Dollarization and Euroization in Transition Countries: Currency Substitution, Asset Substitution, Network Externalities, and Irreversibility

Edgar L. Feige · James W. Dean

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Global Financial Crisis and Policies Monetary Policy and Economic Impact European Monetary and Fiscal Policies

Abstract

Abstract The chapter examines the extent, causes and consequences of transition countries’ use of foreign currency as a co-circulating medium of exchange and store of value. Using new estimates of foreign cash in circulation, we obtain unique measures of currency substitution, asset substitution, and dollarization, and examine the consequences of network externalities for hysteresis and irreversibility. Finally, we examine factors that could lead some transition countries -- most of which are joining the European Union in 2004 -- to euroize officially, joining existing members of EMU, and others to euroize unilaterally, i.e., without joining EMU.

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References

1990Defining and estimating underground and informal economies: The new institutional economics approach 1992Currency Substitution in Developing Countries n.d.Monetary policy in dollarized economies 1996The Location of U.S. Currency: How Much Is Abroad?1994THE UNDERGROUND ECONOMY AND THE CURRENCY ENIGMA 1992Dollarization in Latin America: Gresham's Law in Reverse?

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