The Dollarization Debate

Paperback | March 15, 2003

EditorDominick Salvatore, James W. Dean, Thomas Willett

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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 debatingwhether 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 a common 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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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 debatingwhether or not a common currency is in their b...

Dominick Salvatore is at Fordham University. James W. Dean is at Simon Fraser University. Thomas Willett is at Claremont Graduate School.

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Format:PaperbackDimensions:496 pages, 6.1 × 9.09 × 0.59 inPublished:March 15, 2003Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:019515536X

ISBN - 13:9780195155365

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Table of Contents

ContributorsDominick Salvatore, James W. Dean, and Thomas D. Willett: IntroductionPart I. General AnalysisA Visionary's View1. Robert Mundell: Currency Areas, Exchange Rate Systems, and International Monetary ReformDe Facto Dollarization2. Edgar L. Feige, Michael Faulend, Velimir andSonje, and Vedran andSoandsic: Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities, and IrreversibilityPros and Cons3. Andrew Berg and Eduardo R. Borensztein: The Pros and Cons of Full Dollarization4. Vittorio Corbo: Is It Time for a Common Currency for the Americas?5. Sebastian Edwards: Dollarization: Myths and Realities6. Barry Eichengreen: What Problems Can Dollarization Solve?7. Kurt Schuler: What Use Is Monetary Sovereignty?One Regime for All Countries?8. Thomas D. Willett: The OCA Approach to Exchange Rate Regimes: A Perspective on Recent Developments9. John Williamson: Dollarization Does Not Make Sense Everywhere10. Ronald I. McKinnon: The Problem of Dollar Encroachment in Emerging Markets11. Dominick Salvatore: Which Countries in the Americas Should Dollarize?12. George M. von Furstenberg: Pressures for Currency Consolidation in Insurance and Finance: Are the Currencies of Financially Small Countries on the Endangered List?Part II. Political Economy13. Benjamin J. Cohen: Monetary Union: The Political Dimension14. Jurgen Schuldt: Latin American Official Dollarization: Political Economy Aspects15. Nancy Neiman Auerbak and Aldo Flores-Quiroga: The Political Economy of Dollarization in Mexico16. Harris Dellas and George S. Tavlas: Lessons of the Euro for Dollarization: Analytic and Political Economy PerspectivesPart III. North America17. Thomas J. Courchene and Richard G. Harris: North American Currency Integration: A Canadian Perspective18. Herbert G. Grubel: The Merit of a North American Monetary Union19. John D. Murray: Why Canada Needs a Flexible Exchange RatePart IV. Latin America20. James W. Dean: Should Latin America's Common-Law Marriage to the U.S. Dollar Be Legalized? Should Canada's?21. Liliana Rojas-Suarez: What Exchange Rate Arrangement Works Best for Latin America?22. Steven H. Hanke: A Dollarization/Free-Banking Blueprint for Argentina23. Jose Maria Fanelli: Argentina's Currency Board and the Case for Macroeconomic Policy Coordination in Mercosur24. Archibald R. M. Ritter and Nicholas P. Rowe: Cuba: "Dollarization" and "Dedollarization"Index

Editorial Reviews

"Among leading experts contributing to this collection , some advocate dollarization, some advocate fixed exchange rates, and some are flexible. Many adopt the view that all exchange rate regimes have costs as well as benefits, and that the cost-benefit ration will vary acrosscountries."--Business Horizons