Unofficial Dollarization in Latin America

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

in The Dollarization Debate

Published in print May 2003 | ISBN: 9780195155358
Published online November 2003 | e-ISBN: 9780199832989 | DOI:
Unofficial Dollarization in Latin America

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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 were estimated. Argentina had the highest level of de facto dollarization. It represents a classic case of hysteresis, suggesting that once a threshold level of dollarization is reached, it may be maintained, producing what is called a dollarization “irreversibility”.

Keywords: unofficial dollarization; Latin America; Argentina; currency; dollarization irreversibility

Chapter.  9743 words.  Illustrated.

Subjects: International Economics

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