The IMF supports that choice, whether floating exchange rates, fixed exchange rates or dollarization.
We might then see a massive dollarization in Moscow and a huge run on the ruble, ' he said.
But dollarization helped cushion the crisis by preventing a crippling outflow of capital.
This article should have helped unveil some of the mystery of unofficial dollarization.
Dollarization would turn back this trend and promote stability and economic growth.
The White House or the Treasury Department should give the CPA the word to go for dollarization or a currency board.
Moves by the Hong Kong Monetary Authority to introduce a U.S. dollar-clearing system in stages this year suggest a possible slow move toward at least partial dollarization.
He has promised not to nationalize industries or oppose dollarization.
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With dollarization, governments can't hide their mismanagement by turning on the printing presses, nor can they play the game of trying to boost exports by cheapening the value of their currencies.
The IMF-induced lira collapse of early 2001 would have been infinitely more injurious to Turkey's economy if not for the informal dollarization already in effect--about half the transactions in Turkey are denominated in greenies.
In their paper, "Currency Substitution--Unofficial Dollarization and Estimates of Foreign Currency Held Abroad, " Feige, Faulend, Sonje and Sosic estimate that 40% to 60% of existing U.S. dollars circulate outside of the U.S. This estimate is supported by the actions of U.S. federal agencies, which produced posters and pamphlets in 24 languages to highlight the new look and anti-counterfeiting features of updated bills produced between 2003 and 2006.
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