Euroization Drivers and Effective Policy Response :: an Application to the case of Albania /
This paper proposes a methodology to develop empirically based and theoretically consistent deeuroization policies. It is derived from the experience of Albania. The paper is the first attempt to provide an empirical measure of the optimal level of euroization. The results indicate that euroization...
Gespeichert in:
| Hauptverfasser: | , , , , |
|---|---|
| Körperschaft: | |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2018]
|
| Schriftenreihe: | IMF working paper ;
WP/18/21. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper proposes a methodology to develop empirically based and theoretically consistent deeuroization policies. It is derived from the experience of Albania. The paper is the first attempt to provide an empirical measure of the optimal level of euroization. The results indicate that euroization is trending above the estimated measure in Albania, calling for deeuroization policies. In the long term, deeuroization requires maintaining the commitment to low and stable inflation in a context of greater exchange rate flexibility to encourage saving in local currency. In the short term, policies that mitigate the financial stability risk due to euroization contribute to deeuroization inasmuch as they make banking intermediation in euro less financially attractive to the public. |
| Beschreibung: | Available in PDF, ePUB, and Mobi formats on the Internet. |
| Beschreibung: | 1 online resource (30 pages) |
| ISBN: | 1484338723 9781484338728 148433941X 9781484339411 |
Internformat
MARC
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| 245 | 1 | 0 | |a Euroization Drivers and Effective Policy Response : |b an Application to the case of Albania / |c Guido della Valle. |
| 264 | 4 | |c ©2018 | |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c [2018] | |
| 300 | |a 1 online resource (30 pages) | ||
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| 490 | 1 | |a IMF Working Paper ; |v WP/18/21 | |
| 500 | |a Available in PDF, ePUB, and Mobi formats on the Internet. | ||
| 520 | 3 | |a This paper proposes a methodology to develop empirically based and theoretically consistent deeuroization policies. It is derived from the experience of Albania. The paper is the first attempt to provide an empirical measure of the optimal level of euroization. The results indicate that euroization is trending above the estimated measure in Albania, calling for deeuroization policies. In the long term, deeuroization requires maintaining the commitment to low and stable inflation in a context of greater exchange rate flexibility to encourage saving in local currency. In the short term, policies that mitigate the financial stability risk due to euroization contribute to deeuroization inasmuch as they make banking intermediation in euro less financially attractive to the public. | |
| 588 | 0 | |a Online resource; title from PDF title page (IMF, viewed Apr. 30, 2020). | |
| 505 | 0 | |a Cover; Contents; Abstract; I. Introduction; II. The Concept of Euroization; A. Review of the Economic Literature on Euroization; B. Measuring Euroization in Albania; III. Euroization Drivers in Albania; A. An Empirical Measure of the Optimal Euroization Level; B. Macroeconomic Euroization Drivers; C. Mispricing of Foreign Exchange Risk; IV. An Effective Policy Response; A. Macroeconomic Policies; B. Prudential Measures; V. Conclusion; REFERENCES; Figures; 1. Causes of Euroization; 2. Evolution of Foreign Currency Deposits as a Share of Total Deposits. | |
| 505 | 8 | |a 3. Share of Foreign Currency Lending by Bank Ownership and New Credit Flow4. Actual and Benchmark Euroization Levels; 5. Two-way Risk in the Foreign Exchange Market; 6. Deposit Euroization and Interest Rate Differential-Time Series; 7. Deposit Euroization and Interest Rate Differential-Correlation; 8. Deposit Euroization and Minimum Variance Portfolio; 9. Risk Premia on Foreign Currency Loans and Exchange Rate Developments; 10. Lek Minus Euro Intermediation Spread; 11. Structure of Banks' Sources of Foreign Currency Funding by Ownership; 12. Causes of Euroization and Policy Responses; Tables. | |
