English, Article edition: DOLLARIZATION IN DEVELOPING COUNTRIES: RATIONAL REMEDY OR DOMESTIC DILEMMA? MICHAEL MELVIN; BETTINA PEIERS

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Physical Description
  • article
Language
  • English

Edition details

Title
  • DOLLARIZATION IN DEVELOPING COUNTRIES: RATIONAL REMEDY OR DOMESTIC DILEMMA?
Author
  • MICHAEL MELVIN
  • BETTINA PEIERS
Physical Description
  • article
Notes
  • This paper reviews the policy implications of dollarization in developing economies. It outlines channels of U.S. currency access abroad and illustrates progressing stages of dollarization for various country examples. It analyzes the costs of large seigniorage losses facing domestic governments vis-a-vis the U.S. issuer. Finally, it provides three explanations for the observed inertia in dedollarization following domestic stabilization policies: (i) high transactions costs of switching monies, (ii) dollar revenues related to illegal commercial activities, and (iii) network externalities associated with foreign currency usage. Copyright 1996 Western Economic Association International.
  • RePEc:bla:coecpo:v:14:y:1996:i:3:p:30-40
Language
  • English
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