| Description |
1 online resource (41 pages) |
| Series |
IMF working paper, 2227-8885 ; WP/03/11 |
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IMF working paper ; WP/03/11.
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| Summary |
Dollarization of liabilities (DL) has emerged as a key factor in explaining the vulnerability of emerging markets to financial and currency crises. "Usual suspects" of causing DL comprise "fatalistic" determinants such as a long history of unsound macroeconomic policies and development and institutional factors, aided by moral hazard opportunities related to government guarantees. This paper assesses empirically the relevance of these factors relative to alternative explanations. Based on a sample of Latin American countries, we find that ongoing central bank intervention in the foreign exchange market, relative market power of borrowers, and financial penetration are at least as important in explaining DL |
| Bibliography |
Includes bibliographical references (pages 40-41) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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English |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Financial crises -- Developing countries
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Banks and banking, Central -- Developing countries
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Bank loans -- Developing countries
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Foreign exchange -- Developing countries
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Dollar, American.
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Currency convertibility -- Developing countries
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Bank loans
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Banks and banking, Central
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Currency convertibility
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Dollar, American
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Financial crises
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Foreign exchange
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Developing countries
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| Form |
Electronic book
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| Author |
Morales, R. Armando, author.
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IMF Institute.
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International Monetary Fund. Monetary and Exchange Affairs Department.
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| ISBN |
1451890958 |
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9781451890952 |
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1281603996 |
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9781281603999 |
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9781451842807 |
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1451842805 |
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1462353126 |
|
9781462353125 |
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1452748292 |
|
9781452748290 |
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9786613784681 |
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6613784680 |
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