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19. Ize A., Levy-Yeyati E. Dollarization of Financial Intermediation: Causes and Policy Implications // IMF Working Paper,
WP/98/28, 1998, March.
20. Mankiw N.Gr. Let’s Pass the Buck to Russia. Fortune, 1998,
November, 9.
21. Savastano M. Dollarization in Latin America: Recent Evidence
and Some Policy Issues // IMF Working Paper, WP/96/04, 1996,
January.
;
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
[
]/
. – 1998. – 2-3; 1999; 2010. – 1.
URL: http://cbr.ru/publ/main.asp?Prtid=BBS
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]/
. – 2000-2010. URL: http://cbr.ru/publ/main.asp?Prtid=
Vestnik
.
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.
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. – 2004. –
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.
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.
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.
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. – 2010. – 5. – . 24-31.
.
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.
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. – 2011. – 1. – . 35-45.
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regl/b10_11/Main.htm
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13.
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. URL: http://www.gks.ru/dbscripts/Cbsd/DBInet.cgi
.
:
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//
&
. –
2005. –
. – . 44-45.
Chang R., Velasco A. Dollarization: analytical issues // NBER
Working Paper, 2002, 8838.
Havrylyshyn O. Dollarization in the Former Soviet Union:
From Hysteria to Hysteresis // IMF Seminar Materials, 2003,
January.
Honohan P., Anqiing Sh. Deposit Dollarization and the Financial Sector in Emerging Economies // Development Research
Group The World Bank, 2002.
-
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3.4. DOLLARIZATION OF
DEPOSITS AND CREDITS IN
RUSSIA AND REAL INTEREST
RATES
D.A. Guseynov, Studying for Ph.D. Degree in Economics
Lomonosov Moscow State University
The paper considers the interconnection between deposit dollarization and credit dollarization processes which
reflects one and the same dollarization process from the
point of view of real economy and banking system. The
dependence of dollarization of deposits and credits on real
interest rates on deposits and loans is also analyzed.
Thereto the influence of changes in real interest rates on
dollarization indicators (namely, asset substitution rate
(deposit dollarization indicator), credit dollarization rate,
general dollarization rate) is examined in the case of Russia.
Literature
1. Bank of Russia. Bulletin of Banking Statistics. 1998,
2-3;
1999 – 2010, 1. – http://cbr.ru/publ/main.asp?Prtid=BBS
2. Bank of Russia. Bulletin (Vestnik) of Bank of Russia. 2000 –
2010. – http://cbr.ru/publ/main.asp?Prtid=Vestnik
7
2’2012
3. Bank of Russia. Review of the Banking Sector of the Russian
Federation. 2000 – 2010. –http://cbr.ru/analytics/bank_system
4. Bank of Russia. Inflation statistics. – http://cbr.ru/statistics/
?Prtid=macro
5. Bank of Russia. Statistics of Money Aggregates. –
http://cbr.ru/statistics/?Prtid=dfks
6. Bank of Russia. Statistics of Foreign Cash Flow through Authorized Banks. – http://cbr.ru/statistics/?Prtid=finr
7. Bank of Russia. Statistics of Deposits. – http://cbr.ru/statistics/
?Prtid=pdko
8. Federal State Statistics Service. Russian Statistic Yearbook.
2010. – http://www.gks.ru/bgd/regl/b10_13/Main.htm
9. Federal State Statistics Service. Russia in figures. 2010. –
http://www.gks.ru/bgd/regl/b10_11/Main.htm
10. Federal State Statistics Service. Central Statistic Database.
Price Statistics. - http://www.gks.ru/dbscripts/Cbsd/DBInet.cgi
11. M.Y. Golovnin. Dollarization in Transition Economies of Russia and. East Central Europe // Problems of Forecasting.
2004. 3. P. 124-135.
12. D.A. Guseynov. Dollarization of National Economy and
Money Functions // Bulletin of Moscow University, Economics
Series, 2010, 5. P. 24-31.
13. D.A. Guseynov. Theoretical Aspects of Dollarization of National Economy // Trends of Development of the World Economy in the Beginning of the XXI Century: Collected Articles /
Under Luchko M.V. edition – M.: MAKS Press, 2010. P. 4-26.
14. D.A. Guseynov. Dollarization: Nature, Formulas for Calculation and Measure Problems // Voprosy Novoy Economiki,
2011, 1. P. 35-45.
15. S. Heisen. Dollarization: Risk Control Is of a Key Importance –
Finance & Development. 2005, March. P. 44-45.
16. Chang R., Velasco A. Dollarization: Analytical Issues // NBER
Working Paper, 2002, 8838.
17. O. Havrylyshyn. Dollarization in the Former Soviet Union:
From Hysteria to Hysteresis // IMF Seminar Materials, 2003,
January.
18. P. Honohan, S. Anqiing. Deposit Dollarization and the Financial Sector in Emerging Economies // Development Research
Group The World Bank, 2002.
19. A. Ize, Levy-Yeyati E. Dollarization of Financial Intermediation: Causes and Policy Implications // IMF Working Paper,
WP/98/28, 1998, March.
20. N.G. Mankiw. Let’s Pass the Buck to Russia. Fortune, 1998,
November, 9.
21. M. Savastano. Dollarization in Latin America: Recent Evidence
and Some Policy Issues // IMF Working Paper, WP/96/04, 1996,
January.
Keywords
Dollarization; official dollarization, full dollarization; semiofficial dollarization; unofficial dollarization; shadow dollarization; currency substitution; asset substitution; dollarization of deposits; dollarization of credits.
8