Dollarization

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Dollarization

1.

The Dollarization Debate
by James W. Dean, Dominick Salvatore, Thomas D. Willett. 476 pgs.

Book

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This book takes a global approach, with an emphasis on North and Latin America respectfully, by discussing one of today's most controversial topics in business; Dollarization. With the collapse of the former Soviet Union, and the formation of the Euro in Europe, many countries and debating whether or not a common currency is in their best interest. This intriguing volume brings together the leading participants in the current dollarization debates. Many advocate the notion of acommon currency, while others feel that in doing so will create financial costs for all that take part, with the severity varying from country to country.

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Title Page

Preface

Contents

Contributors

The Dollarization Debate

Introduction

I: General Analysis

1: Currency Areas, Exchange Rate Systems, and International Monetary Reform

A Visionary's View

Notes

References

De Facto Dollarization

2: Currency Substitution, Network Externalities, and Irreversibility

Notes

References

3: The Pros and Cons of Full Dollarization

Pros and Cons

Notes

References

4: Is It Time for a Common Currency for the Americas?

Notes

References

5: Myths and Realities

Notes

References

6: What Problems Can Dollarization Solve?

Notes

References

7: What Use Is Monetary Sovereignty?

References

Notes

8: Thomas D. Willett

One Regime for All Countries?

Notes

References

9: Dollarization Does Not Make Sense Everywhere

Notes

10: The Problem of Dollar Encroachment in Emerging Markets

Notes

References

11: Which Countries in the Americas Should Dollarize?

References

12: Are the Currencies of Financially Small Countries on the Endangered List?

References

13: The Political Dimension

II: Political Economy

References

Note

14: Political Economy Aspects

Notes

References

15: The Political Economy of Dollarization in Mexico

Notes

References

16: Analytic and Political Economy Perspectives

Notes

References

III: North America

17: A Canadian Perspective

Note

References

18: The Merit of a North American Monetary Union

Notes

References

19: Why Canada Needs a Flexible Exchange Rate

Notes

References

IV: Latin America

20: Should Latin America's Common-Law Marriage to the U.S. Dollar Be Legalized? Should Canada's?

Notes

References

21: What Exchange Rate Arrangement Works Best for Latin America?

Notes

References

22: A Dollarization/free-Banking Blueprint for Argentina

Notes

References

23: Argentina's Currency Board and the Case for Macroeconomic Policy Coordination in Mercosur

Notes

References

24: Dollarization and Dedollarization

Notes

References

Index
2.

Dollarization: Lessons from Europe and the Americas
by Louis-Philippe Rochon, Mario Seccareccia. 180 pgs.

Book

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The dollar is well on its way to becoming the world's currency. With literature on the fascinating subject of dollarization sparse at best, this book is impressive in its timeliness as well as its authority.

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Title Page

Contents

Illustrations

Acknowledgments

1: Introduction

Part I: The European Experience

2: The Decline of the Euro in Its First Two Years

3: The European Monetary Union

4: The Theory and Practice of European Monetary Integration

5: Common Currency Lessons from Europe

6: Monetary Policy in a Non-Optimal Currency Union

7: The "Balanced Budget Multiplier" for the Small Open Economy in a Currency Union or for a Province in a Federal State

Part II: Lessons for the Americas

8: Electronic Payments and Exchange Rate Regimes

9: Financial Openness and Dollarization

10: Dollarization as a Tight Rein on the Fiscal Stance

11: Why Ecuador Was Ripe for Dollarization, but Canada is Not

Index
3.

Full Dollarization: Fad or Future?, in Challenge
by Zeljko Bogetic. 32 pgs.

Journal Article
4.

Dollarization Traps, in Journal of Money, Credit & Banking
by John Duffy, Maxim Nikitin, R. Todd Smith. 25 pgs.

Journal Article
5.

When to Dollarize, in Journal of Money, Credit & Banking
by Barry Eichengreen. 24 pgs.

Journal Article
6.

Economic Strategy and National Security: A Next Generation Approach (Chap. 12 "Dollarization")
by Patrick J. DeSouza. 404 pgs.

