dollarization
noun/dɑləɹɪˈzeɪ̯ʃɪn/
Etymology From dollarize + -ation.
1
Economics, Sciences The process of a country, officially, or its residents, unofficially, adopting the US dollar or other foreign currency in parallel to or instead of the domestic currency.
- “Many emerging-market economies have tried a number of technical devices: the fixed rate peg, varieties of crawling peg, currency boards and even dollarization,” Mr. Greenspan said in a recent speech. “The success has been mixed. Where successful, they have been backed by sound policies.”1999 January 2, Joseph Kahn, quoting Alan Greenspan, “Era May End For Floating Currencies”, in The New York Times, →ISSN, archived from the original on 15 Sep 2017:
- Making dollarisation work requires structural reform, something President Noboa has failed to achieve. Ecuador's businesses are struggling against high costs. The public finances face a shortfall. A new agreement with the IMF has proved elusive. Neither candidate says he would scrap the dollar, but neither says much about reform.2002 October 26, “New faces of Andean politics”, in The Economist, U.S. edition:
1 more example
- But dollarization is not a panacea for Argentina’s crisis-stricken economy, analysts say.2023 October 23, Anna Cooban, “Javier Milei wants Argentina to swap the peso for the US dollar. Here’s what that could mean”, in CNN Business:
- Related terms
- sound as a dollar