A simple theoretical framework for the analysis of liability dollarization
- Autores
- Heymann, Daniel; Kawamura, Enrique
- Año de publicación
- 2004
- Idioma
- inglés
- Tipo de recurso
- documento de conferencia
- Estado
- versión publicada
- Descripción
- 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.
Departamento de Economía - Materia
-
Ciencias Económicas
economía monetaria
moneda - Nivel de accesibilidad
- acceso abierto
- Condiciones de uso
- http://creativecommons.org/licenses/by/3.0/
- Repositorio
.jpg)
- Institución
- Universidad Nacional de La Plata
- OAI Identificador
- oai:sedici.unlp.edu.ar:10915/3800
Ver los metadatos del registro completo
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A simple theoretical framework for the analysis of liability dollarizationHeymann, DanielKawamura, EnriqueCiencias Económicaseconomía monetariamonedaThis 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.Departamento de Economía2004-05info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionObjeto de conferenciahttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/3800enginfo:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/jemi/2004/trabajo12.pdfinfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by/3.0/Creative Commons Attribution 3.0 Unported (CC BY 3.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-10-15T10:41:55Zoai:sedici.unlp.edu.ar:10915/3800Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-10-15 10:41:56.024SEDICI (UNLP) - Universidad Nacional de La Platafalse |
| dc.title.none.fl_str_mv |
A simple theoretical framework for the analysis of liability dollarization |
| title |
A simple theoretical framework for the analysis of liability dollarization |
| spellingShingle |
A simple theoretical framework for the analysis of liability dollarization Heymann, Daniel Ciencias Económicas economía monetaria moneda |
| 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 |
A simple theoretical framework for the analysis of liability dollarization |
| dc.creator.none.fl_str_mv |
Heymann, Daniel Kawamura, Enrique |
| author |
Heymann, Daniel |
| author_facet |
Heymann, Daniel Kawamura, Enrique |
| author_role |
author |
| author2 |
Kawamura, Enrique |
| author2_role |
author |
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Ciencias Económicas economía monetaria moneda |
| topic |
Ciencias Económicas economía monetaria moneda |
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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. Departamento de Economía |
| 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. |
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2004 |
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2004-05 |
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eng |
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