Search Results - subject_exact:"Currency substitution"

Expectations, credibility, and the persistence of currency aubstitution

Alawin, Mohammad - 2026

This study examines why currency substitution proves so difficult to reverse, even after countries succeed in stabilizing inflation. Focusing on Bolivia, Brazil, Mexico, and Turkey-economies that endured severe inflationary episodes before implementing stabilization programs-the paper asks a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652131

Dollar colonisation : the destructive policy implications of modern monetary theory

Lysandrou, Photis - 2026

Modern monetary theory (MMT) argues that all governments that issue their own currency have the same fiscal and monetary policy space. This paper argues against this position. For MMT's assumptions to be valid, MMT must abstract from the gravitational force of the US dollar that stems from it...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015655151

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Dollar colonisation : the destructive policy implications of modern monetary theory

Lysandrou, Photis - 2025

Book / Working Paper

Dollarisation waves: new evidence from a comprehensive international bond database

Pradhan, Swapan-Kumar; Prasad, Eswar S.; Takáts, Előd; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609559

Measuring interregional fund flows in a dollarized economy : evidence from branch-level data of deposits and loans in Cambodia

Aiba, Daiju; You, Vithyea - 2026

Partial dollarization is a significant phenomenon in the banking sectors of many developing countries, yet evidence on its spread through bank branch networks remains scarce. This paper investigates interregional capital flows within Cambodia's banking system, characterized by the coexistence of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637212

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Measuring interregional fund flows in a dollarized economy : evidence from branch-level data of deposits and loans in Cambodia

Aiba, Daiju; You, Vithyea - 2024

Book / Working Paper

Financial intermediation and provincial economic activity in a dollarised economy : panel VAR evidence from Ecuador

Casares-Conforme, Félix; Maridueña-Larrea, Ángel; … - 2026

In dollarised economies, the absence of autonomous monetary policy shifts the burden of macroeconomic adjustment onto the banking system, where deposits and credit constitute the principal channel through which liquidity is conveyed to commercial activity. The literature has documented this...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061188

Central bank digital currency and Gresham's law : an experimental analysis

Baeriswyl, Romain; Boun My, Kene; Cornand, Camille - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015615535

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Central bank digital currency and Gresham's law : an experimental analysis

Baeriswyl, Romain; Boun My, Kene; Cornand, Camille - 2025

Book / Working Paper

The under-theorisation of dollar dominance

Lysandrou, Photis - 2026

The recent period has seen an upsurge in predictions that the dollar's international dominance will at some point be challenged by a rival currency, notably the euro. This paper counters these predictions. It argues that the overestimation of the euro's ability to challenge dollar dominance is...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015596357

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The under-theorisation of dollar dominance

Lysandrou, Photis - 2025

Book / Working Paper

De-dollarization, global economic integration, and resilience in BRICS+ economies

Kilinc, Nurcan - 2026

The increasingly rapid process of de-dollarization in the context of growing geopolitical fragmentation has significantly altered the monetary dynamics of the global economy, thereby posing important questions about economic resilience and sustainable development in the emerging world. This...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015676751

Demand for dollars : evidence from survey expectations

Ballensiefen, Benedikt; Somogyi, Fabricius; Winterberg, … - 2026 - This version: 26 April 2026

We study the determinants of US dollar demand across market participants and traded instruments using survey-based exchange rate and macroeconomic expectations. Leveraging granular foreign exchange trading data, we show that forward-looking expectations accurately predict both currency returns...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015635515

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Demand for dollars : evidence from survey expectations

Ballensiefen, Benedikt; Somogyi, Fabricius; Winterberg, … - 2026

Book / Working Paper

Lebanon : from dollars to lollars

Baz, Salim; Cathcart, Lara; Michaelides, Alexander G. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015375054

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Lebanon : from Dollars to Lollars

Baz, Salim; Cathcart, Lara; Michaelides, Alexander G. - 2022

Book / Working Paper

The role of reputational incentives in an international currency union : Greek monetary institutions in the classical and Hellenistic periods

Mullins, Zane Allen - 2025

In the Hellenistic era, there was widespread convergence to the Attic standard and a similar narrowing of coin types in terms of aesthetics. The competition between issuers resulted in an equilibrium in which improvements to the consistency and quality of money were sought after. This...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015376344

The dollar and the F-35 : balance-sheet imperialism

Lapabitsas, Kōstas - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015619853

Exchange rate passthrough in Latin America : does dollarization matter?

