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The Dollarization Debate » (1st Edition)

Book cover image of The Dollarization Debate by Dominick Salvatore

Authors: Dominick Salvatore (Editor), James W. Dean (Editor), Thomas D. Willett
ISBN-13: 9780195155365, ISBN-10: 019515536X
Format: Paperback
Publisher: Oxford University Press, USA
Date Published: March 2003
Edition: 1st Edition

Author Biography: Dominick Salvatore

Fordham University, NY

Simon Frazer University

Claremont Institute for Economic Policy Studies

Book Synopsis

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.

	Contributors
	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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The Dollarization Debate » (1st Edition)

Author Biography: Dominick Salvatore

Book Synopsis

Table of Contents

Subjects