期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2007
卷号：1
出版社：European Central Bank
摘要：This paper develops a model to explain the determinants of ¯nan- cial dollarization. Expanding on the existing literature, our framework allows interest rate di®erentials to play a role in explaining ¯nancial dollarization. It also accounts for the increasing presence of foreign banks in the local ¯nancial sector. Using a newly compiled data set on transition economies we ¯nd that increasing access to foreign funds leads to higher credit dollarization, while it decreases deposit dollar- ization. Interest rate di®erentials matter for the dollarization of both loans and deposits. Overall, the empirical results lend support to the predictions of our theoretical model.
