03488nam 2200601Ia 450 991046401720332120170817212447.01-4623-0632-21-4527-9042-697866128436001-282-84360-51-4518-7293-3(CKB)3170000000055302(EBL)1608363(SSID)ssj0000941835(PQKBManifestationID)11505436(PQKBTitleCode)TC0000941835(PQKBWorkID)10964470(PQKB)11687995(OCoLC)642055052(MiAaPQ)EBC1608363(EXLCZ)99317000000005530220100902d2009 uf 0engur|n|---|||||txtccrIntroducing the Euro as legal tender[electronic resource] benefits and costs of Eurorization for Cape Verde /Patrick Imam[Washington, D.C.] International Monetary Fund20091 online resource (36 p.)IMF working paper ;WP/09/146Description based upon print version of record.1-4519-1722-8 Includes bibliographical references.Contents; I. Introduction; II. Characteristics of Eurorization/Dollarization Countries; Tables; 1. List of Dollarized Economies; III. Potential Benefits and Costs of Eurorization for Cape Verde; Boxes; 1. Loss of Seignorage Revenue: Theory and Evidence; 2. Present Value Loss of Seignorage Revenue (as a share of GDP); Figures; 1. Debt With and Without Access to Seignorage Revenue, 2008-28; 3. Seignorage Gains for CEECs; 2. Growth Effect of Euroriztion is Temporary, not Permanent; IV. Econometric Analysis of the Characteristics of Dollarized Economies; A. Determinants of Exchange Rate Choice4. Comparing Merits of Different Fixed Exchange Rate Regimes with Cape Verde Current PegB. Data; C. Estimation; 5. Choice of Exchange Rate Regime (Dollarized Economies); 6. Choice of Exchange Rate Regime (Hard Pegs); 7. Choice of Exchange Rate Regime (Dollarized, Other Hard Pegs and Non-Hard Pegs); V. Practical Aspects of Successful Eurorization; 2. Some Practical Aspects of Introducing the Euro; VI. Conclusion; References; Appendix; 1. History of Cape Verdean Exchange Rate ArrangementsIn recent years, recommendations for countries to unilaterally dollarize/eurorize have become common, particularly when the countries lack economic credibility. After exploring the characteristics of dollarizing/eurorizing economies, we look at the merits and costs of unilateral eurorization for Cape Verde, a highly tourism based economy that has become increasingly integrated into the euro-zone area and that has a strong macroeconomic track record. We illustrate that neither the benefits nor the costs of unilateral eurorization are large and conclude that there is no compelling case to changeIMF working paper ;WP/09/146.Euro-dollar marketForeign exchange ratesCape VerdeElectronic books.Euro-dollar market.Foreign exchange ratesImam Patrick910646International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910464017203321Introducing the Euro as legal tender2273594UNINA