Official dollarization as a monetary regime : its effects on El Salvador /
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Author / Creator: | Swiston, A. (Andrew James), author. |
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Imprint: | [Washington, D.C.] : International Monetary Fund, ©2011. |
Description: | 1 online resource (26 pages) : illustrations |
Language: | English |
Series: | IMF working paper ; WP/11/129 IMF working paper ; WP/11/129. |
Subject: | |
Format: | E-Resource Book |
URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12499352 |
Table of Contents:
- Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Dollarization and Currency Risk; A. Deriving the Currency Risk Premium Under Uncovered Interest Parity; B. Drivers of the Currency Risk Premium Under the Peg; 1. Interest Rates and Spreads Under the Peg; 1. Descriptive Statistics of Interest Rates Under the Peg; 2. Determinants of Colón-Dollar Spreads Under the Peg; C. Effects of Dollarization on Nominal Interest Rates; 2. Colón-Dollar Spreads: History and Counterfactual Predictions; 3. Net Savings from Lower Interest Rates Under Dollarization.
- D. Magnitude of Foregone Seigniorage4. Costs of Foregone Seigniorage and Benefits of Lower Interest Rates; III. Dollarization and Cyclical Stabilization; A. Costs and Benefits for El Salvador; 5. Monetary Policy Response to Inflation and Output; B. Cross-Country Comparisons; 6. Dollarized Economies: U.S. Monetary Policy Comovement with Inflation and Output; 7. Central America: Monetary Policy Response to Inflation and Output; IV. Dollarization and Monetary Policy Transmission; A. Pass-through in El Salvador; 3. Pass-Through of Monetary Policy Rate to Commercial Bank Rates.
- B. Cross-Country Comparisons8. Interest Rate Pass-Through in Economies Using the U.S. Dollar; 9. Central America: Pass-Through to U.S. Dollar Interest Rates; 10. Central America: Pass-Through to Domestic Currency Interest Rates; C. Factors Explaining Pass-Through; 4. Factors Affecting the El Salvador-U.S. Interest Rate Gap; 11. El Salvador and Panama: Factors Affecting the Interest Rate Gap; V. Conclusions; References; Footnotes.