Global Monetary Integration
Conference held June 1-3, 2000
The Federal Reserve Bank of Cleveland and the Journal of Money, Credit, and Banking jointly sponsored a conference on Global Monetary Integration.
Overview
In January 1999, amid persistent monetary uncertainties stemming from the Asian financial crisis, the Russian default, and the Brazilian devaluation, Argentina's President Menem recommended that his country replace the peso with the U.S. dollar. His actions raised anew a perennial question in open-economy macroeconomics: What type of monetary and exchange-rate arrangements best promote the economic growth and development of a country? This conference features prominent economists who have applied state-of-the-art techniques to the issues of dollarization and monetary integrations.The conference will be held at the Federal Reserve Bank of Cleveland.
Papers Presented
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Dollarization and the Mexican Labor Market
George J. Borjas
Discussant: Paul Beaudry -
Has Monetary Policy Been So Bad That It Is Better to Get Rid of It?
Marco Del Negro and Francesc Obiols
Discussant: Mario Crucini -
Should Mexico Dollarize? Answering Some Traditional Questions with a Modern Approach
Charles Engel
Discussant: Marco Espinosa -
The Costs of Losing Monetary Policy Independence: The Case of Mexico
Thomas F. Cooley and Vincenzo Quadrini
Discussant: Larry Christiano -
Dollarization and the Integration of International Capital Markets: A Contribution to the Theory of Optimal Currency Areas
Elisabeth Huybens, Bruce Smith, and Valerie Bencivenga
Discussant: Timothy Kehoe -
Capital Markets and the Exchange Rate-With Special Reference to the Dollarization Debate in Latin America
Guillermo Calvo
Discussant: Anil Kashyap -
Stabilization Policy and the Costs of Dollarization
Stephanie Schmitt-Grohe and Martin Uribe
Discussant: Carlos Zarazaga -
Optimal Central Bank Areas, Financial Intermediation, and Mexican Dollarization
Alan Stockman
Discussant: Richard Clarida -
Fiscal Consequences for Mexico of Adopting the Dollar
Christopher Sims
Discussant: Thomas Sargent -
How Much Bang for the Buck? Mexico and Dollarization
Ross Levine and Maria Carkovic
Discussant: Jon Faust -
Credit-Market Frictions, Policy-Credibility and the Business Cycle of Emerging Markets
Enrique Mendoza
Discussant: Fernando Alvarez
Instituto Tecnológico Autónomo de México
Versions of these studies were initially presented at an Instituto Tecnológico Autónomo de México (ITAM) Symposium, "Optimal Monetary Institutions for Mexico." ITAM will publish them in a Spanish-language volume that will include commentary on these studies and some additional articles on this topic.
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