FINANCIAL DOLLARIZATION IN EMERGING MARKETS: AN INSURANCE ARRANGEMENT
指出新兴市场美元化有保险功能：衰退时本币贬值，家庭持有美元存款可获收入保险，但推高本币利率，迫使企业借美元债，溢价即家庭付的保费。
Abstract Households in emerging markets hold significant amounts of dollar deposits whereas firms have significant amount of dollar debt. Motivated by perceived dangers, policymakers consider regulations to limit dollarization. I draw attention to an important benefit of dollarization: it serves as an insurance arrangement in which firms provide income insurance. Emerging market exchange rates tend to depreciate in recessions so that households prefer holding deposits denominated in dollars. They effectively starve local financial markets of local currency; raising local interest rates over USD rates and causing entrepreneurs to borrow in dollars. This premium is the price paid by households for insurance.