Chapter

Currency Areas, Exchange Rate Systems, and International Monetary Reform

Robert Mundell

in The Dollarization Debate

Published in print May 2003 | ISBN: 9780195155358
Published online November 2003 | e-ISBN: 9780199832989 | DOI: http://dx.doi.org/10.1093/0195155351.003.0002
Currency Areas, Exchange Rate Systems, and International Monetary Reform

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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 currency and free trade areas reinforce each other, and rejecting the criticism that “one-size-fits-all” monetary policy will not work across countries with differential growth rates. It then describes the benefits of a single-currency area for the world and how this may be implemented.

Keywords: dollar; currency union; single-currency area; dollarization; free trade; monetary policy; exchange rates

Chapter.  14606 words. 

Subjects: International Economics

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