全球智库信息集成服务系统(G2TT): Dollarization: Analytical Issues

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w8838
来源ID	Working Paper 8838
	Dollarization: Analytical Issues
	Roberto Chang; Andres Velasco
发表日期	2002-03-21
出版年	2002
语种	英语
摘要	This paper discusses major analytical aspects of dollarization and their practical implications. We develop a simple model to stress that dollarization implies the loss of independent monetary policy and of seigniorage, yet the significance of such losses can only be evaluated in conjunction with assumptions about the policymaking process. If the government is benevolent and has no credibility problems, dollarization causes a fall in welfare, which can be measured by the implied seigniorage loss or using Mundellian optimal currency area criteria. However, outcomes are rather different if credibility is absent and dollarization can serve as a commitment device: the welfare impact of dollarization is ambiguous, and seigniorage measures and Mundellian criteria may be misleading indicators of the true cost of dollarization. We also evaluate other implications of dollarization, such as those related to last resort lending and financial stability.
主题	Macroeconomics ; Money and Interest Rates ; International Economics ; International Macroeconomics
URL	https://www.nber.org/papers/w8838
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/566445
推荐引用方式 GB/T 7714	Roberto Chang,Andres Velasco. Dollarization: Analytical Issues. 2002.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w8838.pdf（236KB）	智库出版物		限制开放	CC BY-NC-SA	浏览