Capital controls and financial dollarization

Fil: Andreasen, Eugenia. Universidad de San Andrés. Departamento de Economía; Argentina.

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Autor principal: Andreasen, Eugenia
Otros Autores: Nuguer, Victoria
Formato: Tesis Tesis de maestría updatedVersion
Lenguaje:Inglés
Publicado: Universidad de San Andrés. Departamento de Economía 2022
Acceso en línea:http://hdl.handle.net/10908/22792
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Repositorio Digital - Universidad de San Andrés (UdeSa) de Universidad de San Andrés
id I37-R143-10908-22792
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spelling I37-R143-10908-227922025-09-09T00:00:00Z Capital controls and financial dollarization Andreasen, Eugenia Nuguer, Victoria Fil: Andreasen, Eugenia. Universidad de San Andrés. Departamento de Economía; Argentina. This paper studies from an empirical and theoretical perspective the systemic and bank- level effects of imposing reserve requirements (RR) in foreign currency in an economy with a heavily dollarized financial system. The paper empirically characterizes banks’ responses to the RR carried out by the Peruvian Central Bank since 2008 with the objective of stabilizing the financial market and meeting its policy targets. The results suggest that the RR is effective in reducing the overall level of credit in the economy and that banks’ response in terms of credit and deposits is very heterogeneous depending on their ex ante foreign funding ratio, i.e., the ratio of deposits in dollars to total loans. Motivated by the empirical insights, the paper builds a DSGE small-open-economy model with financial frictions `a la Gertler-Karadi-Kiyotaki, where bank heterogeneity and financial dollarization are introduced to evaluate the effectiveness of the differential RR in reducing financial dollarization and improving financial resilience. Keywords: Macroprudential policy, Currency risk, Reserve requirements, Emerging market economies. 2022-11-09T15:30:34Z 2022-11-09T15:30:34Z 2022-08 Tesis info:eu-repo/semantics/masterThesis info:ar-repo/semantics/tesis de maestría info:eu-repo/semantics/updatedVersion Andreasen, E. (2022). Capital controls and financial dollarization. [Tesis de maestría, Universidad de San Andrés. Departamento de Economía]. Repositorio Digital San Andrés. http://hdl.handle.net/10908/22792 http://hdl.handle.net/10908/22792 eng info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-nd/4.0/ application/pdf application/pdf Universidad de San Andrés. Departamento de Economía
institution Universidad de San Andrés
institution_str I-37
repository_str R-143
collection Repositorio Digital - Universidad de San Andrés (UdeSa)
language Inglés
description Fil: Andreasen, Eugenia. Universidad de San Andrés. Departamento de Economía; Argentina.
author2 Nuguer, Victoria
author_facet Nuguer, Victoria
Andreasen, Eugenia
format Tesis
Tesis de maestría
Tesis de maestría
updatedVersion
author Andreasen, Eugenia
spellingShingle Andreasen, Eugenia
Capital controls and financial dollarization
author_sort Andreasen, Eugenia
title Capital controls and financial dollarization
title_short Capital controls and financial dollarization
title_full Capital controls and financial dollarization
title_fullStr Capital controls and financial dollarization
title_full_unstemmed Capital controls and financial dollarization
title_sort capital controls and financial dollarization
publisher Universidad de San Andrés. Departamento de Economía
publishDate 2022
url http://hdl.handle.net/10908/22792
work_keys_str_mv AT andreaseneugenia capitalcontrolsandfinancialdollarization
_version_ 1851458502922338304

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