollarization.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=16544
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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/105.

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    Length: 27
    Date of creation: 01 May 2003
    Date of revision:
    Handle: RePEc:imf:imfwpa:03/105
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    1. Fabrizio Perri & Michele Cavallo & Kate Kisselev & Nouriel Roubini, 2004. "Exchange rate overshooting and the costs of floating," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    2. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
    3. Lane, P, 1999. "The New Open Economy Macroeconomics: A Survey," Trinity Economics Papers 993, Trinity College Dublin, Department of Economics.
    4. Kenneth Rogoff, 2002. "Dornbusch's Overshooting Model After Twenty-Five Years," IMF Working Papers 02/39, International Monetary Fund.
    5. Maurice Obstfeld & Kenneth Rogoff, 1994. "Exchange Rate Dynamics Redux," NBER Working Papers 4693, National Bureau of Economic Research, Inc.
    6. Feige, Edgar L., 1997. "Revised estimates of the Underground Economy: Implications of US Currency held abroad," MPRA Paper 13805, University Library of Munich, Germany.
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