The Resource Revisiting the concept of dollarization : the Global Financial Crisis and dollarization in low-income countries, prepared by Nkunde Mwase and Francis Y. Kumah
Revisiting the concept of dollarization : the Global Financial Crisis and dollarization in low-income countries, prepared by Nkunde Mwase and Francis Y. Kumah
Resource Information
The item Revisiting the concept of dollarization : the Global Financial Crisis and dollarization in low-income countries, prepared by Nkunde Mwase and Francis Y. Kumah represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in University of San Diego Libraries.This item is available to borrow from 1 library branch.
Resource Information
The item Revisiting the concept of dollarization : the Global Financial Crisis and dollarization in low-income countries, prepared by Nkunde Mwase and Francis Y. Kumah represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in University of San Diego Libraries.
This item is available to borrow from 1 library branch.
- Summary
- The economic literature has examined deposit dollarization in nominal terms, typically focusing on the ratio of foreign currency deposits to broad money. However, while private agent demand for foreign currency may remain unchanged in foreign currency terms, there could be large fluctuations in the dollarization ratio simply due to exchange rate movements. This paper proposes a new approach to measuring dollarization that removes these exchange rate effects, and demonstrates that beyond the variance of inflation and depreciation, the level of inflation and size of depreciation also matter for dollarization. While dollarization in nominal terms surged during the recent global financial crisis, there was a downward trend in real terms. Employing a set of econometric estimators, this paper investigates whether "real" dollarization during 2006--09 was associated with the crisis, and the role of initial macroeconomic conditions, quality of institutions, risk aversion, and prudential measures. We find that exchange rate appreciation and reductions in sovereign risk do moderate dollarization; but the results for global volatility have low statistical significance, perhaps because global shocks tend to preserve, to a large extent, relative attractiveness of foreign assets. Nonetheless, estimated impulse-response functions point to a large but short-lived positive impact of global volatility on dollarization, which could reflect economic agents heightened concerns about spillover effects of global uncertainty on the domestic economy.--Abstract
- Language
- eng
- Extent
- 1 online resource (31 pages)
- Note
-
- "January 2015."
- "Strategy, Policy, and Review Department."
- Contents
-
- Cover; Contents; I. Introduction; II. Measuring Deposit Dollarization; III. Recent Trends In Deposit Dollarization; Figures; 1. Trends in Deposit Dollarization, 2006m1-2009m12; 2. Ghana and Zambia: Trends in Deposit Dollarization, 2006m1-2009m12; 3. Surge in Deposit Dollarization, 2006m3-2009m11; 4. LICs: Deposit Dollarization, by Region, 2006m1-2009m12; 5. LICs and EMs: Deposit Dollarization Growth Risk Aversion; 6. Selected Countries: Deposit Dollarization Growth and Global Risk Aversion, 2006m1-2009m12; 7. LICs: Deposit Dollarization Growth and Change in Prudential Measures, 2006m1-2009m12
- 2. Estimated Panel Panel Impulse-Response FunctionsAppendix Tables; 1. Country List and Average Deposit Dollarization; 2. Variable Description and Definition; 3. Summary Statistics of Monthly Panel Data; 4. Estimated Variance Decompositions; 5. Estimated Variance Decompositions: Alternative of Variable for Choleski Decomposition; References
- 8. Current and Capital Account Controls, 2005-20119. Variance of Nominal Dollarization, by inflation and depreciation, 2006m1-2009m12; IV. Literature Review; V. The Theoretical Model; 10. Saddle Path in S-F Space; 11. Exchange rate depreciation induces foreign asset demand; VI. The Empirical Approach and Results; Box 1. Determinants of Surge in Deposit Dollarization; Table 1. Panel Econometric Estimates of Real Dollarization in Low-Income Countries; VII. Conclusion and Policy Implications; Appendix Figures; 1. Estimated Panel Impulse-Response Functions
- Isbn
- 9781484366912
- Label
- Revisiting the concept of dollarization : the Global Financial Crisis and dollarization in low-income countries
- Title
- Revisiting the concept of dollarization
- Title remainder
- the Global Financial Crisis and dollarization in low-income countries
- Statement of responsibility
- prepared by Nkunde Mwase and Francis Y. Kumah
- Subject
-
- Dollarization -- Developing countries -- Econometric models
- Econometric models
- Electronic books
- Financial risk -- Developing countries -- Econometric models
- Foreign exchange rates -- Developing countries -- Econometric models
- Foreign exchange rates -- Econometric models
- Global Financial Crisis (2008-2009)
- Global Financial Crisis, 2008-2009 -- Econometric models
- Developing countries
- 2008-2009
- Language
- eng
- Summary
