Staff View: Currency Substitution in Latin America : Lessons from the 1990s

Currency Substitution in Latin America : Lessons from the 1990s

The authors study how agents in Latin America allocate their balances between dollar-denominated and domestic currency-denominated accounts. They empirically determine the causes of currency substitution, its significance in recent banking crises,...

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Bibliographic Details
Main Authors:	Gomis-Porqueras, Pere, Serrano, Carlos, Somuano, Alejandro
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	BALANCE SHEETS BANK ACCOUNTS BANK DEPOSITS BANKING CRISES BANKING SECTOR BANKING SYSTEM BANKRUPTCY BONDS CAPITALS CENTRAL BANK CENTRAL BANKS COMMON CURRENCY COUNTRY COMPARISONS CURRENCY CURRENCY SUBSTITUTION DEMAND ELASTICITY DEMAND FOR MONEY DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT ECONOMICS DOMESTIC CURRENCIES DOMESTIC INFLATION ECONOMETRICS ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC THEORY ELASTICITY ELASTICITY OF SUBSTITUTION EMPIRICAL EVIDENCE ENDOGENOUS VARIABLES EXCHANGE RATE EXCHANGE RATE RISK EXCHANGE RATES EXOGENOUS SHOCKS EXPECTED VALUE EXPORTS FINANCIAL CRISES FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEM FLEXIBLE EXCHANGE RATES FOREIGN BANKS FOREIGN CURRENCY FOREIGN CURRENCY DEPOSITS FOREIGN EXCHANGE FOREIGN EXCHANGE CONTROLS GDP GDP PER CAPITA GROWTH RATE HIGH INFLATION INCOME INFLATION INFLATION RATE INSTITUTIONAL ARRANGEMENTS INSURANCE INTEREST RATE INTEREST RATES INTERMEDIATION INTERNATIONAL CURRENCY SUBSTITUTION INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL MONETARY FUND LEGAL TENDER LENDER OF LAST RESORT LOCAL CURRENCIES LOCAL CURRENCY MACROECONOMIC CONSEQUENCES MACROECONOMIC EFFECTS MACROECONOMIC FRAMEWORK MACROECONOMIC INSTABILITY MACROECONOMIC STABILIZATION MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MEDIUM OF EXCHANGE MONETARY AGGREGATES MONETARY AUTHORITIES MONETARY POLICY MONETARY TARGETING MONEY BALANCES MONEY DEMAND MONEY MULTIPLIER MONEY STOCK MONEY SUPPLY MULTIPLIERS NATIONAL INCOME OPEN ECONOMIES OUTPUT POLICY RESEARCH POLITICAL ECONOMY PORTFOLIO POVERTY REDUCTION PREVIOUS CRISIS REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RISK AVERSE SAVINGS SEIGNIORAGE STABILIZATION STABILIZATION PROGRAM STABILIZATION PROGRAMS STANDARD DEVIATION STORE OF VALUE SYSTEMIC BANKING CRISES TIME SERIES VELOCITY OF MONEY VOLATILITY WEALTH
Online Access:	http://documents.worldbank.org/curated/en/2000/05/437673/currency-substitution-latin-america-lessons-1990s http://hdl.handle.net/10986/18845

Currency Substitution in Latin America : Lessons from the 1990s

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