| Título : |
Cultural and Financial Dollarization of Households in Uruguay |
| Tipo de documento: |
documento electrónico |
| Autores: |
Gerardo Marcelo Licandro Ferrando, Autor ; Miguel Mello Costa, Autor |
| Editorial: |
Montevideo : Banco Central del Uruguay |
| Fecha de publicación: |
2017 |
| Colección: |
Documento de trabajo, ISSN 1688-7565 num. 009-2017 |
| Resumen: |
In this paper, we analyze factors associated with the financial and cultural dollarization of households in Uruguay. We estimate cultural dollarization with data from the 2013 financial survey of Uruguayan households, particularly using the currency reporting option available to respondents. Financial dollarization, meanwhile, is estimated as the share of US dollar-denominated bank assets in total assets. We find that the level of dollarization of bank savings is mainly explained by the size of savings and household wealth. We also observe that our proxy variable for cultural dollarization is associated with wealth and home ownership. Other factors that influence cultural dollarization are age and years of formal education, which are positively and significantly correlated with the use of the US dollar as a unit of account and asset valuation. Larger households, on the other hand, are less culturally dollarized. The evidence points to the key role played by the pricing system in the dollarization culture. |
Cultural and Financial Dollarization of Households in Uruguay [documento electrónico] / Gerardo Marcelo Licandro Ferrando, Autor ; Miguel Mello Costa, Autor . - Montevideo : Banco Central del Uruguay, 2017. - ( Documento de trabajo, ISSN 1688-7565; 009-2017) .
| Resumen: |
In this paper, we analyze factors associated with the financial and cultural dollarization of households in Uruguay. We estimate cultural dollarization with data from the 2013 financial survey of Uruguayan households, particularly using the currency reporting option available to respondents. Financial dollarization, meanwhile, is estimated as the share of US dollar-denominated bank assets in total assets. We find that the level of dollarization of bank savings is mainly explained by the size of savings and household wealth. We also observe that our proxy variable for cultural dollarization is associated with wealth and home ownership. Other factors that influence cultural dollarization are age and years of formal education, which are positively and significantly correlated with the use of the US dollar as a unit of account and asset valuation. Larger households, on the other hand, are less culturally dollarized. The evidence points to the key role played by the pricing system in the dollarization culture. |
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Cultural and Financial Dollarization of Households in Uruguay
