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Monetary Unions and Hard PegsEffects on Trade, Financial Development, and Stability$
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Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz

Print publication date: 2004

Print ISBN-13: 9780199271405

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199271402.001.0001

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America's Interest in Dollarization

America's Interest in Dollarization

(p.289) 13 America's Interest in Dollarization
Monetary Unions and Hard Pegs

Benjamin J. Cohen

Oxford University Press

This chapter examines the US interest in dollarization. Formal adoption of the US dollar by other governments creates both opportunities and risks for the United States, political as well as economic. But few benefits and costs can be estimated in advance, leaving much room for disagreement over the likely balance of costs and benefits. The argument here is that, from the US point of view, no presumption either way can be established. Unless directly challenged by efforts elsewhere to establish formal currency blocs, the United States has no interest in promoting a wider role for the greenback.

Keywords:   client capture, currency hegemony, dollar diplomacy, dollarization, political economy of the dollar, US interest

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