By Federico Sturzenegger

With the chronic instability of foreign monetary markets, rising economies are exploring new how you can lessen publicity to capital circulate volatility. a few analysts argue that financially open economies are most sensible served through extra versatile regimes, whereas others argue in desire of maximum alternate cost regimes that experience a powerful dedication to a set parity or dispense with an self reliant foreign money. The winning release of the euro has made extra reasonable the chance of changing a countrywide forex with a robust overseas one. fresh examples contain the adoption of the U.S. buck by means of Ecuador and El Salvador.The creation of a international forex as sole criminal soft, termed complete (de jure) dollarization, has been the middle of a lot political and educational debate. This e-book offers a entire research of the problems from either theoretical and empirical views. the subjects mentioned contain the function of stability sheet results, the linkage among foreign money threat and nation possibility, the influence of dollarization on exchange, monetary integration and credibility, the results of dollarization for the lender of final lodge, and the institutional and political economic system facets of dollarization.

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In the final part of the section, we briefly address the issue of seignorage: its measurement and its potential magnitude. 29 A Primer The Loss of the Exchange Rate Instrument One of the standard arguments against fixed exchange rate regimes in general, and full dollarization in particular, stresses that a flexible exchange rate is better equipped to isolate the real economy from external and real shocks. 51 Moreover, because the price rigidity underscoring the lack of adjustment in fixed regimes tends to be higher when it comes to reducing prices, the succession of quantity adjustments during recessions and price adjustment during expansions may result in a smaller growth rate in the long run.

2 Hard pegs and fiscal policy 27 A Primer Source: World Bank (2000). Note: The currency unions observed are Antigua and Barbuda, Benin, Burkina Faso, Cameroon, Central African Republic, Congo, Coˆte d’Ivoire, Chad, Dominica, Equatorial Guinea, Gabon, Grenada, Guinea-Bissau, Mali, Niger, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Senegal, and Togo. Variables are defined as follows: Total expenditure: Includes current and capital (development) expenditures and excludes lending minus repayments.

Under this even more radical version of the bipolar view, the exchange rate regime menu would be narrowed down to only two sustainable alternatives: floating arrangements or full dollarization (in any of the varieties discussed in the following text). 3 Implications: What Do We Talk about When We Talk about Dollarization? Having briefly surveyed the main driving forces behind the current dollarization debate, we turn in this section to the main subject of this volume, namely, the advantages and disadvantages of dollarization in its different varieties, and their relevant determinants.

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