Zykova O. Transformation of dollarization in Latin American countries in the context of globalization.

The author provides a comprehensive study of the features of transformation of dollarization in the context of globalization. The theoretical and methodological bases of the study on the economic nature of dollarization are analysed, the evolution of conceptual approaches to the treatment of dollarization are investigated, the basic scientific approaches to the typology of dollarization under the various classification criteria, with emphasis on the distinction between its forms and types, are systematized. Fundamental macroeconomic development trends of the region in the new environment and the vectors of globalization impact on the exogenous and endogenous factors of dollarization in the face of increasing global trade, financial integration and monetary reforms are examined. The globalization processes specificity in the Latin American region at the present stage has been defined. The hypothesis of dollarization being resistant in the new environment due to systemic effects of economic globalization is proved. The inclusion of the effects of global liquidity fluctuations in the model of monetary regime is justified to ensure the implementation of relevant strategies. Implementation of integrated multi-vector model of de-dollarization, the elements thereof constitute the reformed monetary policy and institutional development of the monetary authorities with the introduction of a flexible inflation targeting regime is grounded. The drivers of financial de-dollarization include macro-prudential regulations, especially through higher loan provisioning and higher capital requirements on dollar loans, asymmetric and countercyclical use of reserve requirements, the development of a capital market in local currency, the development of the domestic debt market (both public and private).