The Benefits of Dollarization When Stabilization Policy Lacks Credibility and Financial Markets Are Imperfect
分析美元化对新兴经济体的两大潜在好处：消除政策不可信导致的扭曲和改善金融市场效率。基于墨西哥数据的量化模型显示，消除政策不确定性的平均福利收益高达趋势消费的6.4%至9%，缓解信贷约束的收益为4.6%。
Dollarization entails two potentially large benefits for emerging economies. First, it may eliminate price and wealth distortions induced by the lack of credibility of stabilization policies. Second, it may improve the efficiency of financial markets by weakening informational or institutional frictions driving credit constraints. Quantitative analysis of a dynamic, stochastic equilibrium model calibrated to Mexican data shows that the mean welfare gains of eliminating policy uncertainty are staggering, ranging between 6.4 and 9 percent of trend consumption. The mean welfare gain of weakening credit constraints is 4.6 percent. Liability dollarization and sharp fluctuations in relative prices play a key role in these results.