Currency Unions reviews the traditional case for flexible exchange
rates and "countercyclical"--that is, expansionary during
recessions and contractionary in booms--monetary policy, and shows
how flexible exchange rate regimes can better insulate the economy
from such real disturbances as terms-of-trade shocks. The book also
looks at the pitfalls of flexible exchange rates--and why fixed
rates, particularly full dollarization--might be a more sensible
choice for some emerging-market countries. The contributors also
detail the factors that determine the optimal sizes of currency
unions, explain how currency union greatly expands the volume of
international trade among its members, and examine the recent
implementation of dollarization in Ecuador.
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