Dollarization, the Euro, and the Challenge to the Conventional Wisdom about Monetary Sovereignty


Conferees discussed different cases in which a sovereign country has adopted the United States dollar (or the euro) as its currency, in order to examine the validity of the arguments in favor of monetary nationalism.


Conference Readings

Dorn, James A., eds. Monetary Alternatives: Rethinking Government Fiat Money. Washington, DC: Cato Institute, 2017.

Issing, Otmar. Hayek, Currency Competition and European Monetary Union. Occasional Paper 111. London: Institute of Economic Affairs, 2000.

Salvatore, Dominick, James W. Dean, and Thomas D. Willett, eds. The Dollarization Debate. New York: Oxford University Press, 2003.

Dorn, James A. and Roberto Salinas-Leon, eds. Money and Markets in the Americas: New Challenges for Hemispheric Integration. Vancouver: The Fraser Institute, 1996.

Chiu, Priscilla. “Hong Kong’s Experience in Operating the Currency Board System.” Made available online by the International Monetary Fund, from a 2001 seminar, May 14, 2018.

Hong Kong Monetary Authority. “An Introduction to the Hong Kong Monetary Authority.” Made available online on May 14, 2018.

Bagus, Philipp. The Tragedy of the Euro. Auburn, AL: Ludwig von Mises Institute, 2010.

Hanke, Steve and Kurt Schuler. Currency Boards for Developing Countries: A Handbook. Richmond, CA: Institute for Contemporary Studies, 1994. (accessed ).

Helleiner, Eric. The Making of National Money: Territorial Currencies in Historical Perspective. Ithaca: Cornell University Press, 2003.

Hinds, Manuel. Playing Monopoly with the Devil: Dollarization and Domestic Currencies in Developing Countries. New Haven: Yale University Press, 2006.

Lainela, Seija and Pekka Sutela. “Introducing New Currencies in the Baltic Countries.” Review of Economies in Transition (1993): 5-34.

Steil, Benn and Manuel Hinds. Money, Markets and Sovereignty. New Haven: Yale University Press, 2009.