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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Currency Areas, Exchange Rate Systems, and International Monetary Reform

Chapter:: 1 Currency Areas, Exchange Rate Systems, and International Monetary Reform
Source:: The Dollarization Debate
Author(s):: Robert Mundell
Publisher:: Oxford University Press

DOI:10.1093/0195155351.003.0002

This chapter opens with a discussion on the dollar’s position as the world’s pre-eminent currency. It builds a case for currency unions by advocating monetary rules, suggesting that currency and free trade areas reinforce each other, and rejecting the criticism that “one-size-fits-all” monetary policy will not work across countries with differential growth rates. It then describes the benefits of a single-currency area for the world and how this may be implemented.

Keywords: dollar, currency union, single-currency area, dollarization, free trade, monetary policy, exchange rates

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

Subject(s) in Oxford Scholarship Online

Currency Areas, Exchange Rate Systems, and International Monetary Reform

Robert Mundell