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Dollarisation officielle : analyse critique et alternative

Listed author(s):
  • Le Maux, Laurent

    (Université de Paris VIII)

The lack of immunity to speculative attacks in currency board arrangements has led some economists to advocate official dollarization or euroization. Dollarization cancels the reserve system, but dollarization is dangerous because it leads to an “inelasticity of the currency” which destabilizes the price level and the system of payment. The banking system we call “banking board” can be suggested as an alternative to currency board and dollarization. Under banking board, banking system could issue demand deposits as banknotes convertible at par into reserve money. Besides the absence of exchange risk and the fall in the interest rate, the banking board by introducing an elasticity of the currency alleviates deflation pressures and stabilizes banks’ reserves. The last but not the least, a banks’ bank acting as lender of last resort can emerge or can be created, and its prudential policy can be more precise. La dollarisation ou l’euroisation officielles ont été récemment préconisées du fait de la persistance d’attaques spéculatives sous le système du currency board. La dollarisation supprime la réserve unique, mais elle demeure dangereuse, car elle conduit à une « inélasticité de l’offre de billets » déstabilisant le système bancaire et le niveau des prix. Ce que nous appelons banking board peut être une alternative à la fois au currency board et à la dollarisation. Sous le banking board, le système bancaire peut émettre des dépôts à vue et des billets à vue convertibles au pair en monnaie de réserve. En plus de la suppression du risque de change et grâce à l’élasticité de l’offre de billets, le système bénéficie de l’atténuation des pressions déflationnistes et d’une stabilisation des réserves des banques. Enfin, une banque supérieure intervenant comme prêteur en dernier ressort peut émerger ou être créée, et sa politique prudentielle est alors à la fois plus lisible et plus efficace.

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Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 79 (2003)
Issue (Month): 3 (Septembre)
Pages: 367-391

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Handle: RePEc:ris:actuec:v:79:y:2003:i:3:p:367-391
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  1. Richard D. Porter & Ruth Judson, 1996. "The location of U.S. currency: how much is abroad?," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 883-903.
  2. Steve H. Hanke & Kurt Schuler, 1999. "A Monetary Constitution for Argentina: Rules for Dollarization," Cato Journal, Cato Journal, Cato Institute, vol. 18(3), pages 405-419, Winter.
  3. Roberto Chang, 2000. "Dollarization: a scorecard," Economic Review, Federal Reserve Bank of Atlanta, issue Q3, pages 1-12.
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  7. repec:cto:journl:v:20:y:2000:i:2:p:179-213 is not listed on IDEAS
  8. Juan Luis Moreno-Villalaz, 1999. "Lessons from the Monetary Experience of Panama: A Dollar Economy with Financial Integration," Cato Journal, Cato Journal, Cato Institute, vol. 18(3), pages 421-439, Winter.
  9. Adam Bennett & Eduardo Borensztein & Tomás J. T. Baliño, 1999. "Monetary Policy in Dollarized Economies," IMF Occasional Papers 171, International Monetary Fund.
  10. Richard G. Anderson & Robert H. Rasche, 2000. "The domestic adjusted monetary base," Working Papers 2000-002, Federal Reserve Bank of St. Louis.
  11. Zeljko Bogetic, 2005. "Official Dollarization: Current Experiences and Issues, Cato Journal, Vol. 20, No. 2 (Fall 2000), 179-213," International Finance 0510006, EconWPA.
  12. 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.
  13. Francois R. Velde & Marcelo Veracierto, 2000. "Dollarization in Argentina," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 24-37.
  14. Lawrence H. White, 2003. "Currency Competition and Consumer-Driven Unification," Cato Journal, Cato Journal, Cato Institute, vol. 23(1), pages 139-145, Spring/Su.
  15. Henri Bourguinat & Larbi Dohni, 2002. "La dollarisation comme solution en dernier ressort," Revue Française d'Économie, Programme National Persée, vol. 17(1), pages 57-96.
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