Dedollarization: The experiences of Vietnam, Ukraine and Romania

G Duchene and Michael Goujon
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G Duchene: ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12

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Abstract: Most transition economies involved, at the start, a "dollarization" of the economy, which has hindered macroeconomic management. Three economies-Vietnam, Romania and Ukraine underwent this phenomenon at and have nonetheless pursued a relatively successful policy of "dedollarization". Dollarizing the economy is a reaction to expected depreciations of the exchange rate as well as to interest rates on deposits in local currency. Despite the fact that dollarization is rather inertial and does not seem to respond much to administrative decisions, it is not an irreversible process. Exchange rate policies appear to be efficient for dedollarizing an economy.

Date: 2006
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Published in Revue d'Etudes Comparatives Est-Ouest, 2006, 37 (1), pp.127--+. ⟨10.3406/receo.2006.1752⟩

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Working Paper: Dedollarization: The experiences of Vietnam, Ukraine and Romania (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00693145

DOI: 10.3406/receo.2006.1752

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