Book

The Dollarization Debate

Edited by Dominick Salvatore, James W. Dean [[missing key: and]] Thomas D. Willett

Published in print May 2003 | ISBN: 9780195155358
Published online November 2003 | e-ISBN: 9780199832989 | DOI: https://dx.doi.org/10.1093/0195155351.001.0001
The Dollarization Debate

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Argentina's Currency Board and the Case for Macroeconomic Policy Coordination in Mercosur

José María Fanelli.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 9836 words.

This chapter examines the pros and cons of macroeconomic policy coordination in Mercosur. It reviews the macroeconomic functioning of the Argentine economy under convertibility, and the...

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Cuba

Archibald R. M. Ritter and Nicholas Rowe.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 10321 words.

This chapter examines the dollarization in the Cuban economy. It argues that switching to the euro would create more problems than it would solve, despite its political attractiveness to...

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Currency Areas, Exchange Rate Systems, and International Monetary Reform

Robert Mundell.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 14606 words.

This chapter opens with a discussion on the dollar’s position as the world’s pre-eminent currency. It builds a case for currency unions by advocating monetary rules, suggesting that...

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Dollarization

Sebastian Edwards.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 7050 words.

This chapter examines the economic performance of dollarized countries. It argues that dollarized nations have slower growth, similar fiscal record, have not been spared from major current...

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Dollarization Does not Make Sense Everywhere

John Williamson.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 1966 words.

This chapter argues that dollarization should not be debated in the abstract, assuming that the advantages are the same everywhere. Policy should differ in accordance with different...

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A Dollarization/Free‐Banking Blueprint for Argentina

Steve H. Hanke.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 6504 words.

This chapter analyses the impact of official dollarization on Argentina’s economy. It argues that replacing the peso issued by the central bank with dollar-denominated notes issued by...

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Introduction

Dominick Salvatore, James W. Dean and Thomas D. Willett.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 5368 words.

This introductory chapter begins with an overview of the dollarization debate, which essentially calls for the reevaluation of countries’ exchange rate policies. It argues that although...

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Is It Time for a Common Currency for the Americas?

Vittorio Corbo.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 3877 words.

This chapter examines the costs and benefits of full dollarization in Latin America. Dollarization may benefit countries with poor records on financial stability, and whose bulk of trade in...

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Latin American Official Dollarization

Jürgen Schuldt.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 12641 words.

Most of the economies of the Latin American subcontinent are expected to dollarize officially before 2010. When this occurs, two or more similar monetary blocs will emerge, configured like...

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Lessons of the Euro for Dollarization

Harris Dellas and George S. Tavlas.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 5842 words.

This chapter examines the implications of the euro experiment for dollarization in Latin America. It is argued that for Latin American countries, the potential political benefits of a new...

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The Merit of a North American Monetary Union

Herbert G. Grubel.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 9721 words.

This chapter examines the benefits and costs of a common currency for Canada, the United States, and Mexico. It is argued that the experience of the European Monetary Union and countries...

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Monetary Union

Benjamin J. Cohen.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 7757 words.

This chapter focuses on the political dimension of monetary union — key domestic and international political issues involved when sovereign states consider either currency unification or...

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North American Currency Integration

Thomas J. Courchene and Richard G. Harris.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 8563 words.

This chapter presents the case for a North American monetary union (NAMU). It focuses on three issues: the downsides of Canada’s floating exchange rate, the arguments for increased exchange...

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The OCA Approach to Exchange Rate Regimes

Thomas D. Willett.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 8237 words.

This chapter reviews recent developments in optimal currency area (OCA) theory. It argues that criticisms do not undermine the OCA approach, but rather add to the number of relevant...

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The Political Economy of Dollarization in Mexico

Nancy Neiman Auerbach and Aldo Flores‐Quiroga.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 7712 words.

This chapter examines the dollarization debate in Mexico. It explains the political economy of dollarization by disaggregating interests among key domestic actors, and considering the...

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Pressures for Currency Consolidation in Insurance and Finance

George M. von Furstenberg.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 5265 words.

E-commerce, regional economic integration, and global liberalization have eroded the monopoly of small currencies in their home markets. These factors now threaten the continued viability...

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The Problem of Dollar Encroachment in Emerging Markets

Ronald I. McKinnon.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 8554 words.

This chapter examines the monetary and exchange rate policies of Canada, Latin America, and East Asia toward the dollar. The central role of the dollar in international finance has the...

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The Pros and Cons of Full Dollarization

Andrew Berg and Eduardo R. Borensztein.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 10897 words.

This chapter examines the benefits and costs of full dollarization. It considers emerging market economies in Latin America exposed to volatile capital flows, but not necessarily close, in...

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Should Latin America's Common‐Law Marriage to the U.S. Dollar Be Legalized?

James W. Dean.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 4042 words.

Informal or “de facto” dollarization, which is well established all over Latin America, may be irreversible. It has rendered monetary policy relatively impotent, and active exchange rate...

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Unofficial Dollarization in Latin America

Edgar L. Feige, Michael Faulend, Velimir Šonje and Vedran Šošić.

in The Dollarization Debate

May 2003; p ublished online November 2003 .

Chapter. Subjects: International Economics. 9743 words.

This chapter examines the extent to which the U.S. dollar has become the de facto currency in Latin America. The amounts of U.S. dollars in circulation in various Latin American countries...

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