Notte, Vincent - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015625017

Financial sanctions and the share of US dollar in global reserve currencies : evidence from the Least Absolute Shrinkage and Selection Operator (LASSO) model

Sanusi, Aliyu R.; Mamman, Suleiman O.; Iliyasu, Jamilu; … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015195250

The politics of capital mobility in dollarized economies : comparing Ecuador and El Salvador

Silva, Pedro Perfeito da - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015195693

Monetary anchors in a digital age : a historical perspective on the ECB's digital euro and US stablecoins

Greitens, Jan - 2026

This paper contributes to current debates surrounding the digital euro and US stablecoins by unpacking the present day relevance of two important episodes in monetary history: Prussia's effort in the 18th century to implement a uniform coinage standard across the Holy Roman Empire, and the 19th...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626439

Determinants of the international use of currencies : implications for US dollar dominance

Itō, Hiro; Kawai, Masahiro - 2026

The US dollar (USD) has long been the dominant international currency. The euro (EUR), UK pound (GBP), Japanese yen (JPY), and other advanced economy (AE) currencies have played complementary roles to the USD as international currencies, while emerging market and developing economy (EMDE)...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015628673

The effect of currency risk on crypto asset utilization in Türkiye

Oefele, Nico; Baur, Dirk; Smales, Lee A. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015329832

Economic and political implications of de-dollarizing Saudi oil transactions : an analysis of a panel quantile regression focused on European Union countries

Dermechi, Feriel; Zakane, Ahmed - 2025

This article explores the economic and political implications of de-dollarization in Saudi oil transactions, by focusing on the European Union countries. It examines how an increased euro usage in these transactions influences the real exchange rate of the euro against the dollar and the volume...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015450697

Nominal versus real deposit dollarization in Zambia : determinants and monetary policy insights

Funjika, Patricia; Gatawa, Mufara; Ndautu, Kwabala - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641473

U.S. dollar dominance and the role of local currency settlement framework : evidence from Thai exports

Mintrapan Chaeng-lum; Nuwat Nookhwun; Jettawat … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641734

"Dollarization vs. bitcoinization in Türkiye : which is more dangerous for the financial market?"

Jabbour, George M.; Mansour-Ichrakieh, Layal - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015405749

How do euro deposits in CESEE react to exchange rate shocks?

Petz, Nico; Scheiber, Thomas; Wörz, Julia - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015413928

Supply side determinants of loan dollarization : micro-data evidence from Armenia

Grigoryan, Arthur; Geršl, Adam - 2026

This paper examines supply-side determinants of foreign currency loan issuance in the Armenian banking sector using a loan-level credit registry dataset spanning 2003-2024 - one of the longest single-country microdata samples in this literature. We estimate a binary logit model with bank and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641894

Mapping extent of spillover channels in monetary space : study of multidimensional spatial effects of US Dollar liquidity

Lu, Changrong; Liu, Lian; Yu, Fandi; Li, Jiaxiang; … - 2025

This study aims to analyze the spatial effects triggered by dollar liquidity by constructing a multidimensional spatial matrix that modifies the traditional monetary spatial framework. We utilized a three-level spatial econometric model (Spatial Lag, Durbin, and Generalized Nested Space) to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015435837

Original sin, sovereign default, and the limits of the fiscal theory of the price level

Ocampo, Emilio - 2026

The Fiscal Theory of the Price Level (FTPL) argues that inflation adjusts to ensure that the real value of government liabilities equals the expected present value of future primary surpluses. This mechanism is plausible in economies whose public debt is predominantly denominated in domestic...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015656459

Tax cut-induced wage growth as a source of inflation in a dollarized economy : review of the case of Montenegro

Baćović, Maja - 2025

Available studies suggest that fiscal policy measures aimed at increasing disposable income growth may have an impact on inflation. As inflation in Montenegro in 2022 was higher compared to the euro area, several studies were conducted to estimate the impact of external and domestic inflation...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015458687

FX Illiquidity networks and vehicle currencies

Pantalfini, Matteo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015647638

Geopolitical tensions fuel currency competition but US dollar and euro remain hard to displace

Chowdhry, Sonali - 2025

Geopolitical frictions and high levels of uncertainty in US policy are driving countries to reduce dependence on the US dollar and implement new policies to promote their own currencies for settling cross-border trade. This Weekly Report analyzes the reactions of firms to such measures, focusing...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015460398

Contrasting ledgers : considerations for U.S. dollar interbank payment systems

Leistra, Melissa - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015653042

The US dollar and decarbonization : exploring constraints

Driscoll, Daniel - 2025

This research essay explores how US dollar centrality and strength may impede decarbonization. First, I suggest that because US dollar centrality enables higher US household consumption and imports, and US household consumption is comparatively carbon-intensive, centrality can increase per...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015608316