Book

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The Asian financial crisis, the advent of the Euro, the current banana trade war, and the erosion of America's manufacturing base all illustrate the changing and complex agenda for American foreign policy entering the new millennium. This book arises from a two-year project by the Council on Foreign Relations, one of the world's premier foreign policy think tanks, to articulate a "Next Generation" approach to American foreign policy. The book concludes that our conception of American security must change to address financial and technological opportunities, as well as emerging threats.

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Title Page

Contents

Acronyms

Foreword

Acknowledgments

Chapter 1 Introduction and Overview

Conclusion

Notes

Part I Conceptual Underpinnings

Chapter 2 American Leadership in the Information Age

Introduction

Chapter 3 the Spirit of the Age

Conclusion

Chapter 4 is Anybody Out There Listening?: Communicating Foreign Policy in the Post-Cold War Era

Part II Response to Globalization

Introduction

Chapter 5 Updating Our Conception of Trade Leadership

Conclusion

Notes

Chapter 6 Economic Transformation and Political Reaction: Globalization in Historical Context

Conclusion: Appreciating the American Reform Tradition

Chapter 7 Donations and Double Standards: Trade and Global Public Integrity

Chapter 8: Taking Sanctions into the Twenty-First Century

Part III Capital Markets

Chapter 9 U.S. International Financial Policy

Introduction

Chapter 10: The Internationalization of the Social Security Problem

Chapter 11 U.S. Capital Markets Leadership in the Changing Global Economy

Conclusion

Notes

Chapter 12 Dollarization

Conclusion

Part IV the Information Age

Introduction

Chapter 13 Telecommunications

Chapter 14 the Foreign Policy of the Internet

Conclusion

Notes

Chapter 15 International Venture Capital: The Role of Start-Up Financing in the United States, Europe, and Asia

Conclusion

Notes

Chapter 16 Danger.Com: National Security in a Wired World

Notes

Conclusion

Part V Emerging Markets: Unfinished Business and the Future

Chapter 17 Economic Dimensions of Security in Russia

Introduction

Chapter 18 Changing China-- a Search for Perspective

Chapter 19 Middle Market Capitalism in China

Conclusion

Notes

Chapter 20 Mainstreaming the Americas

Chapter 21: Conclusion

About the Authors

Index
7.

Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability (Chap. 2 "Euroization, Dollarization, and the International Monetary System")
by Volbert Alexander, Jacques Melitz, George M. von Furstenberg. 374 pgs.

Book

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Title Page

Monetary Unions and Hard Pegs

Foreword

Contents

List of Figures

List of Tables

Acknowledgments

References

Notes on Contributors

References

Part I Current and Past Concepts of Monetary Union

2 Euroization, Dollarization, and the International Monetary System

References

3 Unilateral and Multilateral Currency Unions: Thoughts from an Emu Perspective

References

Part II Trade and Price Effects of Monetary Union

5 Geography, Trade, and Currency Union

References

6 Comparing Apples and Oranges: the Effect of Multilateral Currency Unions on Trade

References

7 the Effect of Common Currencies on International Trade: a Meta-Analysis

References

8 Common Currencies and Market Integration Across Cities: How Strong is the Link?

References

Part III Monetary Integration in Latin America

References

Appendix 10.A1 Domestic Policies in Argentina Under the Perspective of the Sudden Stop

References

References

References

Appendix 12.A1 Argentina's Via Crucis

Part IV Common Monies, Political Interests, and Infrastructure

13 America's Interest in Dollarization

13.6 Conclusion

References

16 Currency Substitution in Anticipation of Eu Accession

References

References

Name Index

Subject Index
8.

Dollarization and the Integration of International Capital Markets, in Journal of Money, Credit & Banking
by Valerie R. Bencivenga, Elisabeth Huybens, Timothy J. Kehoe, Bruce D. Smith. 41 pgs.

Journal Article
9.

Stabilization Policy and the Costs of Dollarization, in Journal of Money, Credit & Banking
by Stephanie Schmitt-Grohe, Martin Uribe, Carlos E. J. M. Zarazaga. 36 pgs.

