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.
Citations
This publication has been cited 2 times
In other Publications
- Lamberte, Mario B.. 2001. The Philippine payment system: Efficiency and implications for the conduct of monetary policy. Discussion Papers DP 2001-20. Philippine Institute for Development Studies.
- Lamberte, Mario B.. 2002. The Philippine payment system: Efficiency and implications for the conduct of monetary policy. Research Paper Series RPS 2002-05. Philippine Institute for Development Studies.