| 505 | 8 | |a 1. Results of the Panel Regressions2. Interest Rate Spread as a Determinant of Financial Euroization; 3. Minimum Variance Portfolio and its Components in European Countries; Boxes; 1. Estimates of the Seignoriage Losses Due to Euroization. | |
| 650 | 0 | |a Euro |z Albania. | |
| 650 | 0 | |a Monetary policy |z Albania. | |
| 650 | 0 | |a Monetary policy |z Europe. | |
| 650 | 0 | |a Financial security |z Europe. | |
| 650 | 6 | |a Euro (Monnaie) |z Albanie. | |
| 650 | 6 | |a Politique monétaire |z Albanie. | |
| 650 | 6 | |a Politique monétaire |z Europe. | |
| 650 | 6 | |a Sécurité financière |z Europe. | |
| 650 | 7 | |a Euro |2 fast | |
| 650 | 7 | |a Financial security |2 fast | |
| 650 | 7 | |a Monetary policy |2 fast | |
| 651 | 7 | |a Albania |2 fast |1 https://id.oclc.org/worldcat/entity/E39PBJqqCtcDcw6YhVrpg96tKd | |
| 651 | 7 | |a Europe |2 fast |1 https://id.oclc.org/worldcat/entity/E39PBJxCxPbbk4CPJDQJb4r6rq | |
| 650 | 7 | |a Dollarization. |2 imf | |
| 650 | 7 | |a Central Banks And Their Policies. |2 imf | |
| 650 | 7 | |a Financial Stability. |2 imf | |
| 651 | 7 | |a Europe. |2 imf | |
| 651 | 7 | |a Albania. |2 imf | |
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| 700 | 1 | |a Cabezon, Ezequiel, |e author. |0 http://id.loc.gov/authorities/names/no2009039747 | |
| 700 | 1 | |a Guo, Shaoyu, |e author. | |
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| 776 | 0 | 8 | |i Print Version: |a Della Valle, Guido. |t Euroization Drivers and Effective Policy Response: An Application to the case of Albania. |d Washington, D.C. : International Monetary Fund,2018 |z 9781484338728 |
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| author | Della Valle, Guido Kota, Vasilika Cabezon, Ezequiel Guo, Shaoyu Veyrune, Romain |
| author_GND | http://id.loc.gov/authorities/names/no2012079494 http://id.loc.gov/authorities/names/no2009039747 http://id.loc.gov/authorities/names/no2006105001 |
| author_corporate | International Monetary Fund |
| author_corporate_role | |
| author_facet | Della Valle, Guido Kota, Vasilika Cabezon, Ezequiel Guo, Shaoyu Veyrune, Romain International Monetary Fund |
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| contents | Cover; Contents; Abstract; I. Introduction; II. The Concept of Euroization; A. Review of the Economic Literature on Euroization; B. Measuring Euroization in Albania; III. Euroization Drivers in Albania; A. An Empirical Measure of the Optimal Euroization Level; B. Macroeconomic Euroization Drivers; C. Mispricing of Foreign Exchange Risk; IV. An Effective Policy Response; A. Macroeconomic Policies; B. Prudential Measures; V. Conclusion; REFERENCES; Figures; 1. Causes of Euroization; 2. Evolution of Foreign Currency Deposits as a Share of Total Deposits. 3. Share of Foreign Currency Lending by Bank Ownership and New Credit Flow4. Actual and Benchmark Euroization Levels; 5. Two-way Risk in the Foreign Exchange Market; 6. Deposit Euroization and Interest Rate Differential-Time Series; 7. Deposit Euroization and Interest Rate Differential-Correlation; 8. Deposit Euroization and Minimum Variance Portfolio; 9. Risk Premia on Foreign Currency Loans and Exchange Rate Developments; 10. Lek Minus Euro Intermediation Spread; 11. Structure of Banks' Sources of Foreign Currency Funding by Ownership; 12. Causes of Euroization and Policy Responses; Tables. 1. Results of the Panel Regressions2. Interest Rate Spread as a Determinant of Financial Euroization; 3. Minimum Variance Portfolio and its Components in European Countries; Boxes; 1. Estimates of the Seignoriage Losses Due to Euroization. |
| ctrlnum | (OCoLC)1034902658 |
| dewey-full | 332.4947 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.4947 |
| dewey-search | 332.4947 |
| dewey-sort | 3332.4947 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| geographic_facet | Albania Europe Europe. Albania. |
