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De bancos centrales, juntas monetarias y dolarización
[On central banks, currency boards and dollarization]

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Author Info

  • Ferro, Gustavo

Abstract

The objective of this article is to present in a systematic war elements to debate the persistence of the option for central banks, against its replacement by currency boards or by a foreign currency in unstable environments. Both, currency boards or "dollarization" could be desirable since the point of view of stability and growth with respect to a traditional central bank agreement. But they entail a loss of degrees of freedom before crisis and they are not time consistent.

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File URL: http://mpra.ub.uni-muenchen.de/15354/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15354.

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Date of creation: Apr 2001
Date of revision:
Handle: RePEc:pra:mprapa:15354

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Keywords: banco central; junta monetaria; dolarización;

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References

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  1. Eduardo Borensztein & Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 00/50, International Monetary Fund.
  2. Francois R. Velde & Marcelo Veracierto, 2000. "Dollarization in Argentina," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 24-37.
  3. Carlos E. Zarazaga, 1995. "Argentina, Mexico, and currency boards: another case of rules versus discretion," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 14-24.
  4. Atish R. Ghosh, 1998. "Currency Boards," IMF Working Papers 98/8, International Monetary Fund.
  5. Anne Marie Gulde & Juha Kähkönen & Peter Keller, 2000. "Pros and Cons of Currency Board Arrangements in the Lead-Up to EU Accession and Participation in the Euro Zone," IMF Policy Discussion Papers 00/1, International Monetary Fund.
  6. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
  7. Roberto Chang, 2000. "Dollarization: a scorecard," Economic Review, Federal Reserve Bank of Atlanta, issue Q3, pages 1-12.
  8. Robert Mundell, 2000. "Currency Areas, Exchange Rate Systems and International Monetary Reform," CEMA Working Papers: Serie Documentos de Trabajo. 167, Universidad del CEMA.
  9. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
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