The Dollarization Debate

019515536X......Page 1
Contents......Page 8
Contributors......Page 10
Introduction......Page 18
Part I: General Analysis......Page 30
1 Currency Areas, Exchange Rate Systems, and International Monetary Reform......Page 32
2 Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities, and Irreversibility......Page 61
3 The Pros and Cons of Full Dollarization......Page 87
4 Is It Time for a Common Currency for the Americas?......Page 117
5 Dollarization: Myths and Realities......Page 126
6 What Problems Can Dollarization Solve?......Page 144
7 What Use Is Monetary Sovereignty?......Page 155
8 The OCA Approach to Exchange Rate Regimes: A Perspective on Recent Developments......Page 169
9 Dollarization Does Not Make Sense Everywhere......Page 187
10 The Problem of Dollar Encroachment in Emerging Markets......Page 192
11 Which Countries in the Americas Should Dollarize?......Page 211
12 Pressures for Currency Consolidation in Insurance and Finance: Are the Currencies of Financially Small Countries on the Endangered List?......Page 221
Part II: Political Economy......Page 234
13 Monetary Union: The Political Dimension......Page 236
14 Latin American Official Dollarization: Political Economy Aspects......Page 253
15 The Political Economy of Dollarization in Mexico......Page 281
16 Lessons of the Euro for Dollarization: Analytic and Political Economy Perspectives......Page 298
Part III: North America......Page 312
17 North American Currency Integration: A Canadian Perspective......Page 314
18 The Merit of a North American Monetary Union......Page 333
19 Why Canada Needs a Flexible Exchange Rate......Page 356
Part IV: Latin America......Page 378
20 Should Latin America’s Common-Law Marriage to the U.S. Dollar Be Legalized? Should Canada’s?......Page 380
21 What Exchange Rate Arrangement Works Best for Latin America?......Page 390
22 A Dollarization/Free-Banking Blueprint for Argentina......Page 402
23 Argentina’s Currency Board and the Case for Macroeconomic Policy Coordination in Mercosur......Page 416
24 Cuba: “Dollarization” and “Dedollarization”......Page 440
A......Page 464
B......Page 465
C......Page 466
D......Page 470
E......Page 473
F......Page 475
G......Page 477
H......Page 478
I......Page 479
K......Page 480
L......Page 481
M......Page 482
O......Page 484
P......Page 485
R......Page 486
S......Page 487
T......Page 488
U......Page 489
W......Page 490
Z......Page 491