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Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities, and Irreversibility

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

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0003
Subject:
Economics and Finance, International

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 ... More


Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz (eds)

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.001.0001
Subject:
Economics and Finance, Economic Systems

Financial services with global reach are a highly information-intensive business. In it, the ability to deliver reliable price formation, global liquidity, and network benefits is increasingly ... More


Euroization, Dollarization, and the International Monetary System

Dominick Salvatore

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0002
Subject:
Economics and Finance, Economic Systems

A great debate has been taking place in many nations, especially small ones, in Central, Eastern, and Southern Europe, in the Baltic States, and in the Americas on the need and benefits of abandoning ... More


Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons

Guillermo A. Calvo, Alejandro Izquierdo, and Ernesto Talvi

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0010
Subject:
Economics and Finance, Economic Systems

Argentina’s vulnerability to Sudden Stops in capital flows provides an alternative explanation for the fall of Argentina’s Convertibility Program. Sudden Stops are typically accompanied by a ... More


Living and Dying with Hard Pegs: The Rise and Fall of Argentina's Currency Board

Augusto de la Torre, Eduardo Levy Yeyati, and Sergio L. Schmukler

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0011
Subject:
Economics and Finance, Economic Systems

The rise and fall of Argentina’s currency board illustrates the extent to which the advantages of hard pegs have been overstated. The currency board did not promote fiscal or monetary discipline, and ... More


America's Interest in Dollarization

Benjamin J. Cohen

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0013
Subject:
Economics and Finance, Economic Systems

This chapter examines the US interest in dollarization. Formal adoption of the US dollar by other governments creates both opportunities and risks for the United States, political as well as ... More


Dollarization and Euroization in Transition Countries: Currency Substitution, Asset Substitution, Network Externalities, and Irreversibility

Edgar L. Feige and James W. Dean

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0014
Subject:
Economics and Finance, Economic Systems

The chapter examines the extent, causes and consequences of transition countries’ use of foreign currency as a co-circulating medium of exchange and store of value. Using new estimates of foreign ... More


The Dollarization Debate

Dominick Salvatore, James W. Dean, and Thomas D. Willett (eds)

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.001.0001
Subject:
Economics and Finance, International

This book presents a compilation of papers that explore the dollarization debate. The prevailing view is that all exchange rate regimes have benefits and costs, which will vary across countries. The ... More


Sudden Stop, Financial Factors, and Economic Collapse in Latin America: Learning from Argentina and Chile 1

Guillermo A. Calvo and Ernesto Talvi

in The Washington Consensus Reconsidered: Towards a New Global Governance

Published in print:
2008
Published Online:
May 2008
ISBN:
9780199534081
eISBN:
9780191714658
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199534081.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter shows that the Russian 1998 crisis had a big impact on capital flows to Emerging Market Economies (EMEs), especially in Latin America, and that the impact of the Russian shock differs ... More


Introduction

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

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0001
Subject:
Economics and Finance, International

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 dollarization ... More


Currency Areas, Exchange Rate Systems, and International Monetary Reform

Robert Mundell

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0002
Subject:
Economics and Finance, International

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 ... More


The Pros and Cons of Full Dollarization

Andrew Berg and Eduardo R. Borensztein

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0004
Subject:
Economics and Finance, International

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 an ... More


Is It Time for a Common Currency for the Americas?

Vittorio Corbo

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0005
Subject:
Economics and Finance, International

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 goods and ... More


What Problems Can Dollarization Solve?

Barry Eichengreen

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0007
Subject:
Economics and Finance, International

This chapter examines the impact of dollarization on the pace of fiscal, financial, and labour market reform. It argues that despite the existence of theoretical models, and evidence from countries ... More


What Use Is Monetary Sovereignty?

Kurt Schuler

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0008
Subject:
Economics and Finance, International

This chapter discusses the meaning, purpose, scope, and expected benefits of monetary sovereignty. Monetary sovereignty has become the focus of recent debates on dollarization, currency boards, and ... More


Dollarization Does not Make Sense Everywhere

John Williamson

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0010
Subject:
Economics and Finance, International

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 circumstances. It ... More


Which Countries in the Americas Should Dollarize?

Dominick Salvatore

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0012
Subject:
Economics and Finance, International

This chapter discusses the benefits and costs of full dollarization. Benefits include lower transaction costs, lower inflation and interest rates, and increased openness and international financial ... More


Monetary Union: The Political Dimension

Benjamin J. Cohen

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0014
Subject:
Economics and Finance, International

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 formal ... More


Latin American Official Dollarization: Political Economy Aspects

Jürgen Schuldt

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0015
Subject:
Economics and Finance, International

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 the ... More


The Political Economy of Dollarization in Mexico

Nancy Neiman Auerbach and Aldo Flores‐Quiroga

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0016
Subject:
Economics and Finance, International

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 policymaking ... More


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