Description

Currency Unions reviews the traditional case for flexible exchange rates and "countercyclical"—that is, expansionary during recessions and contractionary in booms—monetary policy, and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates—and why fixed rates, particularly full dollarization—might be a more sensible choice for some emerging-market countries. The contributors also detail the factors that determine the optimal sizes of currency unions, explain how currency union greatly expands the volume of international trade among its members, and examine the recent implementation of dollarization in Ecuador.

Currency Unions

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Paperback / softback by Alberto Alesina , Robert J Barro

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Currency Unions reviews the traditional case for flexible exchange rates and "countercyclical"—that is, expansionary during recessions and contractionary in booms—monetary... Read more

    Publisher: Hoover Institution Press,U.S.
    Publication Date: 30/10/2001
    ISBN13: 9780817928421, 978-0817928421
    ISBN10: 0817928421

    Number of Pages: 86

    Non Fiction , Dictionaries, Reference & Language

    Description

    Currency Unions reviews the traditional case for flexible exchange rates and "countercyclical"—that is, expansionary during recessions and contractionary in booms—monetary policy, and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates—and why fixed rates, particularly full dollarization—might be a more sensible choice for some emerging-market countries. The contributors also detail the factors that determine the optimal sizes of currency unions, explain how currency union greatly expands the volume of international trade among its members, and examine the recent implementation of dollarization in Ecuador.

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