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THE DOLLARIZATION OF LESS DEVELOPED COUNTRIES: A NOTE ON THE COMPUTATION OF A HARD CURRENCY INDEX

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Author(s): Lula G. Mengesha | Mark J. Holmes

Journal: International Journal of Economics and Research
ISSN 2229-6158

Volume: 02;
Issue: 02;
Start page: 61;
Date: 2011;
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Keywords: Hard currency | dollarization | black market | Eritrea | broad money

ABSTRACT
Numerous studies have investigated the impact of dollarization on the wider economy. In measuring dollarization, many studies use the ratio of foreign currency deposits to broad money. However, such an approach only focuses on one aspect of dollarization. This paper advocates an alternative approach that is holistic in nature. Using this new index, we reflect on the dollarization experienced in the Eritrean economy
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