Word: dollarization
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Dates: during 1980-1989
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...central bankers from as many as 151 nations converged on Washington last week for a meeting of the World Bank and the International Monetary Fund, they had plenty to talk -- and fret -- about. The U.S. and Japan seemed perilously close to a trade war. The value of the American dollar was nose-diving to new lows against the yen. And the Latin- American debt crisis was flaring up all over again. In short, the world economy was showing distinct signs of stress...
...Italy and Canada -- huddled behind closed doors at the U.S. Treasury to discuss the uncertain situation. At their gathering, Federal Reserve Chairman Paul Volcker undoubtedly emphasized the same understated point he had made to a Senate committee earlier in the week, when he said, "Further sizable depreciation of the dollar could well be counterproductive." The ministers emerged wearily after nightfall with a three-paragraph statement. Its thrust was a reaffirmation of a declaration made by virtually the same group last February in Paris that the dollar's value should remain "around current levels...
...statement was intended to calm foreign-exchange markets, but it had exactly the opposite effect. After the latest Washington communique, a wild , selling spree pushed the value of the dollar down at week's end to 142.50 yen, a 40-year low against the Japanese currency. Indeed, after the Paris declaration failed to halt the dollar's slide, there was no reason to believe a vague reiteration of the same policy would have much impact...
...dollar's continuing plunge created turmoil in U.S. financial markets. As fears mounted that the greenback's weakness would boost inflation, bond prices dropped and interest rates climbed. The rate on 30-year Treasury bonds, for example, reached a 14-month high of 8.18%. The Dow Jones average of 30 industrial stocks closed at 2338.78, down 51.56 points for the week...
...wild trading, the dollar hits new lows against...