Official Dollarization in Latin America: Joint Hearing Before the Subcommittee on Economic Policy and the Subcommittee on International Trade and Finance of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Sixth Congress, First Session ... July 15, 1999, Volume 4 |
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Common terms and phrases
$15 billion Argentina benefits borrow capacity to service central bank Chairman commodity CONNIE MACK cost of capital country risk country's crisis currency board devaluation developing countries dollarization in Latin dollarized countries dollarized economy domestic banking system economic policy El Salvador emerging markets euro exchange rate regime exchange rate systems financial system fiscal deficit flexible exchange rate GAVIN global going growth high interest rates HINDS important increased inflation instability Inter-American Development Bank interest rates international reserves investment investors issue JIM BUNNING larization Latin America Latin American countries Latin American economies lender of last liquidity loans local currency lost seigniorage MALPASS ment Mexico million monetary policy official dollarization pesos political private sector problems reduce rency require ROJAS-SUAREZ Salvador seigniorage sharing Senator BENNETT Senator BUNNING Senator MACK Senator REED share seigniorage stable money STEARNS & COMPANY Subcommittees Thank U.S. dollar U.S. policy United
Popular passages
Page 8 - Randolph, do you have an opening statement that you would like to make? Senator RANDOLPH.
Page 2 - It is a real pleasure for me to be here with you today for the opening of your hearings.
Page 36 - ... the pool of dollar savings that their counterparts to the North now enjoy. Though they did not use these words, dollarization made sense to these businessmen as a means to promote a deeper integration of credit markets, giving them the opportunity to compete for capital with their industrial -country counterparts on the basis of their business prospects alone, unhampered by barriers to international lending that are created by potentially devastating currency fluctuations. In joint work with...
Page 38 - States' financial position would be the same as it would be if a country decides not to dollarize. True, the US would be worse off financially than it would be if it decided not to share seigniorage and a country were to dollarize anyway. But if the US does not decide to share seigniorage, the odds of official dollarization are very low, so this comparison is not relevant.
Page 35 - ... This is often raised as an objection to official dollarization, even by otherwise economically literate commentators. But there is no logical connection between dollarization and financial-market regulation. Panama has successfully operated a fully dollarized economy for several decades, and the US has never involved itself in the supervision and regulation of that country's banks. 5. Dollarization does NOT require that the US provide lender-of-last-resort facilities to the banks or governmgnt...
Page 1 - Does anyone have any other questions? If not, then we thank you very much for coming and for giving us your testimony and the subcommittee meeting is adjourned. [Whereupon, at 11:22 am, the subcommittee was adjourned, to reconvene on Thursday, March 9, 1989 at 10:00 am] FOREIGN ASSISTANCE LEGISLATION FOR FISCAL YEARS 1990-91 THURSDAY, MARCH 9, 1989 HOUSE OF REPRESENTATIVES, COMMITTEE ON FOREIGN AFFAIRS, SUBCOMMITTEE...
Page 11 - In conclusion, I want to thank the Subcommittee for the opportunity to testify. I...
Page 8 - I would just like to welcome our witnesses and thank them for coming today. I look forward to hearing their statements.