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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 Merit of a North American Monetary Union

The Merit of a North American Monetary Union

(p.318) 18 The Merit of a North American Monetary Union
The Dollarization Debate

Herbert G. Grubel

Oxford University Press

This chapter examines the benefits and costs of a common currency for Canada, the United States, and Mexico. It is argued that the experience of the European Monetary Union and countries such as Argentina show that labour market flexibility will increase as exchange rate adjustments are no longer available to absorb the consequences of rigidities. Canada and Mexico should take the lead in demanding the creation of a North American monetary union.

Keywords:   United States, Canada, Mexico, common currency, monetary union

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