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Topic : The Dollar in Forex Trading
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Created by : Satish Pandey, Sr. Associate, IL&FS Venture Corporation  | 10 14 2008 16:54:39 +0000
Industry : Investment BankingFunctional Area : Movers & Shakers(Markets)
Activity:  241 views;  last activity : 07 06 2010 20:18:09 +0000
Should countries change their official currency to the U.S. dollar? Official dollarization involves a country abandoning an independent currency. In dollarized countries, only a foreign currency is legal tender (though local coins may be produced).
 
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Stabilizing the exchange rate against the dollar means that the risks of trading between the countries are reduced, and trade with the US will increase. This, in turn, promotes economic growth
By Satish Pandey, Sr. Associate, IL&FS Venture Corporation  | 10 14 2008 16:54:39 +0000
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By losing the ability to set interest rates, governments lose the ability to help their country in a recession. When times are bad, they are unable to devalue their currency in order to increase demand and encourage recovery. Monetary policy is a key tool for managing your economy, and giving it up exposes countries to economic slumps that cannot be corrected. Unlike in a currency union the US sets monetary policy for its currency with complete disregard for the interests of dollarized countries.

By Venkatachalam C V, Sr. Associate, JP MorganChase  | 10 14 2008 16:55:40 +0000
 
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