The use of the US dollar for domestic monetary transactions outside the USA has gone on for many years now - Panama in 1904 being the earliest example. Since the advent of the Euro, the debate over the benefits of monetary integration has warmed up - particularly for NAFTA countries.This collection, with contributions from experts such as Philip Arestis, Malcolm Sawyer and Stephanie Bell, examines the various problems and benefits involved in monetary integration and covers the causes of Euro instability, monetary policy in non-optimal currency unions, financial openness and dollarization and the question of dollarization in Canada.This book addresses one of the burning policy issues in Europe and America: is monetary union worthwhile? The readable yet comprehensive style of this book will make it of interest not only to academics and students involved in European integration, financial liberalization and dollarization, but will also be an important book for policy-makers at intergovernmental level.
Author(s): Louis-Phillipe Rochon; Mario Seccareccia
Edition: 1
Year: 2003
Language: English
Pages: 192
Book Cover......Page 1
Title......Page 4
Copyright......Page 5
Contents......Page 6
1 Introduction......Page 14
2 The decline of the euro in its first two years: is there a satisfactory explanation?......Page 28
3 The European Monetary Union: a preliminary assessment......Page 43
4 The theory and practice of European monetary integration: lessons for North America......Page 61
5 Common currency lessons from Europe......Page 83
6 Monetary policy in a non-optimal currency union......Page 105
7 The “balanced budget multiplier” for the small open economy in a currency union or for a province in a federal state......Page 114
8 Electronic payments and exchange rate regimes......Page 128
9 Financial openness and dollarization: a skeptical view......Page 142
10 Dollarization as a tight rein on the fiscal stance......Page 156
11 Why Ecuador was ripe for dollarization, but Canada is not......Page 178
Index......Page 189
