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The Dollarization Debate$
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Dominick Salvatore, James W. Dean, and Thomas D. Willett

Print publication date: 2003

Print ISBN-13: 9780195155358

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195155351.001.0001

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The Problem of Dollar Encroachment in Emerging Markets

The Problem of Dollar Encroachment in Emerging Markets

10 The Problem of Dollar Encroachment in Emerging Markets
The Dollarization Debate

Ronald I. McKinnon

Oxford University Press

This chapter examines the monetary and exchange rate policies of Canada, Latin America, and East Asia toward the dollar. The central role of the dollar in international finance has the potential to displace national currencies for domestic uses. Only Canada and a few other countries can safely act unilaterally against dollar encroachment. In other parts of the world where regional trade is important but a regional common currency is not politically feasible, establishing an efficient common monetary standard is more of a collective choice.

Keywords:   Canada, Latin America, East Asia, dollar encroachment, currency, monetary policy

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