Dollarization-the use of foreign currencies as a medium of exchange, store of value, or unit of account-is a notable feature of financial development under macroeconomically fragile conditions. It has emerged as a key factor explaining vulnerabilities and currency crises, which have long been...

For nearly three decades, China has achieved an economic miracle. China's official GDP per capita increased almost tenfold, from about US$150 in 1978 to US$1,449 in 2005. China's growth measured by the purchasing power parity (PPP) has been even more impressive. The GDP per capita in terms of...