emergence of new financial instruments along with the capital
account liberalization (Box...process of dollarization in the case of Bolivia, Mexico,
Peru, and Uruguay.
...
Personal Consumption / 7
Investment Consumption / 8
Government Consumption / 8
Box...Instruments of Monetary Policy / 23
Reserve Money and International Reserves / 25...
rates stands out as a risk
for households’ ability to service their debt (see Box...21
20
22
pe
rc
en
ta
ge
po
in
ts
an
nu
al
ra
te
of
ch
an
ge
, %
...
