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•Establishes indirect effects of institutions on financial dollarization.•Indirect channels operate on top of the direct impact identified in the literature.•Analysis is based on a unique policy experiment: the EU admission process.•Impact of main drivers on dollarization significantly lower post-EU entry.•Findings illustrate the multidimensional effect of institutional improvements.
We provide evidence that higher inflation uncertainty leads to higher inflation in the new European Union (EU) member states and candidate countries only prior to EU accession. During EU accession and entry, inflation uncertainty has no effect on mean inflation.
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