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Financial dollarization in Russia: causes and consequences

Alexey Ponomarenko, Alexandra Solovyeva and Elena Vasilieva

Macroeconomics and Finance in Emerging Market Economies, 2013, vol. 6, issue 2, 221-243

Abstract: We review some aspects of financial dollarization in Russia, applying the main relevant theories to analyse the dynamics of several dollarization indicators. An econometric model of the short-run dynamics of deposit and loan dollarization is estimated for the last decade. We find that ruble appreciation was the main driver of the de-dollarization that occurred then and of the later episode of renewed dollarization. We estimate the overall (and sectoral) currency mismatches of the Russian economy. Evidence is presented for the significant currency risk vulnerability of the non-banking private sector.

Date: 2013
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Working Paper: Financial dollarization in Russia: causes and consequences (2011) Downloads
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DOI: 10.1080/17520843.2012.732099

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