What is Driving Financial De-Dollarization in Latin America?

Released on by Mr.Sebastian Sosa
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  • What is Driving Financial De-Dollarization in Latin America? Book Detail

  • Author : Mr.Sebastian Sosa
  • Release Date : 2011-01-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 25
  • ISBN 13 : 1455211885
  • File Size : 68,68 MB
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What is Driving Financial De-Dollarization in Latin America? by Mr.Sebastian Sosa PDF Summary

Book Description: In the last decade, a group of Latin American countries (Bolivia, Paraguay, Peru, and Uruguay) experienced a gradual, yet sustained decline in financial dollarization. This paper documents the stylized facts and uses a standard VAR approach to examine the drivers of both deposit and credit de-dollarization. It finds that the exchange rate appreciation has been a key factor explaining deposit de-dollarization. The introduction of prudential measures to create incentives to internalize the risks of dollarization (including an active management of reserve requirement differentials), the development of a capital market in local currency, and de-dollarization of deposits have all contributed to a decline in credit dollarization. Continuing efforts on these fronts, while maintaining macroeconomic stability and strong fundamentals, would help deepening de-dollarization.

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