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Fiscal Consequences for Mexico of Adopting the Dollar

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Author Info
Sims, Christopher A

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Abstract

Dollarization implies a reduction in the menu of assets available to the government and to the private sector in managing risk. Whatever the gains from dollarization, the costs of reducing the asset menu need to be weighed against them. This paper presents models, one a simple generalization of a well-known model of tax smoothing by Barro, in which these costs are explicit. Along the way, it suggests that there is likely to be no reduction in interest costs to the government from dollarization.

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

Volume (Year): 33 (2001)
Issue (Month): 2 (May)
Pages: 597-616
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Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:2:p:597-616

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

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  1. Harashima, Taiji, 2006. "The Sustainability of Budget Deficits in an Inflationary Economy," MPRA Paper 905, University Library of Munich, Germany, revised 07 Dec 2006. [Downloadable!]
  2. Samir Jahjah & Peter Montiel, 2003. "Exchange Rate Policy and Debt Crises in Emerging Economies," IMF Working Papers 03/60, International Monetary Fund. [Downloadable!]
  3. N. Gregory Mankiw & Ricardo Reis, 2001. "Sticky information versus sticky prices: a proposal to replace the New-Keynesian Phillips Curve," Proceedings, Federal Reserve Bank of San Francisco, issue Jun. [Downloadable!]
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  4. Cristina Arellano & Jonathan Heathcote, 2007. "Dollarization and financial integration," Staff Report 385, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  5. Hans Keiding & Mette J. Knudsen, 2005. "Rational Fear of Floating: A Simple Model of Exchange Rates and Income Distribution," Discussion Papers 05-03, University of Copenhagen. Department of Economics. [Downloadable!]
  6. François Velde, 2003. "Government equity and money: John Law’s system in 1720 France," Working Paper Series WP-03-31, Federal Reserve Bank of Chicago. [Downloadable!]
  7. Stephanie Schmitt-Grohe & Martin Uribe, 2001. "Optimal Fiscal and Monetary Policy under Imperfect Competition," Departmental Working Papers 200101, Rutgers University, Department of Economics. [Downloadable!]
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  8. Eric M. Leeper, 2009. "Anchoring Fiscal Expectations," NBER Working Papers 15269, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Stephanie Schmitt-Grohe & Martin Uribe, 2001. "Optimal Fiscal and Monetary Policy Under Sticky Prices," Departmental Working Papers 200105, Rutgers University, Department of Economics. [Downloadable!]
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  10. António Afonso, 2002. "Disturbing the Fiscal Theory of the Price Level: Can it Fit the EU-15," Working Papers 2002/01, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
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  11. Pierpaolo Benigno & Michael Woodford, 2006. "Optimal Inflation Targeting under Alternative Fiscal Regimes," NBER Working Papers 12158, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. François R. Velde, 2007. "John Law's System," American Economic Review, American Economic Association, vol. 97(2), pages 276-279, May. [Downloadable!]
  13. Harashima, Taiji, 2008. "A Microfounded Mechanism of Observed Substantial Inflation Persistence," MPRA Paper 10668, University Library of Munich, Germany. [Downloadable!]
  14. 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. [Downloadable!]
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