Dollarization: concepts and implications for monetary and exchange rate policy in the Philippines
2001
Yap, J.T. (Philippine Inst. for Development Studies, Makati City (Philippines))
Currency substitution implies the greater share of foreign currency in the asset holdings of domestic residents. Dollarization is the complete replacement of the local currency in this case, the peso by a foreign currency, most likely the US dollar. The paper finds that dollarization or official dollarization has both its costs and benefits but it is not a viable option for the Philippines at the moment
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