Unravelling The Persistence of Dollarization : The Case of Georgia PDF

by Francisco M. Fernandez, E.A. Castro

Part of the Europa Economic Perspectives series

PDF

Download - Immediately Available

Please note: eBooks can only be purchased with a UK issued credit card and all our eBooks (ePub and PDF) are DRM protected.

Description

This volume engages with the roots, dimensions, and implications of foreign currency domination in states with a national currency.

Referred to as unofficial dollarization in literature, this is a worldwide phenomenon among developing countries and has a long history. This monograph provides a political economic analysis of dollarization in Georgia and is structured around three themes: the genesis of dollarization (1991â€“2003), the persistence of dollarization (2003â€“12) and the politicization of dollarization (2012â€“19).

The case of Georgia is especially representative of the post-socialist transition states, but also has wider applicability. A high level of dollarization is a significant barrier to economic growth, macroeconomic and political stability, functional monetary policy, as well as social welfare.

The Covid-19 crisis and the increasing debt of developing countries in foreign currency exacerbate dollarization-related vulnerabilities for these economies. This book will be of interest to postgraduate students in global/comparative political economy, development economics or transition economies, researchers in monetary sovereignty, central banking, exchange rate policies, currency hierarchy, money, financialization, and policy makers in dollarized countries and global institutions.