A simple theoretical framework for the analysis of liability dollarization
This paper presents a simple model of debt contracts in order to analyze the conditions under which domestic residents would choose to denominate debts in "dollars". In the model, borrowers are producers of non-traded goods, and subject to shocks on prices. The real exchange rate varies in...
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Autores principales: | , |
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Formato: | Objeto de conferencia |
Lenguaje: | Inglés |
Publicado: |
2004
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Acceso en línea: | http://sedici.unlp.edu.ar/handle/10915/3800 http://www.depeco.econo.unlp.edu.ar/jemi/2004/trabajo12.pdf |
Aporte de: |
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I19-R120-10915-3800 |
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institution |
Universidad Nacional de La Plata |
institution_str |
I-19 |
repository_str |
R-120 |
collection |
SEDICI (UNLP) |
language |
Inglés |
topic |
Ciencias Económicas economía monetaria moneda |
spellingShingle |
Ciencias Económicas economía monetaria moneda Heymann, Daniel Kawamura, Enrique A simple theoretical framework for the analysis of liability dollarization |
topic_facet |
Ciencias Económicas economía monetaria moneda |
description |
This paper presents a simple model of debt contracts in order to analyze the conditions under which domestic residents would choose to denominate debts in "dollars". In the model, borrowers are producers of non-traded goods, and subject to shocks on prices. The real exchange rate varies in response to real shocks. There is a domestic unit of account; prices in terms of that unit can be shocked by a (presumably policy-induced) disturbance. Debt obligations can be denominated in either traded goods (dollarized contracts) or local currency. When real and nominal shocks are possitively correlated, dollarized contracts tend to be preferable to (non-contingent) nominal contracts when nominal shocks are large and real shocks are small. |
format |
Objeto de conferencia Objeto de conferencia |
author |
Heymann, Daniel Kawamura, Enrique |
author_facet |
Heymann, Daniel Kawamura, Enrique |
author_sort |
Heymann, Daniel |
title |
A simple theoretical framework for the analysis of liability dollarization |
title_short |
A simple theoretical framework for the analysis of liability dollarization |
title_full |
A simple theoretical framework for the analysis of liability dollarization |
title_fullStr |
A simple theoretical framework for the analysis of liability dollarization |
title_full_unstemmed |
A simple theoretical framework for the analysis of liability dollarization |
title_sort |
simple theoretical framework for the analysis of liability dollarization |
publishDate |
2004 |
url |
http://sedici.unlp.edu.ar/handle/10915/3800 http://www.depeco.econo.unlp.edu.ar/jemi/2004/trabajo12.pdf |
work_keys_str_mv |
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bdutipo_str |
Repositorios |
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1764820472111824896 |