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Palgrave Macmillan

Financial Dollarization

The Policy Agenda

  • Book
  • © 2006

Overview

Editors:
  1. Adrián Armas

    1. Economic Studies Department, Central Reserve Bank of Peru, Peru

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    You can also search for this editor in PubMed   Google Scholar

  2. Alain Ize

    1. Monetary and Financial Systems Department, International Monetary Fund, USA

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    You can also search for this editor in PubMed   Google Scholar

  3. Eduardo Levy Yeyati

    1. Center for Financial Research at the Business School, Torcuato Di Tella University, Argentina
      Research Department, Inter-American Development Bank, USA

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Part of the book series: Procyclicality of Financial Systems in Asia (IMF)

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Table of contents (13 chapters)

  1. Front Matter

    Pages i-xviii
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  2. Financial Dollarization: An Overview

    1. Financial Dollarization: An Overview

      • Adrián Armas, Alain Ize, Eduardo Levy Yeyati
      Pages 1-12

  3. Financial Dollarization: Roots and Dynamics

    1. Front Matter

      Pages 13-13
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    2. Financial Dollarization Equilibria: A Framework for Policy Analysis

      • Alain Ize
      Pages 15-37

    3. Financial De-dollarization: Is It for Real?

      • Alain Ize, Eduardo Levy Yeyati
      Pages 38-63

    4. Financial Dollarization in Latin America

      • Robert Rennhack, Masahiro Nozaki
      Pages 64-96

  4. Monetary Policy

    1. Front Matter

      Pages 97-97
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    2. Inflation Targeting in Dollarized Economies

      • Leonardo Leiderman, Rodolfo Maino, Eric Parrado
      Pages 99-114

    3. Inflation Targeting in a Dollarized Economy: The Peruvian Experience

      • Adrián Armas, Francisco Grippa
      Pages 115-144

  5. Prudential Policy

    1. Front Matter

      Pages 145-145
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    2. To Hell and Back — Crisis Management in a Dollarized Economy: The Case of Uruguay

      • Julio de Brun, Gerardo Licandro
      Pages 147-176

    3. Towards the Effective Supervision of Partially Dollarized Banking Systems

      • Jorge Cayazzo, Antonio Garcia Pascual, Eva Gutierrez, Socorro Heysen
      Pages 177-215

    4. Managing Systemic Liquidity Risk in Financially Dollarized Economies

      • Alain Ize, Miguel A. Kiguel, Eduardo Levy Yeyati
      Pages 216-240

  6. De-dollarization Policy

    1. Front Matter

      Pages 241-241
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    2. Can Indexed Debt Absolve Original Sin? The Role of Inflation-indexed Debt in Developing Local Currency Markets

      • Allison Holland, Christian Mulder
      Pages 243-272

    3. De-dollarizing the Hard Way

      • Daniel C. Hardy, Ceyla Pazarbasioglu
      Pages 273-308

  7. Looking Ahead

    1. Front Matter

      Pages 309-309
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    2. Currency Mismatches and Domestic Liability Dollarization

      • Philip Turner
      Pages 311-317

    3. Round Table: Policy Options and Strategies for Dollarized Economies

      • Adrián Armas, Alain Ize, Eduardo Levy Yeyati
      Pages 318-327

  8. Back Matter

    Pages 329-337
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Keywords

About this book

This volume provides a rigorous and balanced perspective on the causes and implications of dollarization, and the basic policies and options to deal with it: the adaptation of the monetary and prudential frameworks, the development of local-currency substitutes, and the scope for limiting dollarization through administrative restrictions.

Reviews

'The contributions are generally of a high quality; the editors have done an excellent job, and the publication comes at an appropriate time.' - Bishnodat Persaud, Development and Policy Review

Editors and Affiliations

  • Economic Studies Department, Central Reserve Bank of Peru, Peru

    Adrián Armas

  • Monetary and Financial Systems Department, International Monetary Fund, USA

    Alain Ize

  • Center for Financial Research at the Business School, Torcuato Di Tella University, Argentina

    Eduardo Levy Yeyati

  • Research Department, Inter-American Development Bank, USA

    Eduardo Levy Yeyati

About the editors

AGUSTIN CARSTENS Deputy Managing Director, International Monetary Fund, USA JORGE CAYAZZO Senior Financial Sector Expert, Monetary and Financial Systems Department, International Monetary Fund, USA ROBERTO CHANG Professor of Economics, Rutgers University and Research Associate, National Bureau of Economic Research, USA KEVIN COWAN Senior Economist, Central Bank of Chile, Chile OSCAR DANCOURT Acting Governor, Central Reserve Bank of Peru, Peru JULIO DE BRUN Director, Center for Banking and Financial Studies, Universidad ORT Uruguay and Executive Director, Private Banks Association, Uruguay AUGUSTO DE LA TORRE Senior Regional Financial Sector Advisor, Latin American and the Caribbean Regional Office, The World Bank, USA FRANCISCO DE PAULA GUTIERREZ Governor, Central Bank of Costa Rica, Costa Rica ANTONIO IGNACIO GARCIA PASCUAL Economist, Monetary and Financial Systems Department, International Monetary Fund, USA FRANCISCO GRIPPA Senior Economist, Monetary Division, Banco Central de Reserva del Perú, Peru EVA GUTIERREZ Economist, Policy Review Department, International Monetary Fund, USA DANIEL C. HARDY Deputy Division Chief, Monetary and Financial Systems Department, International Monetary Fund, USA LUIS OSCAR HERRERA Director, Financial Policy Department, Central Bank of Chile, Chile SOCORRO HEYSEN Deputy Division Chief, Monetary and Financial Systems Department, International Monetary Fund, USA ALLISON HOLLAND Debt Management Advisor, Monetary and FinancialSystems Department, International Monetary Fund, USA STEFAN INGVES Governor, Sveriges Riksbank, Sweden CLAUDIO IRIGOYEN Chief Economist, Central Reserve Bank of Argentina, Argentina OLIVER JEANNE Deputy Division Chief, Research Department, International Monetary Fund, USA MIGUEL KIGUEL Academic Advisor, Financial Stability Center and Professor Universidad Torcuato Di Tella, Argentina LEONARDO LEIDERMAN Professor, Berglas School of Economics, Tel Aviv University, Israel GERARDO LICANDRO Director, Research Department, Central Bank of Uruguay, Uruguay RODOLFO MAINO Senior Economist, Monetary and Financial Systems Department, International Monetary Fund, USA JUAN ANTONIO MORALES Governor, Central Bank of Bolivia, Bolivia CHRISTIAN MULDER Deputy Division Chief, Monetary and Financial Systems Department, International Monetary Fund, USA MASAHIRO NOZAKI Economist, Western Hemisphere Department, International Monetary Fund, USA ERIC PARRADO Advisor of the Financial Policy Division, Central Bank of Chile, Chile CEYLA PAZARBASIOGLU Division Chief, International Capital Markets Department, International Monetary Fund, USA ROBERT RENNHACK Division Chief, Western Hemisphere Department, International Monetary Fund, USA MARKUS RODLAUER Senior Advisor, Western Hemisphere Department, International Monetary Fund, USA RENZO ROSSINI General Manager, Central Reserve Bank of Peru, Peru KLAUS SCHMIDT-HEBBEL Chief of Economic Research, Central Bank of Chile and Professor, Catholic University of Chile, Chile PHILIP TURNER Head of the Secretariat Group, Monetary and Economic Department, Bank for International Settlements, Switzerland

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