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Full Dollarization explore issues

Author: LinZuo
Tutor: LiuLianZhi
School: Xiamen University
Course: World economy
Keywords: Full Dollarization Monetary Integration National sovereignty
CLC: F821.6
Type: Master's thesis
Year: 2001
Downloads: 157
Quote: 2
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Abstract

The vast majority of the country has its own currency , the euro 's birth opened the discussion of monetary unification . In some countries , the U.S. dollar is also widely used for payment , storage and accounting , this phenomenon is known as the unofficial of dollars . Especially in the 1880s , some countries experienced high inflation later, this phenomenon is gradually increasing. For example, Mexico, Israel , Peru and other countries at the time of triple-digit inflation are , in order to maintain the purchasing power of domestic residents , had to put the currency into dollars , over time, the government will allow residents to open a U.S. dollar account in the bank , and the circulation of the U.S. dollar and U.S. dollar deposits are taken into monetary statistics. Despite the increasing importance of the U.S. dollar , but still attract attention , which are mostly limited to academic research , until recent years, the global financial market turmoil ( 1994-1995 Mexican financial crisis of 1997-1998 in Asia, Russia Brazilian financial crisis ) was sparked discussion of emerging market countries (Emerging Market Countries, EMS) macroeconomic reforms , focused on the economic stability of the policy and institutional arrangements conclusions from further deepen market reforms to limit capital flows from floating exchange rate to dollarization , which select the appropriate exchange rate regime at the center of controversy , because from crises can clearly see the huge devaluation of the local currency cost . 1997 Asian financial crisis on the traditional theory of crisis questioned , and mostly towards supporting a floating exchange rate , because these crises of state one thing in common - a certain level of fixed exchange rates . But interestingly, policy makers in these emerging countries has not been turned , Mark continues to peg to the dollar or even those that have floating , often intervene in foreign exchange markets. Full Dollarization discussion is entirely by the beginning of 1999 , Argentine President Carlos Menem (Carlos Menem) launched full dollarization plan caused. Under the plan , the peso will be completely replaced by dollars. But there will be a number of agreements between Argentina and the United States share a few things , including seigniorage (Seignlorage) , including , its purpose is to eliminate currency risk , individual investors will better assess investment projects, thereby reducing the country risk, but at the same this also means that a sovereign state will own one of the most important economic sovereignty to another country, thus de facto part of the country became a subsidiary of the country . News, global public outcry, people dollarization became a hot topic widely . The official presentation of the complete dollarization relatively late , and the current situation of many developing countries faced with the choice , such as Ecuador, in September 2000 announced a complete dollarization . This article is the kind of full dollarization issues explored in the context of full dollarization proceed to conduct further research in order to give all the dollarization of the country and intends to refer to U.S. dollars . In the spirit of full dollarization and the euro area as is produced under a unified global currency transitional form of basic ideas , this article is divided into five chapters . Concrete structure is as follows : The first chapter describes the dollarization Definition, Causes , Effects and measurable way . Because some of the other more independent discussion on the classification of dollarization has not uniform. This chapter will first be summarized, and then make a study of its causes and measurement methods. Lay the foundation for the launch of the fully discussed below dollarization . The second chapter of poor results from the anti-dollar measures , monetary integration trend and the U.S. strong dollar policy analysis at different angles to proceed further elaborated the main reasons for the rise of full dollarization is that the dollarization of the country on the one hand with the elimination of dollarization needs to adverse effects ; the other hand, the relative stability of the international monetary integration trends and U.S. and their close economic and trade relations with the United States also provided the means . The third chapter is the question of common concern , from a cost-benefit point of view to explore the feasibility of full dollarization . Which complete dollarization of revenue mainly due to: the disappearance of the risk premium , reduce inflation and promote economic integration , etc. ; while costs are mainly : the loss of seigniorage , the impact of monetary policy independence and national sovereignty and so on. In Indonesia , for example, emphasized when comparing the costs and benefits related to pay attention to the correct method of analysis. The fourth chapter of the dollar completely ready condition to start discussions on the basis of the above two mainstream , will prepare a variety of conditions fall into three categories : must guarantee conditions can be implemented to ensure the smooth implementation of complementary conditions and ensure the implementation of conditions for success . Then discuss with dollarization countries in the implementation of measures the U.S. might take full dollarization . The fifth chapter describes the discussion from the full dollarization revelation : since the Bretton Woods system of international monetary system based on a review of , and make a bold vision for its future reform and development. Then make relevant views and proposals on Asia and China's currency , the exchange rate regime.

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CLC: > Economic > Fiscal, monetary > Currency > World currency > International monetary relations
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