منابع مشابه
Endogenous Deposit
This paper explores sources of deposit dollarization unrelated to standard moral hazard arguments. We develop a model in which banks choose the optimal currency composition of their liabilities. We argue that the equal treatment of peso and dollar claims in the event of bank default can induce banks to attract dollar deposits above the socially desirable level. The distortion arises because dol...
متن کاملEndogenous Dollarization, Expectations, and Equilibrium Monetary Policy∗
Emerging market countries have trouble ßoating, and many that claim to ßoat do not deliver on such promises. That is a main conclusion of much recent empirical work, starting with the papers of Calvo and Reinhart (2002) and Stein et al (1999). The reason for this would seem to be dollarization of liabilities and balance sheet effects. Calvo (1999 and 2000), Krugman (1999 and 2000), Stein, Hausm...
متن کاملDollarization Traps *
The paper analyzes dollarization in the sense of asset substitution, where a foreign currency competes with local assets, especially domestic capital, as a store of value, the impact of dollarization on capital accumulation and output, and why economies remain dollarized long after a successful inflation stabilization. We relate this dollarization hysteresis to a financial intermediation failur...
متن کاملSluggish Deposit Rates: Endogenous Institutions and Aggregate Fluctuations
The interest rates that banks pay on deposits move more slowly than money-market interest rates, a phenomenon documented in several recent studies (Flannery [1982], Hannan and Berger [1991], and Neumark and Sharpe [1992]). Understanding deposit-rate sluggishness has important direct consequences for comprehending money demand and bank profitability, as well as indirect consequences for understa...
متن کاملMonetary Policy in a Small Open Economy with Endogenous Financial Dollarization∗
This paper analyses optimal monetary policy in a small open economy allowing for financial dollarization (FD). More importantly, we endogenise FD, making it dependent on the expected monetary policy. Contrary to the standard small open economy model, where central banks should control domestic (producer) prices and adopt a pure floating exchange rate regime, we find that some exchange rate cont...
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ژورنال
عنوان ژورنال: Journal of Money, Credit, and Banking
سال: 2006
ISSN: 1538-4616
DOI: 10.1353/mcb.2006.0050