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Theoretical and empirical analysis of de jure dollarization.With the persistent instability of international financial markets, emerging economies are exploring new ways to reduce exposure to capital flow volatility. Some analysts argue that financially open economies are best served by more flexible regimes, while others argue in favor of extreme exchange rate regimes that have a strong commitment to a fixed parity or dispense with an independent currency. The successful launch of the euro has made more realistic the prospect of replacing a national currency with a strong foreign one. Recent examples include the adoption of the US dollar by Ecuador and El Salvador.The introduction of a foreign currency as sole legal tender, termed full (de jure) dollarization, has been the center of much political and academic debate. This book provides a comprehensive analysis of the issues from both theoretical and empirical perspectives. The topics discussed include the role of balance sheet effects, the linkage between currency risk and country risk, the impact of dollarization on trade, financial integration and credibility, the implications of dollarization for the lender of last resort, and the institutional and political economy aspects of dollarization.

Money. --- Dollar, American. --- Foreign exchange. --- Currency question. --- International finance. --- Dollarization --- Dollar, American --- Foreign exchange --- Currency question --- International finance --- Finance --- Business & Economics --- Money --- International monetary system --- International money --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- American dollar --- Currency --- Money, Primitive --- Specie --- Standard of value --- International economic relations --- Currency crises --- Finance, Public --- Legal tender --- Monetary policy --- Exchange --- Value --- Banks and banking --- Coinage --- Gold --- Silver --- Silver question --- Wealth --- Dollarization. --- ECONOMICS/Finance --- ECONOMICS/Political Economy

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This book takes a global approach by discussing one of today's most controversial topics in business; dollarization. Since the collapse of the Soviet Union, and the formation of the Euro many countries are debating whether or not a common currency is in their best interest.

Argent (monnaie) --- Change (Monnaie) --- Currency question --- Currency stability --- Dollar [American] --- Dollar [Amerikaanse ] --- Dollar américain --- Fiat moncy --- Finance [International ] --- Finances internationales --- Financiële wereldorde --- Financiën [Internationale ] --- Foreign exchange --- Free coinage --- Geld --- Geldwezen [Internationaal ] --- Internationaal geldwezen --- International finance --- Internationale financiën --- Monetary question --- Monetary stability --- Money --- Monnaie--Stabilité --- Monnaies--Stabilité --- Munt--Stabiliteit --- Munten--Stabiliteit --- Muntstabiliteit --- Muntvraagstuk --- Ordre financier mondial --- Question monétaire --- Relations financières internationales --- Scrip --- Stabilité monétaire --- Trésorerie internationale --- Wisselverkeer --- Dollar, American --- 332.4564 --- International monetary system --- International money --- Finance --- International economic relations --- Fiat money --- Currency crises --- Finance, Public --- Legal tender --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- American dollar --- Currency --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Value --- Banks and banking --- Coinage --- Gold --- Silver --- Silver question --- Wealth --- Currency question. --- Dollar, American. --- Foreign exchange. --- International finance. --- Money. --- Dollarization --- Business & Economics

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This study examines the challenges and issues facing policymakers in highly dollarized economies. Focusing on Cambodia, which achieved almost complete dollarization during 1991-95, the authors review recent developments in the literature on dollarization and examine the costs and benefits of dollarization in Cambodia, including the ensuing macroeconomic policy implications. They carry out an econometric estimation of cash foreign currency circulation in Cambodia in order to gauge the degree of dollarization. In addition to this analysis, the authors present a short description of Cambodia’s economic, financial, and structural background.

Monetary policy --- Dollar, American. --- Currency substitution --- Cambodia --- Economic policy. --- Economic conditions. --- Foreign exchange --- American dollar --- Money --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Cambodge --- Khmer Republic --- Cam Bot --- Cambotja --- République khmère --- Kambodscha --- Kamboja --- Kambodža --- Tchin-la --- Chien-pʻu-chai --- Democratic Kampuchea --- Kambujā --- Democratic Cambodia --- Camboja --- Preah Reach Ana Chak Kampuchea --- Kâmpŭchéa Prâchéathĭpâteyy --- Kampuchea démocratique --- République du Cambodge --- Campuchia --- Kampuchea (Coalition Government, 1983- ) --- Kampuchea --- Kampuchii︠a︡ --- Kamphūchā --- Kingdom of Cambodia --- Preăhréachéanachâkr Kâmpŭchéa --- Cambogia --- Roat Kampuchea --- State of Cambodia --- Cambodja --- Royal Government of Cambodia --- Braḥrājāṇacakr Kambujā --- Rājraṭṭhabhipāl Kambujā --- French Indochina --- Banks and Banking --- Budgeting --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Banking --- Currency --- Macroeconomics --- Budgeting & financial management --- Currencies --- Dollarization --- Bank deposits --- Commercial banks --- Financial institutions --- Financial services --- Banks and banking --- Prices