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Inherited Dollarization: Persistence of US Dollar Pricing in Consumer Goods Markets

María Landaberry () and Miguel Mello Costa ()

No 2019005, Documentos de trabajo from Banco Central del Uruguay

Abstract: This is an empirical study of price setting dollarization in Uruguay using product level data. Using web scraping we developed a unique dataset for online e-commerce. We describe price setting in US dollars by categories, sub-categories and value of more than 9 million announcements for consumer goods. We conclude that dollarization is determined principally by the value and by the type of products. The persistence of dollarization in the used products market, is also determined by its value. These implies that high value goods are perceived as goods with a reserve of value by consumers, so they set the price of that residual value of second hand products in dollars. This result is in line with previous research on the cultural dollarization of Uruguayan consumers.

Keywords: price setting; foreign currency; dollarization; Uruguay; web scraping; persistence; R; data analysis (search for similar items in EconPapers)
JEL-codes: D40 D49 E30 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2019
New Economics Papers: this item is included in nep-mac and nep-mon
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