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The Dollarization Debate$
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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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Currency Areas, Exchange Rate Systems, and International Monetary Reform

Currency Areas, Exchange Rate Systems, and International Monetary Reform

1 Currency Areas, Exchange Rate Systems, and International Monetary Reform
The Dollarization Debate

Robert Mundell

Oxford University Press

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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