Official Dollarization As a Monetary Regime: Its Effectson El Salvador
This paper examines El Salvador's transition to official dollarization by comparing aspects of this regime to the fixed exchange rate regime prevailing in the 1990s. Commercial bank interest rates are analyzed under an uncovered interest parity framework, and it is found that dollarization lowe...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2011
|
| Series: | IMF Working Papers
Working Paper No. 11/129 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | This paper examines El Salvador's transition to official dollarization by comparing aspects of this regime to the fixed exchange rate regime prevailing in the 1990s. Commercial bank interest rates are analyzed under an uncovered interest parity framework, and it is found that dollarization lowered rates by 4 to 5 percent by reducing currency risk. This has generated net annual savings averaging 1⁄2 percent of GDP for the private sector and 1⁄4 percent of GDP for the public sector (net of the losses from foregone seigniorage). Estimated Taylor rules show a strong positive association between Salvadoran output and U.S. Federal Reserve policy since dollarization, implying that this policy has served to stabilize economic activity more than it did under the peg and more than policy rates in Central American countries with independent monetary policy have done. Dollarization does not appear to have affected the transmission mechanism, as pass-through of monetary policy to commercial interest rates has been similar to pass-through under the peg and in the rest of Central America |
| Physical Description: | 1 Online-Ressource (25 p) |
| ISBN: | 1455258393 9781455258390 |
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| spelling | Swiston, Andrew Verfasser aut Official Dollarization As a Monetary Regime Its Effectson El Salvador Swiston, Andrew Washington, D.C International Monetary Fund 2011 1 Online-Ressource (25 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/129 This paper examines El Salvador's transition to official dollarization by comparing aspects of this regime to the fixed exchange rate regime prevailing in the 1990s. Commercial bank interest rates are analyzed under an uncovered interest parity framework, and it is found that dollarization lowered rates by 4 to 5 percent by reducing currency risk. This has generated net annual savings averaging 1⁄2 percent of GDP for the private sector and 1⁄4 percent of GDP for the public sector (net of the losses from foregone seigniorage). Estimated Taylor rules show a strong positive association between Salvadoran output and U.S. Federal Reserve policy since dollarization, implying that this policy has served to stabilize economic activity more than it did under the peg and more than policy rates in Central American countries with independent monetary policy have done. Dollarization does not appear to have affected the transmission mechanism, as pass-through of monetary policy to commercial interest rates has been similar to pass-through under the peg and in the rest of Central America Online-Ausg http://elibrary.imf.org/view/IMF001/11868-9781455258390/11868-9781455258390/11868-9781455258390.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Swiston, Andrew Official Dollarization As a Monetary Regime Its Effectson El Salvador |
| title | Official Dollarization As a Monetary Regime Its Effectson El Salvador |
| title_auth | Official Dollarization As a Monetary Regime Its Effectson El Salvador |
| title_exact_search | Official Dollarization As a Monetary Regime Its Effectson El Salvador |
| title_exact_search_txtP | Official Dollarization As a Monetary Regime Its Effectson El Salvador |
| title_full | Official Dollarization As a Monetary Regime Its Effectson El Salvador Swiston, Andrew |
| title_fullStr | Official Dollarization As a Monetary Regime Its Effectson El Salvador Swiston, Andrew |
| title_full_unstemmed | Official Dollarization As a Monetary Regime Its Effectson El Salvador Swiston, Andrew |
| title_short | Official Dollarization As a Monetary Regime |
| title_sort | official dollarization as a monetary regime its effectson el salvador |
| title_sub | Its Effectson El Salvador |
| url | http://elibrary.imf.org/view/IMF001/11868-9781455258390/11868-9781455258390/11868-9781455258390.xml |
| work_keys_str_mv | AT swistonandrew officialdollarizationasamonetaryregimeitseffectsonelsalvador |