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Regional Perspectives on Dollarization in Canada

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  • Michel Beine
  • Serge Coulombe

Abstract

In this paper we investigate whether it is preferable for Canadian regions to individually adopt the U.S. dollar or to remain with the current currency arrangement. The empirical analysis focuses on the cross-correlations of various business cycle measures of Canadian regions, of Canada, and of the United States. The business cycle investigation is completed by the analysis of two other important criteria for optimum currency areas, industrial specialization and trade interdependence. Our results highlight a significant heterogeneity across Canadian provinces. In particular, it transpires that it could be economically advantageous for the central provinces of Ontario and Quebec and to a lesser extent British Columbia to adopt the U.S. dollar. In contrast, it is not as clear what the other regions should do, the final answer depending on the path the larger three provinces take. Copyright Blackwell Publishing, Inc. 2003

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Regional Science.

Volume (Year): 43 (2003)
Issue (Month): 3 ()
Pages: 541-570

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Handle: RePEc:bla:jregsc:v:43:y:2003:i:3:p:541-570

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Cited by:
  1. John Hawkins & Paul Masson, 2003. "Economic aspects of regional currency areas and the use of foreign currencies," BIS Papers chapters, in: Bank for International Settlements (ed.), Regional currency areas and the use of foreign currencies, volume 17, pages 4-42 Bank for International Settlements.
  2. Alexandra Ferreira-Lopes & Álvaro Pina, 2011. "Business Cycles, Core, and Periphery in Monetary Unions: Comparing Europe and North America," Open Economies Review, Springer, vol. 22(4), pages 565-592, September.
  3. Frédérick Demers & David Dupuis, 2005. "Forecasting Canadian GDP: Region-Specific versus Countrywide Information," Working Papers 05-31, Bank of Canada.
  4. Arthur Grimes, 2005. "Regional and Industry Cycles in Australasia: Implications for a Common Currency," Macroeconomics 0509020, EconWPA.
  5. Michel Beine & Serge Coulombe & Wessel N. Vermeulen, 2012. "Dutch Disease and the Mitigation Effect of Migration: Evidence from Canadian Provinces," CESifo Working Paper Series 3813, CESifo Group Munich.
  6. Robert Dixon & David Shepherd, 2013. "Regional Dimensions of the Australian Business Cycle," Regional Studies, Taylor & Francis Journals, vol. 47(2), pages 264-281, February.
  7. David Shepherd & Robert Dixon, 2010. "The not-so-great moderation? Evidence on changing volatility from Australian regions," Department of Economics - Working Papers Series 1090, The University of Melbourne.
  8. Arthur Grimes, 2005. "Intra & Inter-Regional Shocks: A New Metric with an Application to Australasian Currency Union," Working Papers 05_03, Motu Economic and Public Policy Research.

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