6533b7dbfe1ef96bd126fdac
RESEARCH PRODUCT
La dollarisation des économies émergentes
Jean-françois Ponsotsubject
économieeconomic theoryendogeneity of moneyeuroizationespaces monétairesmonetaryendogénéité de la monnaieeconomics[SHS.ECO]Humanities and Social Sciences/Economics and Financemonetary spacedollarisationgestion[ SHS.ECO ] Humanities and Social Sciences/Economies and financessouveraineté monétairemanagement economics[SHS.ECO] Humanities and Social Sciences/Economics and Financeeuroisatinmanagementdescription
Current discussions about dollarization/euroization are built on substitution models and cost/benefits analysis. This working paper aims to go beyond these explanations based on a functionalist definition of money. An institutionalist definition of money advocates analyzing de facto dollarization more broadly as a legitimacy crisis of the unit of account that damages monetary sovereignty and of whom authorities try to check in a kind o f institutional resistance. A macroeconomic definition of money involves questionning full and de jure dollarization consistency with both of principles guiding the monetary economy of production: (1) endogeneity of money; (2) merger between monetary space and production space. Implications that follow both for dollarized economies and foreign currency issuers encourages the restriction of dollarization arrangements to a limited number of specific cases.
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2002-01-01 |