摘要
本文的研究表明,从技术的角度讲,拉丁美洲并不十分符合传统的最优货币区标准,因此,似乎不宜进行美元化。但是,下列因素为拉丁美洲的美元化提供了有力支持:资本的自由流动将加速拉丁美洲货币一体化的进程;较高的实际美元化程度降低了丧失独立的汇率与货币政策的成本;实行“美元化”还可使得拉丁美洲获得公信度的额外收益。此外,最优货币区标准的内生性更为拉丁美洲的美元化描绘了一幅美好的图景。
In this paper, we find that the Latin America does not score high in the criteria of OCA; as a result, it seems unsuitable for dollarization But at the same time, we find that the factors below give strong support for the dollarization of Latin America: the first one is capital account liberalization, which speeds the pace of Europe's integration; the second is the high de facto dollarization, which reduces the cost of independent policy instrument's lost; at last, Latin America can get the gain of enhanced credibility through dollarization In the end, the endogeneity of OCA criteria pictures a wonderful future for the dollarization of Latin America
出处
《国际金融研究》
CSSCI
北大核心
2004年第11期35-41,共7页
Studies of International Finance
关键词
拉丁美洲
美元化
最优货币区标准
货币一体化
Dollarization
Latin
AmericaLthe-Optimum-Currency-Area-Criteria
Endogeneity
