Inflation targeting ‘key' for successful de-dollarisation – IMF working paper
Peru's success story suggests "sound" monetary and macro-prudential policy can help de-dollarisation
Domestic macro-prudential policies and adherence to inflation targeting are key for successful de-dollarisation, a working paper published by the International Monetary Fund suggests.
In Financial de-dollarization: a global perspective and the Peruvian experience, Luis Catão and Marco Terrones examine the experience of Peru since the early 1990s. "Low global interest rates, low global risk-aversion and high commodity prices" have "fostered" de-dollarisation, they find.
The authors' findings also
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