Full Dollarization

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Analyzes the costs and benefits of full dollarization, or the adoption by one country of another country’s currency. Potential advantages include lower borrow

Reviving the Case for GDP-Indexed Bonds

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This paper seeks to revive the case for countries to self-insure against economic growth slowdowns by issuing GDP-indexed bonds. We simulate the effects of GDP-

Sovereign Debt Structure for Crisis Prevention

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The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. This pap

An Evaluation of Monetary Regime Options for Latin America

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Monetary Policy in Dollarized Economies

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Dollarization - the holding by residents of a substantial portion of their assets in foreign-currency-denominated assets- is a common feature of developing and