Dollarization Traps
分析资产替代型美元化如何影响资本积累和产出，并解释为何经济在成功稳定通胀后仍长期保持美元化，将其归因于高通胀期间的金融中介失灵。
The paper analyzes dollarization in the sense of asset substitution, where a foreign currency competes with local assets, especially domestic capital, as a store of value, the impact of dollarization on capital accumulation and output, and why economies remain dollarized long after a successful inflation stabilization. We relate this dollarization hysteresis to a financial intermediation failure that happens during high inflation. We show that in dollarized countries, inflation stabilization policies may not have any effect on domestic capital accumulation, thus preventing such policies from stimulating growth—i.e. dollarized economies are vulnerable to âdollarization