| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29034 |
| 来源ID | Working 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 |
| URL | https://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 | ||
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