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We develop a theoretical framework that encompasses four distinct motives for dollarization and...

In recent years, portfolio flows to emerging markets have become increasingly large and volatile....

A common assumption in standard economic models is that agents are risk-averse and prudent, and...

The IMF Working Papers series is designed to make IMF staff research available to a wide...

Benchmark following and portfolio rebalancing effects have often been cited when trying to...

This paper proposes a model of contagious currency crises: crises transmit across countries by...