✦ LIBER ✦

Is there a link between dollarization and banking crises?

✍ Scribed by Adam Honig

Publisher: John Wiley and Sons
Year: 2006
Tongue: English
Weight: 94 KB
Volume: 18
Category: Article
ISSN: 0954-1748
DOI: 10.1002/jid.1285

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✦ Synopsis

Abstract

I estimate a multivariate probit model to identify key variables that are predictive of banking crises. To add to the literature on this subject, I focus on the role played by unofficial dollarization of domestic banking systems. Unofficial dollarization is a source of vulnerability for emerging markets as large depreciations render both domestic firms and banks unable to pay dollar‐denominated debt. Surprisingly, I find only weak evidence that unofficial dollarization affects the probability of a banking crisis. This finding casts doubt on the widely held belief that liability dollarization is a significant source of risk for emerging markets and developing nations, although there are still reasons to believe that dollarization remains a significant source of risk. Copyright © 2006 John Wiley & Sons, Ltd.

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