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OverviewFollowing the collapse of Bretton-Woods and the advent of floating exchange rates, economists noted the emergence of demand side substitution of the world's currencies, a phenomenon that has become known as dollarization and currency substitution. Currency substitution presents a number of problems to the policy maker and to the country experiencing the phenomenon. In this book, Michael J. Welker offers a summary of several key considerations that motivate this and other research on currency substitution. The discussion assumes the traditional welfare concept in macroeconomics that any reduction in the effectiveness of monetary and fiscal policy impairs the efficiency of resource allocation and the rate of economic growth. In theoretical work on currency substution one line of thought suggests that real exchange rate depreciation will result when a small open economy revalues under currency substitution, while another line of thought poses that real exchange rate appreciation will occur. Evidence from Mexico in the last decade of the 20th Century is presented in this text to contribute to the debate. Full Product DetailsAuthor: Michael WelkerPublisher: VDM Verlag Dr. Muller Aktiengesellschaft & Co. KG Imprint: VDM Verlag Dr. Muller Aktiengesellschaft & Co. KG Dimensions: Width: 15.20cm , Height: 0.40cm , Length: 22.90cm Weight: 0.131kg ISBN: 9783639142099ISBN 10: 3639142098 Pages: 80 Publication Date: 03 April 2009 Audience: General/trade , General Format: Paperback Publisher's Status: Active Availability: In Print This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |