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Dollarization in Argentina

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  • Francois R. Velde
  • Marcelo Veracierto

Abstract

Several countries are seriously considering the abandonment of their currency and its formal replacement with the U.S. dollar. Since 1991, Argentina has backed its currency with 100 percent reserves and successfully pegged it to the dollar. In doing so, it has already grappled with many issues that confront would-be adopters of the dollar. Moving to full-fledged dollarization might offer a solution to recurring crises that are partly driven by expectations that Argentina might abandon its peg.

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Bibliographic Info

Article provided by Federal Reserve Bank of Chicago in its journal Chicago Fed Letter.

Volume (Year): (1999)
Issue (Month): Jun ()
Pages:

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Handle: RePEc:fip:fedhle:y:1999:i:jun:n:142

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Keywords: Argentina ; Money ; Gross domestic product;

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References

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  1. Craig Burnside & Martin Eichenbaum & Sergio Rebelo, 2001. "Prospective Deficits and the Asian Currency Crisis," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 109(6), pages 1155-1197, December.
  2. Stephanie Schmitt-Grohe & Martin Uribe, 2001. "Stabilization policy and the costs of dollarization," Proceedings, Federal Reserve Bank of Cleveland, pages 482-517.
  3. Cole, Harold L & Kehoe, Timothy J, 2000. "Self-Fulfilling Debt Crises," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 67(1), pages 91-116, January.
  4. Thomas Sargent & Noah Williams & Tao Zha, 2009. "The Conquest of South American Inflation," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 117(2), pages 211-256, 04.
  5. Arthur J. Rolnick & Warren E. Weber, 1998. "Money, inflation, and output under fiat and commodity standards," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Spr, pages 11-17.
  6. Schwartz, Anna J., 1993. "Currency boards: their past, present, and possible future role," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 39(1), pages 147-187, December.
  7. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(3), pages 473-91, June.
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Citations

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Cited by:
  1. Kamin, Steven B. & Ericsson, Neil R., 2003. "Dollarization in post-hyperinflationary Argentina," Journal of International Money and Finance, Elsevier, Elsevier, vol. 22(2), pages 185-211, April.
  2. Liliana Schumacher & Jiro Honda, 2006. "Adopting Full Dollarization in Postconflict Economies," IMF Working Papers 06/82, International Monetary Fund.
  3. Kurasawa, Kazutaka & Marty, Alvin L., 2007. ""Optimal" inflation under dollarization," Journal of International Money and Finance, Elsevier, Elsevier, vol. 26(2), pages 251-264, March.
  4. Alexandre MINDA (LEREPS-GRES), 2005. "Official dollarization : a last resort solution to financial instability in Latin America ?," Cahiers du GRES, Groupement de Recherches Economiques et Sociales 2005-02, Groupement de Recherches Economiques et Sociales.
  5. Paul Hallwood & Ian W. Marsh & Jorg Scheibe, 2001. "Official Dollarization in Latin America: Could it Work?," Working papers, University of Connecticut, Department of Economics 2001-06, University of Connecticut, Department of Economics.
  6. Rachel McCulloch & Blake LeBaron, 2000. "Floating, Fixed, or Super-Fixed? Dollarization Joins the Menu of Exchange-Rate Options," American Economic Review, American Economic Association, American Economic Association, vol. 90(2), pages 32-37, May.
  7. PONSOT, Jean-François, 2002. "La dollerisation des économies émergentes," LATEC - Document de travail - Economie (1991-2003) 2002-02, LATEC, Laboratoire d'Analyse et des Techniques EConomiques, CNRS UMR 5118, Université de Bourgogne.
  8. Russell W. Cooper & Hubert Kempf., 2001. "Dollarization and the conquest of hyperinflation in divided societies," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Sum, pages 3-12.
  9. Ferro, Gustavo, 2001. "De bancos centrales, juntas monetarias y dolarización
    [On central banks, currency boards and dollarization]
    ," MPRA Paper 15354, University Library of Munich, Germany.
  10. Jérôme Blanc, 2014. ""Argentina o dolarización", ou quand la monnaie revient à la souveraineté," Post-Print halshs-01016336, HAL.
  11. Huberto M. Ennis, 2000. "Banking and the political support for dollarization," Working Paper, Federal Reserve Bank of Richmond 00-12, Federal Reserve Bank of Richmond.
  12. 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.
  13. Ferro, Gustavo, 2001. "Currency Board: From Stabilization to Full Dollarization? The Argentine Experience," MPRA Paper 15353, University Library of Munich, Germany.
  14. Hsing, Y., 2004. "Responses of Argentine Output to Shocks to Monetary Policy, Fiscal Policy and Exchange Rates: A VAR Model," Applied Econometrics and International Development, Euro-American Association of Economic Development, Euro-American Association of Economic Development, vol. 4(1).
  15. Malliaris, A. G., 2002. "Global monetary instability: The role of the IMF, the EU and NAFTA," The North American Journal of Economics and Finance, Elsevier, vol. 13(1), pages 72-92, May.
  16. Alexandre Minda, 2005. "La dollarisation intégrale : une option monétaire de dernier ressort pour l'Amérique latine ?," Mondes en développement, De Boeck Université, De Boeck Université, vol. 130(2), pages 15-39.

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