Financial dollarization: Trojan horse for Ukraine?

Dollarization and financial integration

This paper builds a simple theoretical model designed to study dollarization. Each period, a benevolent government decides whether or not to dollarize, how much to borrow or lend on an international bond market, and, if dollarization has not occurred, the devaluation rate. In equilibrium, international borrowing is limited endogenously such that the government always chooses to repay when the p...

ELT: A Trojan Horse in Disguise?

Many people believe that language teaching is a neutral practice. However, this belief is not without its own opponents. To many scholars, teaching languages cannot be devoid of teaching cultural values of the target language, which tacitly aims at denigrating cultural values of the community of the learners who are learning it. The ultimate purpose of such cultural oppression, according to the...

TESOL: Trojan Horse of Globalisation

An intestinal Trojan horse for gene delivery.

The intestinal epithelium forms an essential element of the mucosal barrier and plays a critical role in the pathophysiological response to different enteric disorders and diseases. As a major enteric dysfunction of the intestinal tract, inflammatory bowel disease is a genetic disease which results from the inappropriate and exaggerated mucosal immune response to the normal constituents in the ...

Financial Dollarization and Central Bank Crediblity.∗

Why do firms and banks hold foreign currency denominated liabilities? In this paper, we argue that foreign currency debt, by altering the effect of a devaluation on output, has a disciplining effect when the Central Bank’s objectives differ from the social optimum. However, under imperfect information, bad priors about the Central Bank induce excess dollarization of liabilities, which in turn l...