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Exchange Rate Policy and Liability Dollarization: What Do the Data Reveal About Causality?

Exchange Rate Policy and Liability Dollarization: What Do the Data Reveal About Causality? by Pelin Berkmen
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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.
International Monetary Fund; February 2007
47 pages; ISBN 9781452788470
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Title: Exchange Rate Policy and Liability Dollarization: What Do the Data Reveal About Causality?
Author: Pelin Berkmen; Eduardo A. Cavallo
 
ISBNs
1451910509
9781451865974
9781451910506
9781452788470