Exchange Rate Policy and Liability Dollarization : An Empirical Study /
The paper identifies the contemporaneous relationship between exchange rate policy and liability dollarization using three different definitions of dollarization. The presence of endogeneity makes the empirical identification elusive. We use identification through heteroskedasticity to solve the end...
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| Format: | Žurnal |
| Jezik: | English |
| Izdano: |
Washington, D.C. :
International Monetary Fund,
2007.
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| Serija: | IMF Working Papers; Working Paper ;
No. 2007/033 |
| Online pristup: | Full text available on IMF |
| Sažetak: | The paper identifies the contemporaneous relationship between exchange rate policy and liability dollarization using three different definitions of dollarization. The presence of endogeneity makes the empirical identification elusive. We use identification through heteroskedasticity to solve the endogeneity problem in the present context (Rigobon, 2003). While we find that countries with high liability dollarization (external, public, or financial) tend to be more actively involved in exchange rate stabilization operations, we do not find evidence that floating, by itself, promotes de-dollarization. |
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| Opis djela: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Opis: | 1 online resource (47 pages) |
| Format: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Pristup: | Electronic access restricted to authorized BRAC University faculty, staff and students |