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

Print publication date: 2003

Print ISBN-13: 9780195155358

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195155351.001.0001

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ContentsFRONT 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
III North America
IV Latin America
END MATTER
Index

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Which Countries in the Americas Should Dollarize?

Chapter:: 11 Which Countries in the Americas Should Dollarize?
Source:: The Dollarization Debate
Author(s):: Dominick Salvatore (Contributor Webpage)
Publisher:: Oxford University Press

DOI:10.1093/0195155351.003.0012

This chapter discusses the benefits and costs of full dollarization. Benefits include lower transaction costs, lower inflation and interest rates, and increased openness and international financial integration. Costs include lost seigniorage, loss of independent monetary and exchange rate policies, and loss of lender of last resort. The best candidates for full dollarization are small countries in Latin America and the Caribbean with small open economies for which the United States is the dominant economic partner.

Keywords: dollarization, Latin America, benefits, costs, currency

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

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Which Countries in the Americas Should Dollarize?

Dominick Salvatore (Contributor Webpage)