A very commonly observed phenomenon in developing and emerging market economies is the use of another country’s currency (US dollar or other) in lieu or in addition to the local currency. Governments in these countries have been encouraging dollariz

Frontmatter -- Contents -- Tables and Figures -- Acknowledgments -- Abbreviations and Acronyms -- Introduction -- 1. International Currency -- 2. Power Analysis -- 3. Monetary Power -- 4. From Currency to Power -- 5. From Power to Currency -- 6. Currency Competition Today -- 7. The Dollar: Power...

This paper is a presentation of a lecture delivered in a seminar at Bahria University. It includes a brief introduction of interest free banking in Pakistan. It includes constitutional obligations and court decisions

Euroisation in Serbia is rooted in a long history of macroeconomic instability. Extreme inflation volatility has undermined trust in the dinar and discouraged dinar savings. At the same time, an abundant supply of foreign capital inflows has provided easy access to foreign currency lending at...

The revival of a multilateral exchange rate system (ERS) with one single anchor currency and binding global rules for national exchange rate management is not a viable or realistic option. It is more realistic that the present 3-polar ERS in the medium term could dynamically enlarge to a 4-polar...

It is generally very difficult to measure the effects of a currency depreciation on a country%u2019s balance sheet and financing costs given the endogenous properties of the exchange rate. History provides at least one natural experiment to test whether an exogenous exchange rate depreciation...

One traditional and oft-repeated explanation of the political impetus behind free banking connects the rise of Jacksonian populism and a rejection of the privileges associated with corporate chartering. A second views free banking as an ill-informed inflationist, pro business response to the...

The euro has arisen as a credible eventual competitor to the dollar as leading international currency, much as the dollar rose to challenge the pound 70 years ago. This paper uses econometrically-estimated determinants of the shares of major currencies in the reserve holdings of the world's...