2006 | OriginalPaper | Buchkapitel
Financial Dollarization Equilibria: A Framework for Policy Analysis
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The continuing upward trend in de facto dollarization in most regions of the world and the wave of recent corporate and banking crises in Asia and Latin America, where dollarization played an important supporting role, have raised policy-makers’ consciousness about the need for policy action. Perceptions of de facto financial dollarization (FD) as a mostly unavoidable phenomenon, generally benign and often beneficial to monetary stability and financial development in countries with limited currency credibility, have given way to more sobering thoughts.2 With the growing realization of the risks that dollarization imposes on the financial system, policy-makers’ attention has shifted towards finding ways to reverse dollarization or at least limit its drawbacks.