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The dihedral that is incorporated to a larger extent in low wings compared to high wings is the result, I belive, of the action of the relative wind on the fuselage during the sideslip that develops when the plane is disturbed from equilibrium along it's longitudinal axis. In both a high wing and low wing airplane, some force such as a gust, let's say under the right wing, will cause rotation to the left and because of adverse yaw, the nose will lag behind and result in a sideslip to the left. In a high wing airplane, the fuselage acts as a "barrier" toward the relative wind and permits the lowered wing to generate lift to counteract the roll to the left and restore the plane to straight and level. In a low wing situation, there is no structure to "interefere" with this change in relative wind. Dihedral creates an inherent angel of attack with the relative wind in a sideslip that has the same effect as the fusealage for a high wing airplane. That is my understanding anyway.
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Sounds like you're describing 'keel effect' which helps directional stability. My understanding is that dihedral improves longitudinal stability, but I guess they affect eachother.