What is Driving Financial De-Dollarization in Latin America?

What is Driving Financial De-Dollarization in Latin America?
Author :
Publisher : International Monetary Fund
Total Pages : 25
Release :
ISBN-10 : 9781455211883
ISBN-13 : 1455211885
Rating : 4/5 (885 Downloads)

Book Synopsis What is Driving Financial De-Dollarization in Latin America? by : Mr.Sebastian Sosa

Download or read book What is Driving Financial De-Dollarization in Latin America? written by Mr.Sebastian Sosa and published by International Monetary Fund. This book was released on 2011-01-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last decade, a group of Latin American countries (Bolivia, Paraguay, Peru, and Uruguay) experienced a gradual, yet sustained decline in financial dollarization. This paper documents the stylized facts and uses a standard VAR approach to examine the drivers of both deposit and credit de-dollarization. It finds that the exchange rate appreciation has been a key factor explaining deposit de-dollarization. The introduction of prudential measures to create incentives to internalize the risks of dollarization (including an active management of reserve requirement differentials), the development of a capital market in local currency, and de-dollarization of deposits have all contributed to a decline in credit dollarization. Continuing efforts on these fronts, while maintaining macroeconomic stability and strong fundamentals, would help deepening de-dollarization.


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