La dollarisation intégrale : une option monétaire de dernier ressort pour l'Amérique latine ?
AbstractThis article will examine the question of complete dollarization in Latin America. Because of the opportunity cost of dollarization, replacing a national currency with a foreign currency is a solution of last resort to the financial instability of Latin American economies. To clarify the discussion, a typology of dollarization regimes is drawn up in order to make an inventory of officially dollarized countries and territories. To determine what is at stake in such decisions, advantage cost analysis mentions, first of all, the expected benefits highlighted by the advocates of full dollarization. An examination of its potential impact will then allow us to evaluate the induced costs of the disappearance of national currencies. Finally, by looking at Latin American countries which have selected this monetary option, the limits of adopting such a solution are mentioned, particularly by the fact that the disappearance of national currencies leads to the loss of a powerful symbol of national identity.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by De Boeck Université in its journal Mondes en développement.
Volume (Year): 130 (2005)
Issue (Month): 2 ()
Contact details of provider:
Web page: http://www.cairn.info/revue-mondes-en-developpement.htm
Full dollarization; Latin America; exchange rate regime; monetary;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- William C. Gruben & Mark A. Wynne & Carlos E.J.M. Zarazaga, 2001. "Dollarization and monetary unions: implementation guidelines," Center for Latin America Working Papers 0201, Federal Reserve Bank of Dallas.
- Guillermo A. Calvo, 2001.
"Capital markets and the exchange rate with special reference to the dollarization debate in Latin America,"
Federal Reserve Bank of Cleveland, pages 312-338.
- Calvo, Guillermo A, 2001. "Capital Markets and the Exchange Rate with Special Reference to the Dollarization Debate in Latin America," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 312-34, May.
- Andrew Berg & Eduardo Borensztein & Paolo Mauro, 2002.
"An Evalution of Monetary Regime Options for Latin America,"
67, Oesterreichische Nationalbank (Austrian Central Bank).
- Berg, Andrew & Borensztein, Eduardo & Mauro, Paolo, 2002. "An evaluation of monetary regime options for Latin America," The North American Journal of Economics and Finance, Elsevier, vol. 13(3), pages 213-235, December.
- Andrew Berg & Eduardo Borensztein & Paolo Mauro, 2002. "An Evaluation of Monetary Regime Options for Latin America," Working Papers Central Bank of Chile 178, Central Bank of Chile.
- Andrew Berg & Paolo Mauro & Eduardo Borensztein, 2002. "An Evaluation of Monetary Regime Options for Latin America," IMF Working Papers 02/211, International Monetary Fund.
- Jeffrey A. Frankel & Andrew K. Rose, 1996.
"The Endogeneity of the Optimum Currency Area Criteria,"
NBER Working Papers
5700, National Bureau of Economic Research, Inc.
- Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, vol. 108(449), pages 1009-25, July.
- Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers.
- Gaetano Antinolfi & Todd Keister, 2001. "Dollarization as a monetary arrangement for emerging market economies," Review, Federal Reserve Bank of St. Louis, issue Nov., pages 29-40.
- Francois R. Velde & Marcelo Veracierto, 2000.
"Dollarization in Argentina,"
Federal Reserve Bank of Chicago, issue Q I, pages 24-37.
- Frankel, Jeffrey & Rose, Andrew K., 2001.
"An Estimate of the Effect of Common Currencies on Trade and Income,"
Working Paper Series
rwp01-013, Harvard University, John F. Kennedy School of Government.
- Jeffrey Frankel & Andrew Rose, 2002. "An Estimate Of The Effect Of Common Currencies On Trade And Income," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 437-466, May.
- Fischer, Stanley, 1982. "Seigniorage and the Case for a National Money," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 295-313, April.
- Chang, Roberto & Velasco, Andres, 2000.
"Financial Fragility and the Exchange Rate Regime,"
Journal of Economic Theory,
Elsevier, vol. 92(1), pages 1-34, May.
- Roberto Chang & Andres Velasco, 1998. "Financial Fragility and the Exchange Rate Regime," NBER Working Papers 6469, National Bureau of Economic Research, Inc.
- Roberto Chang & Andres Velasco, 1997. "Financial fragility and the exchange rate regime," Working Paper 97-16, Federal Reserve Bank of Atlanta.
- Juan Luis Moreno-Villalaz, 1999. "Lessons from the Monetary Experience of Panama: A Dollar Economy with Financial Integration," Cato Journal, Cato Journal, Cato Institute, vol. 18(3), pages 421-439, Winter.
- Adam Bennett & Eduardo Borensztein & TomÃ¡s J. T. BaliÃ±o, 1999. "Monetary Policy in Dollarized Economies," IMF Occasional Papers 171, International Monetary Fund.
- repec:cto:journl:v:20:y:2000:i:2:p:179-213 is not listed on IDEAS
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.