- The economic literature has examined deposit dollarization in nominal terms, typically focusing on the ratio of foreign currency deposits to broad money. However, while private agent demand for foreign currency may remain unchanged in foreign currency terms, there could be large fluctuations in the dollarization ratio simply due to exchange rate movements. This paper proposes a new approach to measuring dollarization that removes these exchange rate effects, and demonstrates that beyond the variance of inflation and depreciation, the level of inflation and size of depreciation also matter for dollarization. While dollarization in nominal terms surged during the recent global financial crisis, there was a downward trend in real terms. Employing a set of econometric estimators, this paper investigates whether "real" dollarization during 2006--09 was associated with the crisis, and the role of initial macroeconomic conditions, quality of institutions, risk aversion, and prudential measures. We find that exchange rate appreciation and reductions in sovereign risk do moderate dollarization; but the results for global volatility have low statistical significance, perhaps because global shocks tend to preserve, to a large extent, relative attractiveness of foreign assets. Nonetheless, estimated impulse-response functions point to a large but short-lived positive impact of global volatility on dollarization, which could reflect economic agents heightened concerns about spillover effects of global uncertainty on the domestic economy.--Abstract
- Cataloging source
- DJB
- http://bibfra.me/vocab/lite/collectionName
- IMF eLibrary
- http://library.link/vocab/creatorName
- Mwase, Nkunde
- Government publication
- international or intergovernmental publication
- Illustrations
- illustrations
- Index
- no index present
- LC call number
- HG3881.5.I58
- LC item number
- W67 No. 15/12 ONLINE
- Literary form
- non fiction
- Nature of contents
-
- dictionaries
- bibliography
- http://library.link/vocab/relatedWorkOrContributorName
-
- Kumah, Francis Y.
- International Monetary Fund
- Series statement
- IMF Working Paper
- Series volume
- WP/15/12
- http://library.link/vocab/subjectName
-
- Global Financial Crisis (2008-2009)
- Dollarization
- Financial risk
- Foreign exchange rates
- Global Financial Crisis, 2008-2009
- Econometric models
- Foreign exchange rates
- Developing countries
- Label
- Revisiting the concept of dollarization : the Global Financial Crisis and dollarization in low-income countries, prepared by Nkunde Mwase and Francis Y. Kumah
- Note
-
- "January 2015."
- "Strategy, Policy, and Review Department."
- Bibliography note
- Includes bibliographical references (pages 28-30)
- Carrier category
- online resource
- Carrier category code
-
- cr
- Carrier MARC source
- rdacarrier
- Content category
- text
- Content type code
-
- txt
- Content type MARC source
- rdacontent
- Contents
-
- Cover; Contents; I. Introduction; II. Measuring Deposit Dollarization; III. Recent Trends In Deposit Dollarization; Figures; 1. Trends in Deposit Dollarization, 2006m1-2009m12; 2. Ghana and Zambia: Trends in Deposit Dollarization, 2006m1-2009m12; 3. Surge in Deposit Dollarization, 2006m3-2009m11; 4. LICs: Deposit Dollarization, by Region, 2006m1-2009m12; 5. LICs and EMs: Deposit Dollarization Growth Risk Aversion; 6. Selected Countries: Deposit Dollarization Growth and Global Risk Aversion, 2006m1-2009m12; 7. LICs: Deposit Dollarization Growth and Change in Prudential Measures, 2006m1-2009m12
- 2. Estimated Panel Panel Impulse-Response FunctionsAppendix Tables; 1. Country List and Average Deposit Dollarization; 2. Variable Description and Definition; 3. Summary Statistics of Monthly Panel Data; 4. Estimated Variance Decompositions; 5. Estimated Variance Decompositions: Alternative of Variable for Choleski Decomposition; References
- 8. Current and Capital Account Controls, 2005-20119. Variance of Nominal Dollarization, by inflation and depreciation, 2006m1-2009m12; IV. Literature Review; V. The Theoretical Model; 10. Saddle Path in S-F Space; 11. Exchange rate depreciation induces foreign asset demand; VI. The Empirical Approach and Results; Box 1. Determinants of Surge in Deposit Dollarization; Table 1. Panel Econometric Estimates of Real Dollarization in Low-Income Countries; VII. Conclusion and Policy Implications; Appendix Figures; 1. Estimated Panel Impulse-Response Functions
- Control code
- 900802198
- Extent
- 1 online resource (31 pages)
- Form of item
- online
- Isbn
- 9781484366912
- Issn
- 1018-5941
- Media category
- computer
- Media MARC source
- rdamedia
- Media type code
-
- c
- Other control number
- 10.5089/9781484366912.001
- Other physical details
- color illustrations
- Specific material designation
- remote
- System control number
-
- imfWPIEA2015012
- (IMF)WPIEA2015012
- (OCoLC)900802198
- Label
- Revisiting the concept of dollarization : the Global Financial Crisis and dollarization in low-income countries, prepared by Nkunde Mwase and Francis Y. Kumah
- Note
-
- "January 2015."
