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Dollarization in Latin America: Recent Evidence and Some Policy Issues

Miguel A. Savastano

Monetary and Capital Markets Departrment

January 1996

IMF Working Paper No. 96/4

This paper examines the pattern of dollarization in Latin America, focusing on the experience of five countries (Argentina, Bolivia, Mexico, Peru and Uruguay) during 1970-1993. It presents evidence on the relative size of dollarization, the allocation of foreign currency deposits, and the behavior of money velocity. The discussion stresses the role of institutional factors, macroeconomic conditions, and the dynamics of money demand in shaping the dollarization process; it also highlights the shortcomings of indicators frequently employed to analyze the phenomenon. The paper provides a brief critical assessment of the empirical literature on dollarization, and identifies areas where further research seems warranted.

Number of Pages in PDF File: 19

JEL Classification: F41

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Date posted: February 15, 2006  

Suggested Citation

Savastano, Miguel A., Dollarization in Latin America: Recent Evidence and Some Policy Issues (January 1996). IMF Working Paper, Vol. , pp. 1-19, 1996. Available at SSRN: https://ssrn.com/abstract=882905

Contact Information

Miguel A. Savastano (Contact Author)
Monetary and Capital Markets Departrment ( email )
700 19th Street NW
Washington, DC 20431
United States
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