The Dollarization Debate / Edition 1

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This book takes a global approach, with an emphasis on North and Latin America respectfully, by discussing one of today's most controversial topics in business; Dollarization. With the collapse of the former Soviet Union, and the formation of the Euro in Europe, many countries and debating whether or not a common currency is in their best interest. This intriguing volume brings together the leading participants in the current dollarization debates. Many advocate the notion of a common currency, while others feel that in doing so will create financial costs for all that take part, with the severity varying from country to country.
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Editorial Reviews

From the Publisher
Dollarization is currently a very hot topic and I think the coverage in the media of the pros and cons of dollarization has been confusing and incomplete. This is an important and timely topic; it is useful to summerize the main findings of the research. There has also been a great deal of discussion among policymakers and it is useful toput that discussion in context. This should be a fascinating read for those interested in global macroeconomics and the problems of exchange rate management and stability—Linda Tesar, Professor of Economics, University of Michigan

"Among leading experts contributing to this collection , some advocate dollarization, some advocate fixed exchange rates, and some are flexible. Many adopt the view that all exchange rate regimes have costs as well as benefits, and that the cost-benefit ration will vary across countries."—Business Horizons

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Product Details

  • ISBN-13: 9780195155365
  • Publisher: Oxford University Press, USA
  • Publication date: 3/27/2003
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 496
  • Product dimensions: 9.10 (w) x 6.10 (h) x 0.60 (d)

Meet the Author

Fordham University, NY

Simon Frazer University

Claremont Institute for Economic Policy Studies

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Table of Contents

Introduction 3
1 Currency Areas, Exchange Rate Systems, and International Monetary Reform 17
2 Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities, and Irreversibility 46
3 The Pros and Cons of Full Dollarization 72
4 Is It Time for a Common Currency for the Americas? 102
5 Dollarization: Myths and Realities 111
6 What Problems Can Dollarization Solve? 129
7 What Use Is Monetary Sovereignty? 140
8 The OCA Approach to Exchange Rate Regimes: A Perspective on Recent Developments 154
9 Dollarization Does Not Make Sense Everywhere 172
10 The Problem of Dollar Encroachment in Emerging Markets 177
11 Which Countries in the Americas Should Dollarize? 196
12 Pressures for Currency Consolidation in Insurance and Finance: Are the Currencies of Financially Small Countries on the Endangered List? 206
13 Monetary Union: The Political Dimension 221
14 Latin American Official Dollarization: Political Economy Aspects 238
15 The Political Economy of Dollarization in Mexico 266
16 Lessons of the Euro for Dollarization: Analytic and Political Economy Perspectives 283
17 North American Currency Integration: A Canadian Perspective 299
18 The Merit of a North American Monetary Union 318
19 Why Canada Needs a Flexible Exchange Rate 341
20 Should Latin America's Common-Law Marriage to the U.S. Dollar Be Legalized? Should Canada's? 365
21 What Exchange Rate Arrangement Works Best for Latin America? 375
22 A Dollarization/Free-Banking Blueprint for Argentina 387
23 Argentina's Currency Board and the Case for Macroeconomic Policy Coordination in Mercosur 401
24 Cuba: "Dollarization" and "Dedollarization" 425
Index 449
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