The Dollarization Debate

Author : Dominick Salvatore
Publisher : Oxford University Press
ISBN 13 : 0195155351
Total Pages : 491 pages
Book Rating : 4.58/5 ( download)

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Download or read book The Dollarization Debate written by Dominick Salvatore and published by Oxford University Press. This book was released on 2003 with total page 491 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a global approach by discussing one of today's most controversial topics in business; dollarization. Since the collapse of the Soviet Union, and the formation of the Euro, many countries are debating whether or not a common currency is in their best interest.

Author : Dominick Salvatore
Publisher :
ISBN 13 : 9781602567160
Total Pages : 490 pages
Book Rating : 4.66/5 ( download)

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Download or read book The Dollarization Debate written by Dominick Salvatore and published by . This book was released on 2003 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a global approach by discussing one of today's most controversial topics in business; dollarization. Since the collapse of the Soviet Union, and the formation of the Euro many countries are debating whether or not a common currency is in their best interest.

Author : Eduardo Levy Yeyati
Publisher : MIT Press
ISBN 13 : 9780262122504
Total Pages : 364 pages
Book Rating : 4.02/5 ( download)

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Download or read book Dollarization written by Eduardo Levy Yeyati and published by MIT Press. This book was released on 2003 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theoretical and empirical analysis of de jure dollarization. With the persistent instability of international financial markets, emerging economies are exploring new ways to reduce exposure to capital flow volatility. Some analysts argue that financially open economies are best served by more flexible regimes, while others argue in favor of extreme exchange rate regimes that have a strong commitment to a fixed parity or dispense with an independent currency. The successful launch of the euro has made more realistic the prospect of replacing a national currency with a strong foreign one. Recent examples include the adoption of the US dollar by Ecuador and El Salvador. The introduction of a foreign currency as sole legal tender, termed full (de jure) dollarization, has been the center of much political and academic debate. This book provides a comprehensive analysis of the issues from both theoretical and empirical perspectives. The topics discussed include the role of balance sheet effects, the linkage between currency risk and country risk, the impact of dollarization on trade, financial integration and credibility, the implications of dollarization for the lender of last resort, and the institutional and political economy aspects of dollarization.

Author : Pablo Druck
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.40/5 ( download)

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Download or read book The Twin Risks in the Dollarization Debate written by Pablo Druck and published by . This book was released on 2001 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Alain Ize
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451862065
Total Pages : 31 pages
Book Rating : 4.67/5 ( download)

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Download or read book Financial De-Dollarization: Is It for Real? written by Alain Ize and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-09-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: De facto (unofficial) dollarization, defined as the holding by residents of assets and liabilities denominated in a foreign currency, is a policy concern in an increasing number of developing economies. This paper addresses the dollarization debate from this perspective, with the goal of setting the stage for a more detailed and focused discussion of whether de-dollarization should be a policy objective and, if so, how best to pursue this objective. We review existing theories of de facto dollarization and the extent to which they are supported by the available evidence, presents the main strategies for reform, and proposes a list of policy recommendations.

Author : Dominick Salvatore
Publisher : Oxford University Press
ISBN 13 : 0190288671
Total Pages : 476 pages
Book Rating : 4.79/5 ( download)

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Download or read book The Dollarization Debate written by Dominick Salvatore and published by Oxford University Press. This book was released on 2003-03-27 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Paul Bowles
Publisher : United Nations Publications
ISBN 13 : 9789211216172
Total Pages : 27 pages
Book Rating : 4.76/5 ( download)

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Download or read book The Political Economy of Mexico's Dollarization Debate written by Paul Bowles and published by United Nations Publications. This book was released on 2006 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Between 1998 and 2002 Mexico was host to an intense debate over dollarization. This paper examines the conjunctural factors which led to the emergence of this debate, reviews the main participants in the debate and their arguments, and discusses why the debate ended. We further argue that the Mexican debate can best be understood not as one between rival ideological positions but between different, say, mainstream neo-liberal positions. There is no mainstream consensus on the preferred form of the institutional governance of money. The Mexican debate on dollarization reflects this rather than simply the imperatives of global market pressures. Publishing Agency: United.

Author : Roberto Chang
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.15/5 ( download)

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Download or read book Dollarization written by Roberto Chang and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses major analytical aspects of dollarization and their practical implications. We develop a simple model to stress that dollarization implies the loss of independent monetary policy and of seigniorage, yet the significance of such losses can only be evaluated in conjunction with assumptions about the policymaking process. If the government is benevolent and has no credibility problems, dollarization causes a fall in welfare, which can be measured by the implied seigniorage loss or using Mundellian optimal currency area criteria. However, outcomes are rather different if credibility is absent and dollarization can serve as a commitment device: the welfare impact of dollarization is ambiguous, and seigniorage measures and Mundellian criteria may be misleading indicators of the true cost of dollarization. We also evaluate other implications of dollarization, such as those related to last resort lending and financial stability.

Author : Emilio Ocampo
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.36/5 ( download)

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Download or read book Dollarization Dynamics written by Emilio Ocampo and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze a recent paper that claims that dollarizing an economy in the presence of a "dollar shortage" will provoke an immediate sharp reduction in real output and welfare. We find many problems with the model that supports this conclusion: confusion about the nature of a dollar shortage and its practical implications, invalid assumptions, invariant calibration in the presence of a regime change and lack of empirical testing. In our opinion, the paper does not make a valuable contribution to the dollarization debate nor provide useful guidance to policymakers. The proposed model is based on unrealistic assumptions and its predictions are contradicted by the available evidence. A more promising and useful line of research would have been to investigate what happens to a dollarized economy in a scenario of exchange rate overshooting and how it compares in relation to other stabilization plans.

Author : Matias Vernengo
Publisher : Edward Elgar Publishing
ISBN 13 : 1847200257
Total Pages : 319 pages
Book Rating : 4.59/5 ( download)

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Download or read book Monetary Integration and Dollarization written by Matias Vernengo and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together an impressive and diverse group of authors to discuss its central theme: whether or not the dollarized international monetary system is sustainable in the context of the global economy it helped create. In addition to its uniquely well-rounded and comprehensive coverage of the issues, this lively and highly readable volume provides an accurate assessment of the lack of consensus in the current debate. A must read for anyone interested in currency crises and the increasing vulnerability of the dollar. Jane D Arista, Director of Progams, Financial Markets Center, US This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly, the book argues, the main advantage of monetary integration in the OCA context is the reduction of transaction costs, yet the validity of OCA to analyze processes of monetary integration seems to be limited at best. The contributors in this volume try to go beyond the OCA model and understand the political economy of monetary integration by comparing the European Monetary Union with the dollarization (formal and informal) process in Latin America. The contributors, many of whom are leading lights, reflect the disagreements and the changing views on the proper monetary arrangements in a globalized world and suggest that monetary integration and dollarization are not the solution for the great majority of countries around the world. Monetary Integration and Dollarization brings together mainstream and heterodox views of monetary integration and uses the European and North American experiences as a guide for the discussion of dollarization in developing countries. It will appeal to scholars, researchers and policy makers in the fields of financial and international economics.