IDEAS home Printed from https://ideas.repec.org/p/lat/lateco/2002-02.html

La dollerisation des économies émergentes

Author

Listed:
  • PONSOT, Jean-François

    (CEMF-LATEC / Université de Bourgogne)

Abstract

Dans les débats contemporains relatifs à la dollarisation/euroisation, les analyses font appel aux modèles de substitution et à l'analyse coûts/avantages. Le papier a pour objet de dépasser ces interprétations fondées sur une conception fonctionnaliste de la monnaie. Une conception institutionnaliste de la monnaie invite à comprendre le phénomène de dollarisation de facto plus largement comme une crise de légitimité de l'unité de compte qui érode progressivement la souveraineté monétaire et dont les autorités cherchent à se préserver en menant une action de résistance institutionnelle. Une conception macroéconomique de la monnaie conduit à s'interroger sur la compatibilité du régime de dollarisation officielle et intégrale avec les hypothèses d'endogénéité de la monnaie et de coïncidence entre espace monétaire et espace de production qui définissent l'économie monétaire de production. Les implications à la fois pour l'économie dollarisée et pour l'économie émettrice de la xénomonnaie incitent à circonscrire le régime de dollarisation pour un nombre limité de situations. / 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 of 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

  • PONSOT, Jean-François, 2002. "La dollerisation des économies émergentes," LATEC - Document de travail - Economie (1991-2003) 2002-02, LATEC, Laboratoire d'Analyse et des Techniques EConomiques, CNRS UMR 5118, Université de Bourgogne.
  • Handle: RePEc:lat:lateco:2002-02
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a
    for a similarly titled item that would be available.

    References listed on IDEAS

    as
    1. Francois R. Velde & Marcelo Veracierto, 2000. "Dollarization in Argentina," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 24(Q I), pages 24-37.
    2. repec:cto:journl:v:20:y:2000:i:2:p:179-213 is not listed on IDEAS
    3. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    4. repec:imf:imfops:1999/003 is not listed on IDEAS
    5. 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.
    6. Eichengreen, Barry, 2002. "When to Dollarize," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(1), pages 1-24, February.
    7. Kurt Schuler, 1999. "The Problem With Pegged Exchange Rates," Kyklos, Wiley Blackwell, vol. 52(1), pages 83-102, February.
    8. Jean-François Ponsot, 2015. "Currency boards," Post-Print halshs-01114814, HAL.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. MALINGUMU, Crispin, 2015. "DEDOLLARISATION DE L’ECONOMIE CONGOLAISE : Atouts, contraintes et perspectives [Congolese's Economy dedollarization: strengths, constraints and prospects]," MPRA Paper 81932, University Library of Munich, Germany, revised 12 Jun 2015.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jean-François Ponsot, 2002. "The dollarization of emergent economies [La dollarisation des économies émergentes]," Working Papers hal-01526893, HAL.
    2. Laurent Le Maux, 2003. "Dollarisation officielle : analyse critique et alternative," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(3), pages 367-391.
    3. Aaron Jackson & William Miles, 2008. "Fixed Exchange Rates and Disinflation in Emerging Markets: How Large Is the Effect?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 144(3), pages 538-557, October.
    4. Josh Ryan-Collins, 2015. "Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935-75," Economics Working Paper Archive wp_848, Levy Economics Institute.
    5. L. Randall Wray, 2011. "Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn," Economics Public Policy Brief Archive ppb_120, Levy Economics Institute.
    6. Khemraj, Tarron, 2024. "Macroeconomic effects of government’s overdraft on its central bank account," MPRA Paper 126637, University Library of Munich, Germany.
    7. Brett Fiebiger & Scott Fullwiler & Stephanie Kelton & L. Randall Wray, 2012. "Modern Monetary Theory: A Debate," Working Papers wp279, Political Economy Research Institute, University of Massachusetts at Amherst.
    8. Edwards, Sebastian & Magendzo, I. Igal, 2006. "Strict Dollarization and Economic Performance: An Empirical Investigation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(1), pages 269-282, February.
    9. Stephanie Bell, 1999. "Functional Finance: What, Why, and How?," Economics Working Paper Archive wp_287, Levy Economics Institute.
    10. L. Randall Wray, 2012. "Keynes after 75 Years: Rethinking Money as a Public Monopoly," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 15, Edward Elgar Publishing.
    11. Pavlina R. Tcherneva, 2012. "Beyond Full Employment: The Employer of Last Resort as an Institution for Change," Economics Working Paper Archive wp_732, Levy Economics Institute.
    12. 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.
    13. Pavlina R. Tcherneva, 2008. "The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post-Keynesian View?," Economics Working Paper Archive wp_539, Levy Economics Institute.
    14. Phil Armstrong, 2020. "Can Heterodox Economics Make a Difference?," Books, Edward Elgar Publishing, number 19964.
    15. Tanweer Akram & Syed Al-Helal Uddin, 2021. "An empirical analysis of long-term Brazilian interest rates," PLOS ONE, Public Library of Science, vol. 16(9), pages 1-20, September.
    16. Guillermo A. Calvo & Frederic S. Mishkin, 2003. "The Mirage of Exchange Rate Regimes for Emerging Market Countries," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 99-118, Fall.
    17. Yeva Nersisyan & Flavia Dantas, 2017. "Rethinking liquidity creation: Banks, shadow banks and the elasticity of finance," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 40(3), pages 279-299, July.
    18. Eladio Febrero & Maria-Angeles Cadarso, 2006. "Pay-As-You-Go versus funded systems. Some critical considerations," Review of Political Economy, Taylor & Francis Journals, vol. 18(3), pages 335-357.
    19. Scott T. Fullwiler, 2005. "Paying Interest on Reserve Balances: It’s More Significant than You Think," Journal of Economic Issues, Taylor & Francis Journals, vol. 39(2), pages 543-550, June.
    20. Hernando Matallana, 2009. "The Struggle Over the Real Wage In the Monetary Production Economy," Documentos CEDE 5271, Universidad de los Andes, Facultad de Economía, CEDE.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lat:lateco:2002-02. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/latecfr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.