| id | ZDB-4-EBU-on1034902658 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-16T15:04:21Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/n81052755 |
| isbn | 1484338723 9781484338728 148433941X 9781484339411 |
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| physical | 1 online resource (30 pages) |
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| publisher | International Monetary Fund, |
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| series | IMF working paper ; |
| series2 | IMF Working Paper ; |
| spelling | Della Valle, Guido, author. Euroization Drivers and Effective Policy Response : an Application to the case of Albania / Guido della Valle. ©2018 [Washington, D.C.] : International Monetary Fund, [2018] 1 online resource (30 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier data file rda IMF Working Paper ; WP/18/21 Available in PDF, ePUB, and Mobi formats on the Internet. This paper proposes a methodology to develop empirically based and theoretically consistent deeuroization policies. It is derived from the experience of Albania. The paper is the first attempt to provide an empirical measure of the optimal level of euroization. The results indicate that euroization is trending above the estimated measure in Albania, calling for deeuroization policies. In the long term, deeuroization requires maintaining the commitment to low and stable inflation in a context of greater exchange rate flexibility to encourage saving in local currency. In the short term, policies that mitigate the financial stability risk due to euroization contribute to deeuroization inasmuch as they make banking intermediation in euro less financially attractive to the public. Online resource; title from PDF title page (IMF, viewed Apr. 30, 2020). Cover; Contents; Abstract; I. Introduction; II. The Concept of Euroization; A. Review of the Economic Literature on Euroization; B. Measuring Euroization in Albania; III. Euroization Drivers in Albania; A. An Empirical Measure of the Optimal Euroization Level; B. Macroeconomic Euroization Drivers; C. Mispricing of Foreign Exchange Risk; IV. An Effective Policy Response; A. Macroeconomic Policies; B. Prudential Measures; V. Conclusion; REFERENCES; Figures; 1. Causes of Euroization; 2. Evolution of Foreign Currency Deposits as a Share of Total Deposits. 3. Share of Foreign Currency Lending by Bank Ownership and New Credit Flow4. Actual and Benchmark Euroization Levels; 5. Two-way Risk in the Foreign Exchange Market; 6. Deposit Euroization and Interest Rate Differential-Time Series; 7. Deposit Euroization and Interest Rate Differential-Correlation; 8. Deposit Euroization and Minimum Variance Portfolio; 9. Risk Premia on Foreign Currency Loans and Exchange Rate Developments; 10. Lek Minus Euro Intermediation Spread; 11. Structure of Banks' Sources of Foreign Currency Funding by Ownership; 12. Causes of Euroization and Policy Responses; Tables. 1. Results of the Panel Regressions2. Interest Rate Spread as a Determinant of Financial Euroization; 3. Minimum Variance Portfolio and its Components in European Countries; Boxes; 1. Estimates of the Seignoriage Losses Due to Euroization. Euro Albania. Monetary policy Albania. Monetary policy Europe. Financial security Europe. Euro (Monnaie) Albanie. Politique monétaire Albanie. Politique monétaire Europe. Sécurité financière Europe. Euro fast Financial security fast Monetary policy fast Albania fast https://id.oclc.org/worldcat/entity/E39PBJqqCtcDcw6YhVrpg96tKd Europe fast https://id.oclc.org/worldcat/entity/E39PBJxCxPbbk4CPJDQJb4r6rq Dollarization. imf Central Banks And Their Policies. imf Financial Stability. imf Europe. imf Albania. imf Kota, Vasilika, author. http://id.loc.gov/authorities/names/no2012079494 Cabezon, Ezequiel, author. http://id.loc.gov/authorities/names/no2009039747 Guo, Shaoyu, author. Veyrune, Romain, author. http://id.loc.gov/authorities/names/no2006105001 International Monetary Fund. http://id.loc.gov/authorities/names/n81052755 IMF eLibrary. has work: Euroization Drivers and Effective Policy Response (Text) https://id.oclc.org/worldcat/entity/E39PCGrvCxxTCbQgMqjhwHYVmd https://id.oclc.org/worldcat/ontology/hasWork Print Version: Della Valle, Guido. Euroization Drivers and Effective Policy Response: An Application to the case of Albania. Washington, D.C. : International Monetary Fund,2018 9781484338728 IMF working paper ; WP/18/21. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1712573 Volltext |
