Dollarization as an Asymmetric Monetary Union. The case of Argentina

Detalles Bibliográficos
Publicado en:	Encontro Nacional de Economia (29 : 2001 : Salvador) - [Actas] - .
Autor Principal:	Carrera, Jorge Eduardo
Otros autores o Colaboradores:	Féliz, Mariano, Panigo, Demian, Saavedra, Marcelo
Formato:	Documento de evento
Temas:	Unión monetaria Dolarización Canales de transmisión Volatilidad Riesgo Modelos VCE Monetary union Dollarization Transmission channels Volatility Risk VECModel
Acceso en línea:	https://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10562/ev.10562.pdf
Resumen:	Presentamos un esquema no tradicional para el análisis de los efectos de una asociación monetaria asimétrica (como la dolarización) desde el punto de vista del país que ata su política monetaria. En la parte analítica discutimos la relación entre volatilidad nominal, volatilidad real y riesgo país. Dada la función de pérdida del gobierno, determinamos las condiciones necesarias para que la dolarización reduzca la pérdida social. Concentramos el análisis en dos aspectos principales: 1) el grado de sincronización entre los ciclos del país líder y el asociado y 2) el efecto y la importancia relativa de los canales comercial y financiero. Aplicamos la metodología propuesta al caso de Argentina usando coeficientes de correlación cíclica, calculadas con diferentes metodologías, y luego calculamos la importancia de cada canal usando un modelo VEC. This study gives a non-traditional framework for the evaluation of the convenience of an asymmetric monetary association (such as dollarization), from the point of view of the country that gives up its monetary sovereignty. In the analytical part we discuss the relationship between nominal volatility, real volatility and country risk. Given the social loss function of the policymaker, we determine the necessary conditions for dollarization to improve social welfare. We concentrate in the analysis of two main aspects: 1) the degree of synchronization existing between the cycle of the leader and associated country, and 2) the effect and relative importance of the trade and financial. We perform an application of our analytical framework to the case of Argentina using the coefficient of cyclical correlation, calculated for four different methodologies. The effect and relative importance of the financial channel and the trade channel were extracted from the impulse-response functions and variance decompositions of a VEC Model.
Notas:	Trabajo presentado en: Area 3 - Economia Internacional e Finanças

MARC


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100			\|a Carrera, Jorge Eduardo \|u UNLP
700			\|a Féliz, Mariano \|u PIETTE-CONICET, UNLP
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700			\|a Saavedra, Marcelo \|u UNLP
245	1	0	\|a Dollarization as an Asymmetric Monetary Union. The case of Argentina
041		7	\|2 ISO 639-1 \|a es
500			\|a Trabajo presentado en: Area 3 - Economia Internacional e Finanças
520	3		\|a Presentamos un esquema no tradicional para el análisis de los efectos de una asociación monetaria asimétrica (como la dolarización) desde el punto de vista del país que ata su política monetaria. En la parte analítica discutimos la relación entre volatilidad nominal, volatilidad real y riesgo país. Dada la función de pérdida del gobierno, determinamos las condiciones necesarias para que la dolarización reduzca la pérdida social. Concentramos el análisis en dos aspectos principales: 1) el grado de sincronización entre los ciclos del país líder y el asociado y 2) el efecto y la importancia relativa de los canales comercial y financiero. Aplicamos la metodología propuesta al caso de Argentina usando coeficientes de correlación cíclica, calculadas con diferentes metodologías, y luego calculamos la importancia de cada canal usando un modelo VEC.
653			\|a Unión monetaria
653			\|a Dolarización
653			\|a Canales de transmisión
653			\|a Volatilidad
653			\|a Riesgo
653			\|a Modelos VCE
520	3		\|a This study gives a non-traditional framework for the evaluation of the convenience of an asymmetric monetary association (such as dollarization), from the point of view of the country that gives up its monetary sovereignty. In the analytical part we discuss the relationship between nominal volatility, real volatility and country risk. Given the social loss function of the policymaker, we determine the necessary conditions for dollarization to improve social welfare. We concentrate in the analysis of two main aspects: 1) the degree of synchronization existing between the cycle of the leader and associated country, and 2) the effect and relative importance of the trade and financial. We perform an application of our analytical framework to the case of Argentina using the coefficient of cyclical correlation, calculated for four different methodologies. The effect and relative importance of the financial channel and the trade channel were extracted from the impulse-response functions and variance decompositions of a VEC Model.
653			\|a Monetary union
653			\|a Dollarization
653			\|a Transmission channels
653			\|a Volatility
653			\|a Risk
653			\|a VECModel
856	4	0	\|u https://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10562/ev.10562.pdf
952			\|u https://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10562/ev.10562.pdf \|a MEMORIA ACADEMICA \|b MEMORIA ACADEMICA
773	0		\|7 m2am \|a Encontro Nacional de Economia (29 : 2001 : Salvador) \|t [Actas]
542	1		\|f Esta obra está bajo una licencia Creative Commons Atribución-NoComercial-SinDerivadas 4.0 Internacional \|u https://creativecommons.org/licenses/by-nc-nd/4.0/

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Dollarization as an Asymmetric Monetary Union. The case of Argentina

MARC

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