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So Far from God and So Close to the US Dollar: Contrasting Approaches of Monetary Coordination in Latin America

In: New Issues in Regional Monetary Coordination

Author

Listed:
  • Barbara Fritz

Abstract

The current international monetary system is commonly characterized as divided into three great currency blocs, with one key currency (the US dollar, the euro and the yen) playing the crucial role in each region. If these currency blocs are defined as regions with lower exchange-rate variability within each of the groups than across groups,1 this doubtlessly applies most particularly to Euroland, where the creation of the euro simply did away with intra-regional exchange rates. The western hemisphere, however, clearly does not meet this criterion. Exchange-rate variability between countries of North and South America is very high, dramatically highlighted by frequent exchange-rate crises of the Latin American economies.2

Suggested Citation

  • Barbara Fritz, 2006. "So Far from God and So Close to the US Dollar: Contrasting Approaches of Monetary Coordination in Latin America," Palgrave Macmillan Books, in: Barbara Fritz & Martina Metzger (ed.), New Issues in Regional Monetary Coordination, chapter 7, pages 126-146, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50244-4_7
    DOI: 10.1057/9780230502444_7
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    Cited by:

    1. Fritz, Barbara & Mühlich, Laurissa, 2007. "South-south monetary integration: the case for a research framework beyond the theory of optimum currency area," Discussion Papers 2007/20, Free University Berlin, School of Business & Economics.
    2. Fritz, Barbara & Mühlich, Laurissa, 2006. "Regional Monetary Integration among Developing Countries: New Opportunities for Macroeconomic Stability beyond the Theory of Optimum Currency Areas?," GIGA Working Papers 38, GIGA German Institute of Global and Area Studies.
    3. Fritz, Barbara & Biancareli, André & Mühlich, Laurissa, 2012. "Regional payment systems: A comparative perspective on Europe and the developing world," Discussion Papers 2012/10, Free University Berlin, School of Business & Economics.
    4. Laurissa Mühlich, 2011. "South–South Regional Monetary Cooperation: Potential Gains for Developing Countries and Emerging Markets," Chapters, in: Ulrich Volz (ed.), Regional Integration, Economic Development and Global Governance, chapter 13, Edward Elgar Publishing.

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