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How Much Bang for the Buck? Mexico and Dollarization

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Author Info

  • Levine, Ross
  • Carkovic, Maria

Abstract

Two arguments advanced in favor of Mexico abandoning the peso and adopting the U.S. dollar are to lower exchange rate volatility and inflation. We are not able to identify an independent link between economic growth and either the exogenous component of exchange rate volatility or the exogenous component of inflation. Exchange rate volatility generally reflects other factors, rather than representing an independent growth determinant. The findings are consistent with theoretical predictions that inflation influences growth by affecting financial development. However, we present suggestive evidence that legal reforms offer greater financial development dividends for Mexico than adopting the dollar.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 33 (2001)
Issue (Month): 2 (May)
Pages: 339-63

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Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:339-63

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Cited by:
  1. Jean Louis, Rosmy & Brown, Ryan & Balli, Faruk, 2011. "On the feasibility of monetary union: Does it make sense to look for shocks symmetry across countries when none of the countries constitutes an optimum currency area?," Economic Modelling, Elsevier, vol. 28(6), pages 2701-2718.
  2. masron, Tajul arrifin & Mohd naseem niaz, Ahmad, 2008. "Export, Economic Integration and Exchange Rate Volatility in Turkey and Malaysia," MPRA Paper 41519, University Library of Munich, Germany.
  3. Már Gudmundsson, 2008. "Financial globalisation: key trends and implications for the transmission mechanism of monetary policy," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial market developments and their implications for monetary policy, volume 39, pages 7-29 Bank for International Settlements.

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