Why Do Emerging Economies Borrow in Foreign Currency? /
This paper explores the hypothesis that the dollarization of liabilities in emerging market economies is the result of a lack of monetary credibility. I present a model in which firms choose the currency composition of their debts so as to minimize their probability of default. Decreasing monetary c...
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| Format: | Zeitschrift |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C. :
International Monetary Fund,
2003.
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| Schriftenreihe: | IMF Working Papers; Working Paper ;
No. 2003/177 |
| Online Zugang: | Full text available on IMF |