Coverart for item
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

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
Creator
Contributor
Author
Subject
Genre
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
Member of
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
Instantiates
Publication
Copyright
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
Publication
Copyright
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

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