De bancos centrales, juntas monetarias y dolarización
[On central banks, currency boards and dollarization]
The objective of this article is to present in a systematic war elements to debate the persistence of the option for central banks, against its replacement by currency boards or by a foreign currency in unstable environments. Both, currency boards or "dollarization" could be desirable since the point of view of stability and growth with respect to a traditional central bank agreement. But they entail a loss of degrees of freedom before crisis and they are not time consistent.
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- Robert Mundell, 2000.
"Currency Areas, Exchange Rate Systems and International Monetary Reform,"
Journal of Applied Economics,
Universidad del CEMA, vol. 0, pages 217-256, November.
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"Dollarization in Argentina,"
Chicago Fed Letter,
Federal Reserve Bank of Chicago, issue Jun.
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Journal of Monetary Economics,
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- Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
- Carlos E. Zarazaga, 1995. "Argentina, Mexico, and currency boards: another case of rules versus discretion," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 14-24.
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