The Dollarization Debate
Salvatore, Dominick Chair of Economics, Fordham University
Dean, James W. Professor of Economics, Simon Faser University
Willett, Thomas D. Professor of Economics, Claremont Graduate School
Print publication date: 2003 (this edition)
Published to Oxford Scholarship Online: November 2003
Print ISBN-13: 978-0-19-515535-8




17 North American Currency Integration
A Canadian Perspective
doi:10.1093/0195155351.003.0018

Thomas J. Courchene
Richard G. Harris
Abstract: This chapter presents the case for a North American monetary union (NAMU). It focuses on three issues: the downsides of Canada’s floating exchange rate, the arguments for increased exchange rate fixity, and that the long-term objective of exchange rate fixity should be a NAMU. It argues that the NAMU should have a place in Canada’s policy and research agenda, given the emergence of currency arrangements as a supranational public good.

Keywords: Canada, North American monetary union, currency, exchange rate fixity,

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Contents
 
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Full Book Contents
Preface
Introduction
I General Analysis
A Visionary's View
1 Currency Areas, Exchange Rate Systems, and International Monetary Reform
De Facto Dollarization
2 Unofficial Dollarization in Latin America
Pros and Cons
3 The Pros and Cons of Full Dollarization
Pros and Cons
4 Is It Time for a Common Currency for the Americas?
Pros and Cons
5 Dollarization
Pros and Cons
6 What Problems Can Dollarization Solve?
Pros and Cons
7 What Use Is Monetary Sovereignty?
One Regime for All Countries?
8 The OCA Approach to Exchange Rate Regimes
One Regime for All Countries?
9 Dollarization Does not Make Sense Everywhere
One Regime for All Countries?
10 The Problem of Dollar Encroachment in Emerging Markets
One Regime for All Countries?
11 Which Countries in the Americas Should Dollarize?
One Regime for All Countries?
12 Pressures for Currency Consolidation in Insurance and Finance
II Political Economy
13 Monetary Union
14 Latin American Official Dollarization
15 The Political Economy of Dollarization in Mexico
16 Lessons of the Euro for Dollarization
III North America
17 North American Currency Integration
18 The Merit of a North American Monetary Union
19 Why Canada Needs a Flexible Exchange Rate
IV Latin America
20 Should Latin America's Common-Law Marriage to the U.S. Dollar Be Legalized?
21 What Exchange Rate Arrangement Works Best for Latin America?
22 A Dollarization/Free-Banking Blueprint for Argentina
23 Argentina's Currency Board and the Case for Macroeconomic Policy Coordination in Mercosur
24 Cuba
Index
 
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