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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- Roberto Chang, 2000. "Dollarization: a scorecard," Economic Review, Federal Reserve Bank of Atlanta, issue Q3, pages 1-12.
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"Dollarization in Argentina,"
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Federal Reserve Bank of Chicago, issue Jun.
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NBER Working Papers
1079, National Bureau of Economic Research, Inc.
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- Eduardo Borensztein & Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 00/50, International Monetary Fund.
- 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.
- Anne Marie Gulde & Juha KÃ¤hkÃ¶nen & Peter Keller, 2000. "Pros and Cons of Currency Board Arrangements in the Lead-Up to EU Accession and Participation in the Euro Zone," IMF Policy Discussion Papers 00/1, International Monetary Fund.
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