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Dollarization and the exchange rate pass-through: an empirical investigation
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Resumo(s)
In this study, we investigate the relationship between the Exchange Rate Pass-Through
(ERPT) and informal dollarization across 100 countries, employing several model
specifications. By integrating implicit and explicit average dollarization proxies into our
models, we find that countries characterized by persistent and elevated levels of dollarization
exhibit, on average, a higher ERPT. This finding highlights the risks of elevated dollarization
hysteresis and underscores the importance of considering informal dollarization a relevant
variable when conducting monetary policy.
Descrição
Palavras-chave
Inflation Dollarization Exchange rate pass-through Exchange rate Asset substitution Currency substitution