Financial dollarization and de-dollarization in the new milennium

Eduardo Levi Yeyati
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Eduardo Levi Yeyati: Universidad Torcuato Di Tella/The Brookings Institution
Authors registered in the RePEc Author Service: Eduardo Levy Yeyati

No 38, Working Papers from Red Nacional de Investigadores en Economía (RedNIE)

Abstract: Dollarization, in its many variants, is crucial to understanding Latin American macroeconomics, as well as that of many developing countries. This paper builds a new updated dataset on dollarization, reviews its evolution in Latin America since 2000, and summarizes the lessons learned from several de-dollarizing attempts in the region, based on a three-way taxonomy: 1) attempts that focus on the macroeconomic drivers, 2) microeconomic measures that deter investors from dollarizing their financial assets and liabilities based on market incentives or regulatory limits, and 3) regulations that affect the choice of foreign currency as a means of payment or a unit of account. The study provides examples using seven cases that may be considered paradigmatic of the different dollarization varieties: Bolivia, Peru, Uruguay, Costa Rica, El Salvador, Ecuador and Venezuela.

Pages: 70 pages
Date: 2021-03
New Economics Papers: this item is included in nep-lam
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Citations: View citations in EconPapers (5)

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Working Paper: Financial dollarization and de-dollarization in the new millennium (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:aoz:wpaper:38

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