- "Strategy, Policy, and Review Department."
- Bibliography note
- Includes bibliographical references (pages 28-30)
- Carrier category
- online resource
- Carrier category code
-
- cr
- Carrier MARC source
- rdacarrier
- Content category
- text
- Content type code
-
- txt
- Content type MARC source
- rdacontent
- Contents
-
- Cover; Contents; I. Introduction; II. Measuring Deposit Dollarization; III. Recent Trends In Deposit Dollarization; Figures; 1. Trends in Deposit Dollarization, 2006m1-2009m12; 2. Ghana and Zambia: Trends in Deposit Dollarization, 2006m1-2009m12; 3. Surge in Deposit Dollarization, 2006m3-2009m11; 4. LICs: Deposit Dollarization, by Region, 2006m1-2009m12; 5. LICs and EMs: Deposit Dollarization Growth Risk Aversion; 6. Selected Countries: Deposit Dollarization Growth and Global Risk Aversion, 2006m1-2009m12; 7. LICs: Deposit Dollarization Growth and Change in Prudential Measures, 2006m1-2009m12
- 2. Estimated Panel Panel Impulse-Response FunctionsAppendix Tables; 1. Country List and Average Deposit Dollarization; 2. Variable Description and Definition; 3. Summary Statistics of Monthly Panel Data; 4. Estimated Variance Decompositions; 5. Estimated Variance Decompositions: Alternative of Variable for Choleski Decomposition; References
- 8. Current and Capital Account Controls, 2005-20119. Variance of Nominal Dollarization, by inflation and depreciation, 2006m1-2009m12; IV. Literature Review; V. The Theoretical Model; 10. Saddle Path in S-F Space; 11. Exchange rate depreciation induces foreign asset demand; VI. The Empirical Approach and Results; Box 1. Determinants of Surge in Deposit Dollarization; Table 1. Panel Econometric Estimates of Real Dollarization in Low-Income Countries; VII. Conclusion and Policy Implications; Appendix Figures; 1. Estimated Panel Impulse-Response Functions
- Control code
- 900802198
- Extent
- 1 online resource (31 pages)
- Form of item
- online
- Isbn
- 9781484366912
- Issn
- 1018-5941
- Media category
- computer
- Media MARC source
- rdamedia
- Media type code
-
- c
- Other control number
- 10.5089/9781484366912.001
- Other physical details
- color illustrations
- Specific material designation
- remote
- System control number
-
- imfWPIEA2015012
- (IMF)WPIEA2015012
- (OCoLC)900802198
Subject
- Dollarization -- Developing countries -- Econometric models
- Econometric models
- Electronic books
- Financial risk -- Developing countries -- Econometric models
- Foreign exchange rates -- Developing countries -- Econometric models
- Foreign exchange rates -- Econometric models
- Global Financial Crisis (2008-2009)
- Global Financial Crisis, 2008-2009 -- Econometric models
- Developing countries
- 2008-2009
Genre
Member of
Library Links
Embed
Settings
Select options that apply then copy and paste the RDF/HTML data fragment to include in your application
Embed this data in a secure (HTTPS) page:
Layout options:
Include data citation:
<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.sandiego.edu/portal/Revisiting-the-concept-of-dollarization--the/S2ufR9xHoIc/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.sandiego.edu/portal/Revisiting-the-concept-of-dollarization--the/S2ufR9xHoIc/">Revisiting the concept of dollarization : the Global Financial Crisis and dollarization in low-income countries, prepared by Nkunde Mwase and Francis Y. Kumah</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.sandiego.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.sandiego.edu/">University of San Diego Libraries</a></span></span></span></span></div>
Note: Adjust the width and height settings defined in the RDF/HTML code fragment to best match your requirements
Preview
Cite Data - Experimental
Data Citation of the Item Revisiting the concept of dollarization : the Global Financial Crisis and dollarization in low-income countries, prepared by Nkunde Mwase and Francis Y. Kumah
Copy and paste the following RDF/HTML data fragment to cite this resource
<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.sandiego.edu/portal/Revisiting-the-concept-of-dollarization--the/S2ufR9xHoIc/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.sandiego.edu/portal/Revisiting-the-concept-of-dollarization--the/S2ufR9xHoIc/">Revisiting the concept of dollarization : the Global Financial Crisis and dollarization in low-income countries, prepared by Nkunde Mwase and Francis Y. Kumah</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.sandiego.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.sandiego.edu/">University of San Diego Libraries</a></span></span></span></span></div>