Currency Unions

Overview

Currency Unions reviews the traditional case for flexible exchange rates and "countercyclical"—that is, expansionary during recessions and contractionary in booms—monetary policy, and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates—and why fixed rates, particularly full dollarization—might be a more sensible choice for some emerging-market countries. The contributors ...
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Overview

Currency Unions reviews the traditional case for flexible exchange rates and "countercyclical"—that is, expansionary during recessions and contractionary in booms—monetary policy, and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates—and why fixed rates, particularly full dollarization—might be a more sensible choice for some emerging-market countries. The contributors also detail the factors that determine the optimal sizes of currency unions, explain how currency union greatly expands the volume of international trade among its members, and examine the recent implementation of dollarization in Ecuador.
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Product Details

  • ISBN-13: 9780817928421
  • Publisher: Hoover Institution Press
  • Publication date: 10/1/2001
  • Series: Publication Series
  • Pages: 86
  • Product dimensions: 6.00 (w) x 8.90 (h) x 0.30 (d)

Meet the Author

Alberto Alesina received his Ph.D. in 1986 from Harvard, where he became a full professor in 1993. Robert J. Barro is a senior fellow at the Hoover Institution and the Robert C. Waggoner Professor of Economics at Harvard University. He is an editor of the Quarterly Journal of Economics.
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Table of Contents

Acknowledgments vii
About the Authors ix
Introduction xv
1 Ecuador and the International Monetary Fund 1
2 One Country, One Currency? 11
3 Dollarization and Integration 21
4 An Estimate of the Effect of Currency Unions on Trade and Growth 31
5 Reflections on Dollarization 39
6 Coping with Terms of Trade Shocks: Pegs versus Floats 49
7 Monetary Independence in Emerging Markets: The Role of the Exchange-Rate Regime 57
8 Dollarization of Liabilities, Financial Fragility, and Exchange-Rate Policy 67
9 Do We Really Need a New Global Monetary Compact? 77
Index 83
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