Firm-to-firm financial linkages and dollar risk transmission

Hardy, Bryan; Saffie, Felipe; Simonovska, Ina - 2026

We study how U.S. dollar fluctuations transmit through domestic supply chains in emerging markets. Large firms borrow in foreign currency and extend trade credit to domestic partners, exposing the supply chain to exchange rate risk. We develop a model where financially constrained suppliers pass...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015632187

The digital yuan in the shadow of dollar hegemony : rethinking Asia’s financial autonomy amid US-China tensions

Zeng, Li; Wee, Yeap Lau - 2025

The intensifying US-China strategic rivalry is reshaping Asia's geopolitical economy, with significant implications for financial sovereignty and currency dynamics. This paper examines China's central bank digital currency, the digital yuan (e-CNY), as both a technological innovation and a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015593240

A note on currency hedging of dollar investments of Swiss investors 1974-2025

Kugler, Peter - 2026

Our econometric (cointegration) analysis of the Swiss franc US dollar exchange rates over the period 1974 - 2025 provides strong evidence for a negative bias of the forward rate as predictor of the spot rate for the years up to 2007, which disappears with data from 2008 onwards. This implies...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015635688

The impact of stablecoins on the international monetary and financial system

Aldasoro, Iñaki; Frost, Jon; Itō, Hiro - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667775

Dollarization and food system change : hunger, environment, and dietary shifts in Colombian-Venezuelan border communities

Puente Pacheco, Mario Alberto de la; Torres Ortega, … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015603971

The Trafalgar squeeze of global liquidity

Bignon, Vincent; Mojon, Benoît; Ortiz Serrano, Miguel - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668263

The tokenised US dollar ecosystem

Lee, Michael Junho - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015635522

From Dollar privilege to America's capital pull : the new global imbalance

Kim, Hyo Sang - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015671884

Tether and the fragility of unregulated dollar substitutes

Andolfatto, David - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015635630

Monetary policy stance and foreign currency lending : evidence from a persistently dollarized emerging market

Ozgur, Onder; Aslan, Murat - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015475226

Dollar dominance: a source of dollar volatility?$Cara Bordier, Lukas Frei, Simon Stalder

Bordier, Cara; Frei, Lukas; Stalder, Simon - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672519

The performance of inflation targeting regimes in emerging and developing countries : a propensity score matching approach

Güzel, Adviye Hazal - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016059223

The global shift in monetary sovereignty : a systematic literature review of the de-dollarization using the TCCM framework

Goswami, Tushar; Sardana, Varda; Singhania, Shubham - 2025

This study aims to systematically review the literature on de-dollarization in light of its increasing significance. The review has been carried out using the Theory, Context, Characteristics, Methodology (TCCM) framework on 52 studies retrieved from the Scopus and Web of Science database. The...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015484423

Benign neglect or institutionalisation? : dealing with de facto euroisation in candidate countries

Bod, Péter Ákos; Neszmély, György Iván - 2025

EU enlargement rounds have always been driven by political will of the parties concerned and administered through a comprehensive legal-bureaucratic procedure. There is strong political determination to carry on the accession process involving Western Balkan countries as well as Ukraine, Georgia...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015376836

Twin deficits and external constraints in a dollarized economy : a stock-flow consistent exercise for smaller economies with an application to El Salvador

Alvarez, Armando; Pérez Caldentey, Esteban; Yajima, … - 2026

This paper develops a stock-flow consistent (SFC) exercise for a smaller and dollarized economy and applies it to the case of El Salvador. Against the backdrop of the 2025 IMF-supported fiscal adjustment program, we reassess the origins of rising public debt and persistent external deficits...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016060286

Cryptocurrencies in emerging markets : a stablecoin solution?

Murakami, David; Viswanath-Natraj, Ganesh - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015573277

Benign Neglect or Institutionalisation? Dealing with de facto Euroisation in Candidate Countries

Bod, Péter Ákos; Neszmély, György Iván - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015419680

Dollar funding fragility and non-U.S. global banks

Bacchetta, Philippe; Davis, Scott; Van Wincoop, Eric - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015546278

The U.S. dollar dominance : origins, status quo, and implications for Europe

Proano, Christian; Hümmrich, Martin - 2025

The dominance of the U.S. dollar in the global financial system remains the key pillar of international trade and monetary stability but faces growing challenges in a rapidly changing world. Historically rooted in the Bretton Woods system and the establishment of the petrodollar system, the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015395726