In the past fifteen to twenty years, many developing countries have experienced a process known as financial dollarization (FD), in which residents hold deposits denominated in foreign currency — the US dollar in many cases.2 In several countries, this has been accompanied by dollarization of the real sector, with a large share of purchases of goods and services and payment of wages taking place in foreign currency, or by currency substitution, where foreign currency also serves as a means of payment. The process of FD has usually occurred in the aftermath of a severe economic crisis involving high inflation that undermines confidence in the local currency. Moreover, in many of these countries, dollarization remains very high, even though economic performance has improved and inflation has subsided.
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- Financial Dollarization in Latin America
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