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Dollarization and monetary unions: implementation guidelines

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  • William C. Gruben
  • Mark A. Wynne
  • Carlos E. Zarazaga

Abstract

The purpose of this paper is to discuss the main aspects of the implementation of a dollarization plan or of a monetary union, once the appropriate authorities have decided either course of action. Thus, the paper stays away from any normative issues. It is devoted to answering the question of how to dollarize or form a monetary union rather than the question of whether any given country should adopt any particular monetary regime.

Suggested Citation

  • William C. Gruben & Mark A. Wynne & Carlos E. Zarazaga, 2001. "Dollarization and monetary unions: implementation guidelines," Working Papers 0105, Federal Reserve Bank of Dallas.
  • Handle: RePEc:fip:feddwp:0105
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    References listed on IDEAS

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    1. Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, vol. 108(449), pages 1009-1025, July.
    2. Barry Eichengreen & Andrew K. Rose, 1998. "Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises," NBER Working Papers 6370, National Bureau of Economic Research, Inc.
    3. Prati, A. & Schinasi, G.J., 1999. "Financial Stability in European Economic and Monetary Union," Princeton Studies in International Economics 86, International Economics Section, Departement of Economics Princeton University,.
    4. Dyson, Kenneth & Featherstone, Kevin, 1999. "The Road To Maastricht: Negotiating Economic and Monetary Union," OUP Catalogue, Oxford University Press, number 9780198296386.
    5. Marion Kohler, 1998. "Optimal currency areas and customs unions: are they connected?," Bank of England working papers 89, Bank of England.
    6. Lawrence B. Lindsey, 1999. "Economic Puppetmasters: Lessons from the Halls of Power," Books, American Enterprise Institute, number 53463, September.
    7. Flood, Robert P & Garber, Peter M, 1980. "An Economic Theory of Monetary Reform," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 24-58, February.
    8. Allan Drazen, 2002. "Central Bank Independence, Democracy, and Dollarization," Journal of Applied Economics, Universidad del CEMA, vol. 5, pages 1-17, May.
    9. Eduardo Levy & Federico Sturzenegger, 2000. "Is EMU a Blueprint for Mercosur?," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(110), pages 63-99.
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    Cited by:

    1. Roberto Duncan, 2003. "Exploring the Implications of Official Dollarization on Macroeconomic Volatility," Working Papers Central Bank of Chile 200, Central Bank of Chile.
    2. G.M. Wessels, 2004. "The Suitability Of Dollarisation As An Exchange Rate Regime For South Africa1," South African Journal of Economics, Economic Society of South Africa, vol. 72(2), pages 324-348, June.
    3. Alexandre MINDA (LEREPS-GRES), 2005. "Official dollarization : a last resort solution to financial instability in Latin America ?," Cahiers du GRES (2002-2009) 2005-02, Groupement de Recherches Economiques et Sociales.
    4. Alexandre Minda, 2005. "La dollarisation intégrale : une option monétaire de dernier ressort pour l'Amérique latine ?," Mondes en développement, De Boeck Université, vol. 130(2), pages 15-39.

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