Notes

Developments, methods and visualization

Notes to explain the economy with data: economic developments, quantitative methods and visualization, without unnecessary jargon. Each one starts from a concrete question and rests on original data — with the figure, the source and the method in plain view.

Publications

1 published
Working paper · October 2026

Financial Dollarization and International Reserve Holdings: Cross-Country Evidence from Emerging and Developing Economies

Carlos Giraldo, Iader Giraldo-Salazar, Valeria Saldaña and Pablo Ruiz-Carrizosa

International reservesFinancial dollarizationRandom ForestPanel data

Does deposit dollarization condition the relationship between international reserves and their conventional determinants?

Using a panel of about 130 countries over 2000–2022, Random Forest models and fixed-effects regressions, the paper finds that in more dollarized economies financial depth, banking-sector liquidity and short-term external liabilities become more relevant, while trade-related variables lose weight.

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Covers: public domain and CC0 images — NASA, U.S. Bureau of Engraving and Printing, David McBee and Wikimedia Commons.

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