Default Risk and Dollarization in Mexico
研究墨西哥1978-1982年间银行体系偿付能力对美元存款需求的影响，发现银行资不抵债会降低美元存款需求、增加比索存款需求，控制该效应后美元化仍与预期贬值正相关。
Most empirical evidence of dollarization in Latin America accords with the theoretical claim that increases in expected devaluation increase dollarization. But John H. Rogers (1992) finds that, between 1978 and 1982, relative holdings of Mexdollars were negatively related to expected devaluation. Expected returns on Mexdollar deposits, however, depended on the solvency of the banking system. The authors investigate these links. They find that banking system insolvency decreases Mexdollar deposit demand and increases peso deposit demand. Once these effects are controlled for, Mexdollar demand increases with expected devaluation, even between 1978 and 1982. Copyright 1996 by Ohio State University Press.