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Inflation Policy
Extending the Evidence on Elasticity of Currency Substitution: The Case of Mexico 1989-1999
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Following 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.
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