KDI 한국개발연구원 - 경제정책정보 - 국외연구자료 - 국제금융 - Carry Trade vs. Deposit-Driven Euroization

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국제금융

Carry Trade vs. Deposit-Driven Euroization

IMF 2018.03.27
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Financial “euroization”―or “dollarization” outside of Central and Eastern Europe―is typically analyzed as a singular phenomenon that can be traced to a common set of factors. This paper argues that two types of euroization need to be distinguished, which have different causes, economic consequences, and policy implications: carry trade euroization that emerges when households and corporations seek to exploit interest rate differentials between foreign currency loans and local currency deposits, and deposit-driven euroization that is rooted in distrust in the local currency as a savings vehicle. We present a theoretical framework that sketches key features of both euroization types, and test it with data from 28 Emerging European and Central Asian economies.

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