LEADER 05027oam 22010214 450 001 9910828556603321 005 20240402051401.0 010 $a1-4623-0632-2 010 $a1-4527-9042-6 010 $a9786612843600 010 $a1-282-84360-5 010 $a1-4518-7293-3 035 $a(CKB)3170000000055302 035 $a(EBL)1608363 035 $a(SSID)ssj0000941835 035 $a(PQKBManifestationID)11505436 035 $a(PQKBTitleCode)TC0000941835 035 $a(PQKBWorkID)10964470 035 $a(PQKB)11687995 035 $a(OCoLC)642055052 035 $a(MiAaPQ)EBC1608363 035 $a(IMF)WPIEE2009146 035 $a(EXLCZ)993170000000055302 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIntroducing the Euro as Legal Tender?Benefits and Costs of Eurorization for Cape Verde /$fPatrick Imam 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1722-8 320 $aIncludes bibliographical references. 327 $aContents; 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 Choice 327 $a4. 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 Arrangements 330 3 $aIn recent years, recommendations for countries to unilaterally dollarize/eurorize have become common, particularly when the countries lack economic credibility. After exploring the characteristics of dollarizing/eurorizing economies, we look at the merits and costs of unilateral eurorization for Cape Verde, a highly tourism based economy that has become increasingly integrated into the euro-zone area and that has a strong macroeconomic track record. We illustrate that neither the benefits nor the costs of unilateral eurorization are large and conclude that there is no compelling case to change the current exchange rate arrangement at this point in time. Econometrically, we assess the characteristics of dollarized economies and demonstrate that few of them apply to Cape Verde, further confirming that Cape Verde does not fit the pattern of most dollarizing countries. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/146 606 $aEuro-dollar market 606 $aForeign exchange rates$zCabo Verde 606 $aForeign Exchange$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aMonetary economics$2imf 606 $aCurrencies$2imf 606 $aConventional peg$2imf 606 $aExchange rate arrangements$2imf 606 $aExchange rates$2imf 606 $aDollarization$2imf 606 $aMoney$2imf 606 $aMonetary policy$2imf 607 $aCabo Verde$2imf 615 0$aEuro-dollar market. 615 0$aForeign exchange rates 615 7$aForeign Exchange 615 7$aMoney and Monetary Policy 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aCurrency 615 7$aForeign exchange 615 7$aMonetary economics 615 7$aCurrencies 615 7$aConventional peg 615 7$aExchange rate arrangements 615 7$aExchange rates 615 7$aDollarization 615 7$aMoney 615 7$aMonetary policy 676 $a332.4;332.45 700 $aImam$b Patrick$01610209 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910828556603321 996 $aIntroducing the Euro as Legal Tender?Benefits and Costs of Eurorization for Cape Verde$94117268 997 $aUNINA