Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Contents......Page 10
List of Figures......Page 12
List of Tables......Page 14
Acknowledgments......Page 16
Notes on Contributors......Page 18
1. Editorial Introduction to the Volume and Detailed Introductions to Each of its Four Parts......Page 26
PART I. CURRENT AND PAST CONCEPTS OF MONETARY UNION......Page 50
2. Euroization, Dollarization, and the International Monetary System......Page 52
3. Unilateral and Multilateral Currency Unions: Thoughts from an EMU Perspective......Page 66
4. International Money and Common Currencies in Historical Perspective......Page 76
PART II. TRADE AND PRICE EFFECTS OF MONETARY UNION......Page 92
5. Geography, Trade, and Currency Union......Page 94
6. Comparing Apples and Oranges: The Effect of Multilateral Currency Unions on Trade......Page 114
7. The Effect of Common Currencies on International Trade: A Meta-Analysis......Page 126
8. Common Currencies and Market Integration Across Cities: How Strong is the Link?......Page 138
PART III. MONETARY INTEGRATION IN LATIN AMERICA......Page 158
9. Trade Agreements, Exchange Rate Disagreements......Page 160
10. Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina\'s Lessons......Page 176
11. Living and Dying with Hard Pegs: The Rise and Fall of Argentina\'s Currency Board......Page 208
12. The Anatomy of a Multiple Crisis: Why was Argentina Special and What Can We Learn from It?......Page 256
PART IV. COMMON MONIES, POLITICAL INTERESTS, AND INFRASTRUCTURE......Page 312
13. America\'s Interest in Dollarization......Page 314
14. Dollarization and Euroization in Transition Countries: Currency Substitution, Asset Substitution, Network Externalities, and Irreversibility......Page 328
15. Electronic Money and the Optimal Size of Monetary Unions......Page 346
16. Currency Substitution in Anticipation of EU Accession......Page 362
17. Allocating Lending of Last Resort and Supervision in the Euro Area......Page 372
F......Page 386
M......Page 387
T......Page 388
Z......Page 389
A......Page 390
C......Page 391
D......Page 392
E......Page 393
G......Page 394
L......Page 395
M......Page 396
S......Page 397
U......Page 398
Y......Page 399