文章基本信息

标题：The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies
其他标题：The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies
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作者：Andrew Berg ; Eduardo Borensztein
期刊名称：Journal of Applied Economics
印刷版ISSN：1514-0326
电子版ISSN：1667-6726
出版年度：2000
卷号：3
期号：2
页码：285-324
DOI：10.1080/15140326.2000.12040552
摘要：We examine the implications of high degrees of dollarization for the choice of exchange rate regime and the information content of various monetary aggregates in developing countries. We conclude that a high degree of currency substitution argues for a more fixed exchange rate regime, while asset substitution may imply that either more rigid or more flexible regimes may be appropriate. We also ask whether the most informative monetary aggregates include dollar assets. Based on an analysis of five countries, we conclude inter alia that broader aggregates that include dollar assets perform better than those that do not.
关键词：E51 ; E52 ; E58 ; F31 ; F36 ; F41