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Dollarization, exchange-rate anchor and international reserves

Author

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  • Paulo Nogueira Batista Jr.

Abstract

Technical discussions of stabilization alternatives for Brazil have recently focusedon the utilization of the exchange-rate as a nominal anchor and measures that involvea degree of dollarization of the economy. The latter would imply official sanction for the increasingsubstitution of foreign for national currency, a kind of decision that the experienceof several Latin American countries has shown to be extremely difficult to reverse. Moreover,exchange-rate based stabilizations have often unleashed balance of payments crises. Thispaper reviews Argentina’s recent stabilization program and some of the lessons it may holdfor Brazil. It argues that the Argentinian approach, as well as some of its variations, cannotbe applied successfully in Brazil. JEL Classification: E31; F31.

Suggested Citation

  • Paulo Nogueira Batista Jr., 1993. "Dollarization, exchange-rate anchor and international reserves," Brazilian Journal of Political Economy, Center of Political Economy, vol. 13(3), pages 335-351.
    • Handle: RePEc:ekm:repojs:v:13:y:1993:i:3:p:335-351:id:1331
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1331/1317
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    More about this item

    Keywords

    Dollarization; inflation; stabilization;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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