To put an end to monetary mischief and rein in hyperinflation, Argentina established an unorthodox currency board system on April 1, 1991. Argentines called the system "convertibility," an uncommon term for an unusual system. Like all currency board arrangements, convertibility maintained a...

In this paper I argue that the best strategy for many developing countries is to abolish their own currencies and make all foreign currencies legal tender. But he warns against signing treaties with the US