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The dollarization of emergent economies
[La dollarisation des économies émergentes]

Author

Listed:
  • Jean-François Ponsot

    (LATEC - Laboratoire d'Analyse et de Techniques Economiques - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique)

Abstract

Current discussions about dollarization/euroization are built on substitution models and cost/benefits analysis. This working paper aims to go beyond these explanations based on a functionalist definition of money. An institutionalist definition of money advocates analyzing de facto dollarization more broadly as a legitimacy crisis of the unit of account that damages monetary sovereignty and of whom authorities try to check in a kind o f institutional resistance. A macroeconomic definition of money involves questionning full and de jure dollarization consistency with both of principles guiding the monetary economy of production: (1) endogeneity of money; (2) merger between monetary space and production space. Implications that follow both for dollarized economies and foreign currency issuers encourages the restriction of dollarization arrangements to a limited number of specific cases.

Suggested Citation

  • Jean-François Ponsot, 2002. "The dollarization of emergent economies
    [La dollarisation des économies émergentes]
    ," Working Papers hal-01526893, HAL.
  • Handle: RePEc:hal:wpaper:hal-01526893
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01526893
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    File URL: https://hal.archives-ouvertes.fr/hal-01526893/document
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    References listed on IDEAS

    as
    1. Fischer, Stanley, 1982. "Seigniorage and the Case for a National Money," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 295-313, April.
    2. Francois R. Velde & Marcelo Veracierto, 2000. "Dollarization in Argentina," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 24-37.
    3. repec:cto:journl:v:20:y:2000:i:2:p:179-213 is not listed on IDEAS
    4. Zeljko Bogetic, 2005. "Official Dollarization: Current Experiences and Issues, Cato Journal, Vol. 20, No. 2 (Fall 2000), 179-213," International Finance 0510006, University Library of Munich, Germany.
    5. Kenneth Rogoff, 1998. "Blessing or curse? Foreign and underground demand for euro notes," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 261-303, April.
    6. Schuler, Kurt, 1999. "The Problem with Pegged Exchange Rates," Kyklos, Wiley Blackwell, vol. 52(1), pages 83-102.
    7. Adam Bennett & Eduardo Borensztein & Tomás J. T. Baliño, 1999. "Monetary Policy in Dollarized Economies," IMF Occasional Papers 171, International Monetary Fund.
    8. Jean-François Ponsot, 2015. "Currency boards," Post-Print halshs-01114814, HAL.
    Full references (including those not matched with items on IDEAS)

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