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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 OCA Approach to Exchange Rate Regimes

The OCA Approach to Exchange Rate Regimes

A Perspective on Recent Developments

8 The OCA Approach to Exchange Rate Regimes
The Dollarization Debate

Thomas D. Willett (Contributor Webpage)

Oxford University Press

This chapter reviews recent developments in optimal currency area (OCA) theory. It argues that criticisms do not undermine the OCA approach, but rather add to the number of relevant considerations as well as influence the relative weights that should be given to traditional criteria. Thus, OCA criteria do not always provide clear signals about what exchange rate regime a country should adopt.

Keywords:   optimal currency area theory, exchange rate regime, monetary policy

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