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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 27 September 2020

Unofficial Dollarization in Latin America

Unofficial Dollarization in Latin America

Currency Substitution, Network Externalities, and Irreversibility

2 Unofficial Dollarization in Latin America
The Dollarization Debate

Edgar L. Feige

Michael Faulend

Velimir Šonje

Vedran Šošić

Oxford University Press

This chapter examines the extent to which the U.S. dollar has become the de facto currency in Latin America. The amounts of U.S. dollars in circulation in various Latin American countries were estimated. Argentina had the highest level of de facto dollarization. It represents a classic case of hysteresis, suggesting that once a threshold level of dollarization is reached, it may be maintained, producing what is called a dollarization “irreversibility”.

Keywords:   unofficial dollarization, Latin America, Argentina, currency, dollarization irreversibility

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