Encouraging official dollarization in emerging markets. --

[Washington, D.C. Estados Unidos] : United States Congress, 1999.

36 pag. ; 28 cm.

1. A missing piece in international financial reform. -- 2. Basics of dollarization. -- 3. Sharing seigniorage from the dollar. -- 4. Formulas for sharing seigniorage. -- 5. Criteria for qualifying to share seigniorage. -- 6. Options beyond the standing offer. -- 7. Legislation and administration. -- 8. Costs and benefits for the United States. -- 9. Costs and benefits for dollarizing countries. -- 10. Conclusion. -- Appendix: Panama's experience with dollarization. -- References. --

Tomado del Resumen: In many countries that have suffered high inflation and currency devaluations, the U.S. dollar is in widespread circulation as an unofficial currency. People trust the dollar because its long-term record has been among the best in the world. However, few foreign governments have been willing to officially dollarize, that is, replace their domestic currencies with the dollar. One reason is that under current arrangements, if they do so they lose seigniorage --the revenue gained from issuing currency. This study explores the implications of the United States offering to share seigniorage with countries that officially dollarize and meet certain other requirements. It describes what official dollarization is, how it works, na idea for sharing the seigniorage from the dollar with officially dollarized countries, and the effects of dollarization both on the United States and on dollarized countries.

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