Understanding Dollarization

Causes and Impact of Partial Dollarization on Developing and Emerging Markets

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A very commonly observed phenomenon in developing and emerging market economies is the use of another country's currency (whether the US dollar or another currency) in lieu or in addition to the local currency. The most common type of this financial phenomenon is partial (de facto) dollarization where foreign currencies are used side by side with local currency for saving and borrowing purposes in addition to serving as medium of exchange.Governments in these countries have been encouraging dollarization for years by allowing their citizens to save and borrow from local banks in foreign curren...