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International Financial MarketsThe Challenge of Globalization$
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Leonardo Auernheimer

Print publication date: 2003

Print ISBN-13: 9780226032146

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226032153.001.0001

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The Dollarization Debate in Argentina and Latin America

The Dollarization Debate in Argentina and Latin America

Chapter:
(p.175) Chapter Five The Dollarization Debate in Argentina and Latin America
Source:
International Financial Markets
Author(s):

Pablo E. Guidotti

Andrew Powell

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226032153.003.0006

This chapter provides an account of the events that that prompted the Argentine government in the 1990s to consider a full dollarization of the economy subject to a monetary agreement with the United States. It suggests that the dollarization proposal was inspired by the potential elimination of currency risk and reinforced by the experience of the peripheral countries in Europe and the perceived convergence gains through the process leading up to European Monetary Union (EMU). This chapter also highlights Argentina's lack of political and social consensus to executive successful implementation of the dollarization project.

Keywords:   dollarization, Argentina, monetary agreement, United States, currency risk, EMU, political consensus, social consensus

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