Does Inflation Targeting Help Reduce Financial Dollarization?
研究了通胀目标制能否降低发展中国家的金融美元化，使用倾向得分匹配法处理政策自选择问题，发现通胀目标制显著降低了实际和模型隐含的美元化水平。
We examine whether adopting an inflation‐targeting regime helps reduce financial dollarization as predicted by Ize and Levy Yeyati's ( ) portfolio model. To address the self‐selection problem of policy adoption, we apply a variety of propensity score matching methods to a large sample of 106 developing countries for the years 1985–2004. We find strong evidence that inflation targeting has large and significant treatment effects on lowering both actual financial dollarization and the model implied minimum variance portfolio dollarization. Our results are robust to alternative samples and model specifications and also to control for additional factors in postmatching regressions.