Journal Article
10.

Strict Dollarization and Economic Performance: An Empirical Investigation, in Journal of Money, Credit & Banking
by Sebastian Edwards, I. Igal Magendzo. 12 pgs.

Journal Article
11.

The Benefits of Dollarization When Stabilization Policy Lacks Credibility and Financial Markets Are Imperfect, in Journal of Money, Credit & Banking
by Fernando Alvarez, Enrique G. Mendoza. 34 pgs.

Journal Article
12.

Globalization and National Financial Systems (Chap. 2 "Deposit Dollarization and the Financial Sector")
by James A. Hanson, Patrick Honohan, Giovanni Majnoni. 282 pgs.

Book

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Title Page

Contents

Foreword

Contributors

1: Globalization and National Financial Systems

2: Deposit Dollarization and the Financial Sector

3: Bank Efficiency and Financial System Size

4: Are Small Countries "Underbanked"?

5: Foreign Banks in Low-Income Countries

6: Securities Market Efficiency

7: The Value of International Portfolio Diversification

8: Pension Reform and Pension Service Efficiencies

9: Promoting Pension Funds

10: Regulatory Harmonization and the Globalization of Finance
13.

A Case Against U. S. Dollarization, in Challenge
by George von Furstenberg. 15 pgs.

Journal Article
14.

Dollarization in Latin America: Wave of the Future or Flight to the Past?, in Journal of Economic Issues
by Kenneth P. Jameson. 21 pgs.

Journal Article
15.

Economic Reform and Stabilization in Latin America (Chap. 9 "Monetary Policy, 'Dollarization,' and Parallel Market Exchange Rates: The Case of the Dominican Republic")
by Michael Connolly, Claudio Gonzalez-Vega. 354 pgs.

Book

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Title Page

Acknowledgments

Contents

Preface

Introduction: The Debt Crisis

Introduction

I THE THEORY OF ECONOMIC LIBERALIZATION

1: On the Costs of Temporary Liberalization/Stabilization Experiments

References

2: Economic Liberalization in Less Developed Countries: Guidelines from the Empirical Evidence and Clarification of the Theory

3: The Liberalization of Trade and Capital Flows in Developing Countries: Some Theoretical and Empirical Issues

References

II THE ORDER OF TRADE AND FINANCIAL LIBERALIZATION

4: On the Appropriate Timing and Speed of Economic Liberalization in Developing Countries

References

Notes

5: The Structure of the Banking Sector and the Sequence of Financial Liberalization

References

6: The Use of the Exchange Rate for Stabilization Purposes: The Case of Chile

References

Notes

7: Exchange Rate Policies in Chile: 1933-82

8: Speculation against the Preannounced Exchange Rate in Mexico: January 1983 to June 1985

Bibliography

IV THE ECONOMICS OF THE DOMINICAN REPUBLIC

9: Monetary Policy, "Dollarization," and Parallel Market Exchange Rates: The Case of the Dominican Republic

References

10: Regulated and Nonregulated Financial and Foreign Exchange Markets and Income Inequality in the Dominican Republic

V THE LIBERALIZATION EXPERIENCE OF CHILE AND URUGUAY

11: A Primer on the Chilean Economy: 1973-83

12: Financial Reforms, Stabilization, and Growth under High Capital Mobility: Uruguay 1974-83

Appendix: Chronology of Principal Reforms

Appendix: Chronology of Principal Reforms

VI TRADE POLICY

13: Trade Liberalization, Preferential Agreements, and Their Impact on U.S. Imports from Latin America

References

VII INTEREST RATE POLICY

14: Financial Reform in a Small Open Economy with a Flexible Exchange Rate

References

15: Microeconomic Foundations of Financial Liberalization: Interest Rates, Transactions Costs, and Financial Savings

References

VIII THE FINANCIALLY SUPPRESSED ECONOMY

16: Employment in a Controlled, Open Economy

References

17: Government Revenue from Money Creation in Latin America: 1977-81

References

List of Contributors

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