G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w29034
来源IDWorking Paper 29034
Financial Dollarization in Emerging Markets: Efficient Risk Sharing or Prescription for Disaster?
Lawrence Christiano; Hüsnü Dalgic; Armen Nurbekyan
发表日期2021-07-19
出版年2021
语种英语
摘要This paper pushes back against two views about the effects of dollarization. First, there is a view that the dollar is a device by which rich countries provide business cycle insurance to emerging market (EME) countries. We find that the dollar is important for risk sharing, but the evidence suggests that it is primarily a device to shift business cycle risk across different people within individual EMEs and within rich countries rather than across countries. Second, there is a widespread view that dollarization raises the risk of systemic banking and other crises. Although we identify sources of fragility in some aspects of dollarization, the common view that financial dollarization is a source of fragility is over-stated. Our insurance view about financial dollarization and the lack of risks to financial stability emerges from a study of a large cross-country dataset, as well as case studies for Peru and Armenia. We develop a simple model which formalizes the insurance view, which is consistent with the key cross-country facts on interest rate differentials, deposit dollarization and exchange rate depreciations in recessions.
主题International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Markets
URLhttps://www.nber.org/papers/w29034
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/586708
推荐引用方式
GB/T 7714
Lawrence Christiano,Hüsnü Dalgic,Armen Nurbekyan. Financial Dollarization in Emerging Markets: Efficient Risk Sharing or Prescription for Disaster?. 2021.
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
w29034.pdf(1371KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Lawrence Christiano]的文章
[Hüsnü Dalgic]的文章
[Armen Nurbekyan]的文章
百度学术
百度学术中相似的文章
[Lawrence Christiano]的文章
[Hüsnü Dalgic]的文章
[Armen Nurbekyan]的文章
必应学术
必应学术中相似的文章
[Lawrence Christiano]的文章
[Hüsnü Dalgic]的文章
[Armen Nurbekyan]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w29034.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。