Metrika članka

  • citati u SCindeksu: [2]
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[=>]
  • posete u poslednjih 30 dana:1
  • preuzimanja u poslednjih 30 dana:1
članak: 1 od 1  
2013, vol. 60, br. 1, str. 89-101
jezik rada: engleski
vrsta rada: izvorni naučni članak
objavljeno: 24/09/2013
doi: 10.2298/PAN1301089T
Monetary determinants of deposit euroization in European post-transition countries
(naslov ne postoji na srpskom)
Institute of Economics, Zagreb, Croatia



(ne postoji na srpskom)
This paper investigates the long-run and short-run relationship between deposit euroization in twelve European post-transition economies and two determinants of deposit euroization that are under the influence of monetary policy: the exchange rate and the interest rate differential. The link between deposit euroization, exchange rates and interest rate differentials is investigated using Johansen cointegration and error correction models for each country separately. The results suggest that changes in both monetary drivers have significant effects on deposit euroization and are therefore important for explaining and fighting deposit euroization. Differences between exchange rate regimes, fixed and managed vs. floating, seem to matter for deposit euroization.

Ključne reči

cointegration; deposit euroization; transition


Alina, L., Petrova, I. (2008) What drives credit dollarization in transition economies. Journal of Banking and Finance, 32, str. 858-869
Basso, H.S., Calvo-Gonzalez, O., Jurgilas, M. (2011) Financial dollarization: The role of foreign-owned banks and interest rates. Journal of Banking & Finance, 35(4): 794-806
Brown, M., Kirschenmann, K., Ongena, S. (2009) Foreign Currency Loans - Demand or Supply Driven?. u: European Banking Center Discussion Paper, 21
Brown, M., Ongena, S.R.G., Yesin, P.A. (2009) Foreign Currency Borrowing by Small Firms. u: Swiss National Bank Working Paper-2
Calvo, G.A., Reinhart, C.M. (2002) Fear of Floating. Quarterly Journal of Economics, 117(2): 379-408
Carranza, L.J., Cayo, J.M., Galdón-Sánchez, J.E. (2003) Exchange rate volatility and economic performance in Peru: a firm level analysis. Emerging Markets Review, 4(4): 472-496
de Nicoló, G., Honohan, P., Ize, A. (2005) Dollarization of bank deposits: Causes and consequences. Journal of Banking & Finance, 29(7): 1697-1727
Feige, E.L. (2002) The dynamics of currency substitution: Asset substitution and de facto Dollarization and Euroization in transition countries. EconWPA Macroeconomics 0305003
Frankel, J.A. (2010) Monetary policy in emerging markets: A survey. National Bureau of Economic Research, Working Paper 16125
Goux, F.J., Cordahi, C. (2007) The international transmission of monetary shocks in a dollarized economy: The case of USA and Lebanon. Panoeconomicus, vol. 54, br. 3, str. 303-324
Ivanov, M., Tkalec, M., Vizek, M. (2011) The Determinants of Financial Euroization in a Post-Transition Country: Do Threshold Effects Matter?. Czech Journal of Economics and Finance, 61(3): 230-251
Ize, A., Yeyati, E.L. (2003) Financial dollarization. Journal of International Economics, 59(2): 323-347
Johansen, S. (1991) Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models. Econometrica, 59(6): 1551
Johansen, S. (1995) Likelihood-based inference in cointegrated vector autoregressive models. Oxford: Oxford University Press
Johansen, S. (1988) Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2-3): 231-254
Kokenyne, A., Ley, J., Veyrune, R. (2010) Dedollarization. IMF, Working Paper, WP/10/188, Aug
Levy-Yeyati, E. (2003) Financial dollarization: Where do we stand?. u: Financial Dedollarization: Policy Options, Conference, Washington DC: Inter-American Development Bank
Mackinnon, J.G., Haug, A.A., Michelis, L. (1999) Numerical distribution functions of likelihood ratio tests for cointegration. Journal of Applied Econometrics, 14(5): 563-577
Piontkovsky, R. (2003) Dollarization, inflation volatility and underdeveloped financial markets in transition economies. Economics Education and Research Consortium, Working Paper 03/02
Reinhart, C., Kenneth, R., Miguel, S. (2003) Addicted to dollars. National Bureau of Economic Research, Working Paper 10015
Salvatore, D., Rengifo, E.W., Ozsoz, E. (2008) Dollarization as an Investment Signal in Developing Countries: The Case of Croatia, Czech Republic, Peru, Slovak Republic and Turkey. u: Fordham Economics Discussion Paper 2008-16
Savastano, M.A. (1996) Dollarization in Latin America: Recent evidence and some policy issues. IMF Working Paper, 4, January
Tomás, B., Bennett, A., Borensztein, E. (1999) 'Monetary Policy in Dollarized Economies. International Monetary Fund, Occasional Paper 171
Yeyati, E.L. (2006) Financial dollarization: evaluating the consequences. Economic Policy, 21(45): 61-118
Zetelmeyer, J., Piroska, N., Jeffrey, S. (2010) Addressing private sector currency mismatches in emerging Europe. EBRD Working Paper, br. 115, Jun