出版社：Bank of Finland Institute for Economies in Transition (BOFIT)
摘要：We apply empirical modelling set-ups developed to capture the hysteresis effect in the data on deposit dollarization in a cross-section of emerging market economies. Specifically, we estimate a nonlinear relationship that determines two equilibrium levels of deposit dollari-zation depending on the current value of dollarization and previous episodes of sharp depre-ciation of the national currency over the past five years. When exchange rates are stable, convergence to a higher equilibrium level of dollarization begins when the 45–50% thresh-old of deposit dollarization is exceeded. We estimate the model for short-run dynamics of dollarization and find that the speed of convergence to the higher equilibrium implies quar-terly increases of 1.2–3 percentage points in the ratio of foreign currency deposits to total deposits.