| spellingShingle | Della Valle, Guido Kota, Vasilika Cabezon, Ezequiel Guo, Shaoyu Veyrune, Romain Euroization Drivers and Effective Policy Response : an Application to the case of Albania / IMF working paper ; Cover; Contents; Abstract; I. Introduction; II. The Concept of Euroization; A. Review of the Economic Literature on Euroization; B. Measuring Euroization in Albania; III. Euroization Drivers in Albania; A. An Empirical Measure of the Optimal Euroization Level; B. Macroeconomic Euroization Drivers; C. Mispricing of Foreign Exchange Risk; IV. An Effective Policy Response; A. Macroeconomic Policies; B. Prudential Measures; V. Conclusion; REFERENCES; Figures; 1. Causes of Euroization; 2. Evolution of Foreign Currency Deposits as a Share of Total Deposits. 3. Share of Foreign Currency Lending by Bank Ownership and New Credit Flow4. Actual and Benchmark Euroization Levels; 5. Two-way Risk in the Foreign Exchange Market; 6. Deposit Euroization and Interest Rate Differential-Time Series; 7. Deposit Euroization and Interest Rate Differential-Correlation; 8. Deposit Euroization and Minimum Variance Portfolio; 9. Risk Premia on Foreign Currency Loans and Exchange Rate Developments; 10. Lek Minus Euro Intermediation Spread; 11. Structure of Banks' Sources of Foreign Currency Funding by Ownership; 12. Causes of Euroization and Policy Responses; Tables. 1. Results of the Panel Regressions2. Interest Rate Spread as a Determinant of Financial Euroization; 3. Minimum Variance Portfolio and its Components in European Countries; Boxes; 1. Estimates of the Seignoriage Losses Due to Euroization. Euro Albania. Monetary policy Albania. Monetary policy Europe. Financial security Europe. Euro (Monnaie) Albanie. Politique monétaire Albanie. Politique monétaire Europe. Sécurité financière Europe. Euro fast Financial security fast Monetary policy fast Dollarization. imf Central Banks And Their Policies. imf Financial Stability. imf |
| title | Euroization Drivers and Effective Policy Response : an Application to the case of Albania / |
| title_alt | IMF eLibrary. |
| title_auth | Euroization Drivers and Effective Policy Response : an Application to the case of Albania / |
| title_exact_search | Euroization Drivers and Effective Policy Response : an Application to the case of Albania / |
| title_full | Euroization Drivers and Effective Policy Response : an Application to the case of Albania / Guido della Valle. |
| title_fullStr | Euroization Drivers and Effective Policy Response : an Application to the case of Albania / Guido della Valle. |
| title_full_unstemmed | Euroization Drivers and Effective Policy Response : an Application to the case of Albania / Guido della Valle. |
| title_short | Euroization Drivers and Effective Policy Response : |
| title_sort | euroization drivers and effective policy response an application to the case of albania |
| title_sub | an Application to the case of Albania / |
| topic | Euro Albania. Monetary policy Albania. Monetary policy Europe. Financial security Europe. Euro (Monnaie) Albanie. Politique monétaire Albanie. Politique monétaire Europe. Sécurité financière Europe. Euro fast Financial security fast Monetary policy fast Dollarization. imf Central Banks And Their Policies. imf Financial Stability. imf |
| topic_facet | Euro Albania. Monetary policy Albania. Monetary policy Europe. Financial security Europe. Euro (Monnaie) Albanie. Politique monétaire Albanie. Politique monétaire Europe. Sécurité financière Europe. Euro Financial security Monetary policy Albania Europe Dollarization. Central Banks And Their Policies. Financial Stability. Europe. Albania. |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1712573 |
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