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The Dollarization Debate
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The Dollarization Debate

Dominick Salvatore, James W. Dean, and Thomas D. Willett

Abstract

This book presents a compilation of papers that explore the dollarization debate. The prevailing view is that all exchange rate regimes have benefits and costs, which will vary across countries. The book is divided into four parts. Part I presents a general analysis of the dollarization debate. Part II focuses on the political economy. Part III looks into the dollarization debate in North America. Part IV considers the case for dollarization in Latin America.

Keywords: dollarization, exchange rate regime, currency

Bibliographic Information

Print publication date: 2003 Print ISBN-13: 9780195155358
Published to Oxford Scholarship Online: November 2003 DOI:10.1093/0195155351.001.0001

Authors

Affiliations are at time of print publication.

Dominick Salvatore, Editor
Fordham University
Author Webpage

James W. Dean, Editor
Simon Faser University
Author Webpage

Thomas D. Willett, Editor
Claremont Graduate School
Author Webpage

Contents

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Front Matter

Title Pages

Preface

Contributors

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

End Matter

Index