A low-credibility currency such as the Mexican peso or the Polish zloty that is overshadowed by a hard, international currency in a neighboring country cannot remain competitive in an integrating region. The devices used to protect the banking and financial business conducted in such currencies are costly to the economies involved. They create strong exposure to crises that start in the international capital and exchange markets and spread to the domestic banking system and thence to the entire economy.
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Paper provided by American Institute for Contemporary German Studies- in its series Papers with number
25.
Length: 84 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:amiger:25
Contact details of provider: Postal: U.S.A.; Johns Hopkins University, American Institute for Contemporary German Studies. 1400 16th Street, N.W. Suite 420 Washington, D.C. 20036-2217
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Find related papers by JEL classification: F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions F15 - International Economics - - Trade - - - Economic Integration F31 - International Economics - - International Finance - - - Foreign Exchange E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy