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英文文献：Dollarization and the “Unbundling” of Globalization in sub-Saharan Africa-美元化和撒哈拉以南非洲的全球化“脱钩”
英文文献作者：Kazeem B. Ajide,Ibrahim D. Raheem,Simplice A. Asongu
英文文献摘要：
This study contributes to the dollarization literature by expanding its determinants to account for different dimensions of globalization, using the widely employed KOF index of globalization. Specifically, globalization is “unbundled” into three different layers namely: economic, social and political dimensions. The study focuses on 25 sub-Saharan African (SSA) countries for the period 2001-2012.Using the Tobit regression approach, the following findings are established. First, from both economic and statistical relevance, the social and political dimensions of globalization constitute the key dollarization amplifiers, while the explanatory power of the economic component is weaker on dollarization. Second, consistent with the theoretical underpinnings, macroeconomic instabilities (such as inflation and exchange rate volatilities) have the positive expected signs. Third, the positive association between the accumulation of international reserves and dollarization is also apparent. Policy implications are discussed.
本研究利用广泛使用的全球化KOF指数，扩展了美元化的决定因素，以解释全球化的不同维度，为美元化文献做出了贡献。具体来说，全球化被“分解”为三个不同的层面，即经济、社会和政治层面。该研究在2001年至2012年期间关注了25个撒哈拉以南非洲国家。使用Tobit回归方法，我们得到了以下发现。首先，从经济和统计相关性来看，全球化的社会和政治维度是美元化的关键放大因素，而经济成分对美元化的解释力较弱。其次，与理论基础一致的是，宏观经济不稳定(如通胀和汇率波动)具有积极的预期迹象。第三，国际储备积累与美元化之间的正相关关系也十分明显。讨论了政策含义。
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