Investigating the relative success of dollarization and currency board Free Essay, Term Paper and Book Report
Long a topic of heated debate among economists, exchange rate policy has enjoyed particular popularity since the 1997 Asian crisis when one fixed rate regime after another collapsed under balance of payments problems and the resulting contagion. The financial crises that struck Mexico in 1994-95, Russia in 1998 and Brazil in 1999 also preyed on countries with pegged exchange rates, but emerging economies with floating rates, often prone to high inflation and instability, have overall fared little better. The disappointing performance of both types of currency regime in comparison to the admirable performance of the Argentine currency board, has heightened interest in the currency board as well as in its close relative dollarization.
In the most general sense, dollarization could be defined as a phenomenon by which residents of one country extensively use a foreign currency alongside or instead of the domestic currency (Schuler, 2000).
Among the different types of dollarization regimes (namely Full or Official dollarization; Partial Official dollarization; and Unoffic......
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