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Chile Después del Peso: Viviendo con el Dólar

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Author Info
Edgardo Barandiarán
Abstract

In the next 25 years, the ongoing transformation of payments systems will press Chile and other countries to abandon their national currencies as means of payment and to choose the US dollar as their unit of account. That transformation is already well advanced and can be seen as the final success of accounting systems of payments and the abandonment of monetary systems of payments. The transition to the new economy –without the peso or any other money as means of payment and the dollar as the unit of account– will demand important legal reforms, including a framework for an efficient banking industry with low systemic risk and appropriate government schemes to deal with macroeconomic shocks. The paper identifies the main legal reforms and assesses the theoretical and empirical knowledge about some of the underlying issues. Since the research is relatively new, the assessment is tentative but suggestive of what needs to be done.

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Publisher Info
Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía.

Volume (Year): 37 (2000)
Issue (Month): 110 ()
Pages: 241-267
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Handle: RePEc:ioe:cuadec:v:37:y:2000:i:110:p:241-267

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Related research
Keywords: Payments Systems; Banking Industry; Systemic Risk; Macroeconomic Shocks;

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Find related papers by JEL classification:
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
G20 - Financial Economics - - Financial Institutions and Services - - - General
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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    Other versions:
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  14. Jean-Charles Rochet & Jean Tirole, 1996. "Interbank lending and systemic risk," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 733-765.
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  15. Kareken, John & Wallace, Neil, 1981. "On the Indeterminacy of Equilibrium Exchange Rates," The Quarterly Journal of Economics, MIT Press, vol. 96(2), pages 207-22, May. [Downloadable!] (restricted)
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