Dedollarization

Author/Editor:

Annamaria Kokenyne ; Jeremy Ley ; Romain M Veyrune

Publication Date:

August 1, 2010

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater control of monetary policy and draws on the experiences of countries that have successfully dedollarized. Unlike previous work on the subject, this paper examines both macroeconomic stabilization policies and microeconomic measures, such as prudential regulation of the financial system. This study is also the first attempt to make extensive use of the foreign exchange regulation data reported in the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. The main conclusion is that durable dedollarization depends on a credible disinflation plan and specific microeconomic measures.

Series:

Working Paper No. 10/188

Subject:

English

Publication Date:

August 1, 2010

ISBN/ISSN:

9781455202225/1018-5941

Stock No:

WPIEA2010188

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

50

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