By Louis-Phillipe Rochon, Mario Seccareccia
Using the united states greenback for household financial transactions outdoor america has long gone on for a few years now - Panama in 1904 being the earliest instance. because the introduction of the Euro, the talk over some great benefits of financial integration has warmed up - quite for NAFTA countries.This assortment, with contributions from specialists similar to Philip Arestis, Malcolm Sawyer and Stephanie Bell, examines a few of the difficulties and advantages fascinated with financial integration and covers the factors of Euro instability, financial coverage in non-optimal foreign money unions, monetary openness and dollarization and the query of dollarization in Canada.This publication addresses one of many burning coverage concerns in Europe and the United States: is financial union priceless? The readable but complete form of this booklet will make it of curiosity not just to lecturers and scholars interested in ecu integration, monetary liberalization and dollarization, yet may also be a big ebook for policy-makers at intergovernmental point.
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Extra resources for Dollarization: Lessons from Europe for the America (Routledge International Studies in Money and Banking, 22)
295–372. Corsetti, G. and P. Pesenti (2000), “The (Past and) Future of European Currencies,” Cuadernos de Economia, April. De Grauwe, P. (2000), “The Euro/Dollar Exchange Rate: In Search of Fundamentals”, mimeo, University of Louven and CEPR, June. Deutsche Bank Research (2000), Economic and Financial Outlook, 15 May. Duisenberg, W. (2000a), ECB Press Conference, Question and Answer Session, Frankfurt am Main, 8 June. Duisenberg, W. (2000b), ECB Press Conference, Question and Answer Session, Frankfurt am Main, 23 December.
The US want to keep the dollar’s role as the real sole international currency not only because of seigniorage, but also 34 Marcello de Cecco because of a preference for high-value service and financial activities vis-à-vis traditional industrial activities, for foreign direct investment, which directly helps their large companies to achieve a global reach, and, of late, for the so-called new economy, where they are confident of maintaining a long-lived monopoly power. It goes without saying that the US does not seem to have been discouraged by the costs involved in keeping the dollar as the main international currency.
The only comparable example history offers is that of the Latin Monetary Union. German and Italian unification in the second half of the nineteenth century did not perpetuate the component states as far as full sovereignty was concerned. The Latin Monetary Union, on the other hand, was started by an international treaty among sovereign states, but it was a metallic currency inter-circulation agreement. It did not have a central bank as the present EMU does, and did not cover all aspects of monetary creation; in particular it was not concerned with bank money.