Macroeconomic Implications of Financial Dollarization: The Case of Uruguay

Business & Finance, Economics, Public Finance, Finance & Investing, Banks & Banking, Macroeconomics
Cover of the book Macroeconomic Implications of Financial Dollarization: The Case of Uruguay by Gaston Mr. Gelos, Alejandro Mr. López Mejía, Marco Mr. Piñón-Farah, INTERNATIONAL MONETARY FUND
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Author: Gaston Mr. Gelos, Alejandro Mr. López Mejía, Marco Mr. Piñón-Farah ISBN: 9781452771519
Publisher: INTERNATIONAL MONETARY FUND Publication: July 25, 2008
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Gaston Mr. Gelos, Alejandro Mr. López Mejía, Marco Mr. Piñón-Farah
ISBN: 9781452771519
Publisher: INTERNATIONAL MONETARY FUND
Publication: July 25, 2008
Imprint: INTERNATIONAL MONETARY FUND
Language: English

Uruguay has experienced a remarkable recovery since the 2002 crisis, supported by sound policies and favorable external conditions. With the framework put in place in 2002, Uruguay abandoned an exchange rate peg in favor of a free float, adoped a monetary regime initially based on money targets, improved financial prudential norms and supervision, and accumulated significant central bank reserves. Against this background, Uruguay now faces issues beyond those addressed to stabilize the economy. As the country pursues key postcrisis monetary and financial reforms, the analysis provided in this paper has a direct bearing on the ongoing efforts to move toward a fully fledged inflation-targeting regime and develop interest rates as monetary instruments, as well as on the preparedness of the financial system to deal with shocks, and the adequacy of current central bank reserves.

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Uruguay has experienced a remarkable recovery since the 2002 crisis, supported by sound policies and favorable external conditions. With the framework put in place in 2002, Uruguay abandoned an exchange rate peg in favor of a free float, adoped a monetary regime initially based on money targets, improved financial prudential norms and supervision, and accumulated significant central bank reserves. Against this background, Uruguay now faces issues beyond those addressed to stabilize the economy. As the country pursues key postcrisis monetary and financial reforms, the analysis provided in this paper has a direct bearing on the ongoing efforts to move toward a fully fledged inflation-targeting regime and develop interest rates as monetary instruments, as well as on the preparedness of the financial system to deal with shocks, and the adequacy of current central bank reserves.

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