کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
963662 930384 2010 23 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Dollarization persistence and individual heterogeneity
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Dollarization persistence and individual heterogeneity
چکیده انگلیسی
A salient feature of financial dollarization, arguably the one that causes most concern to policymakers, is its persistence: even after successful macroeconomic stabilizations, dollarization ratios often remain high. In this paper we argue that this persistence is connected to the fact that the participants in the dollar deposit market are fairly heterogenous, and so is the way they form their optimal currency portfolio. We develop a simple model when agents differ in their ability to process information, which turns out to be enough to generate persistence upon aggregation. We provide empirical evidence that is consistent with this claim.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 29, Issue 8, December 2010, Pages 1596-1618
نویسندگان
, ,