Word: dollarization
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Dates: during 1980-1989
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...dollar keeps diving, it could pull several of the world's major economies down with it. That realization was behind the urgent meeting in Paris over the weekend of finance ministers and central bankers from the Group of Seven -- the U.S., West Germany, Japan, Britain, France, Italy and Canada -- to discuss ways of moderating currency swings. For the U.S., another goal of the session was to persuade Japan and West Germany to stimulate their economies. That would boost their imports of American products and help ease the U.S. trade deficit, which reached a record $170 billion last year. Higher exports...
Volcker argued that the dollar has already fallen far enough. While its decline promises to help narrow the trade deficit, a continued plunge could send import prices surging and spark increased inflation. That is one threat the Fed chairman cannot afford to underestimate...
...three comedians into thinking they could make these embarrassing revelations without anyone passing them on to outsiders--like I'm doing right now. Standing in front of a row of shelves lined with fake books, the performers were close enough to the tables to smell the odor of two-dollar drafts on the audience's breath...
...hard-luck Mexicans, 1987 is already a year that many would like to forget. Last week the peso crashed through the once unthinkable barrier of 1,000 to the dollar, a sharp signal of plummeting confidence in the country at home and abroad. Foreign banks have balked at extending new loans to keep the economy afloat. To make matters worse, with national elections 18 months away, the scramble to succeed President Miguel de la Madrid threatens to paralyze his government until a new President is chosen...
...years ago the exchange rate was fairly stable at 23 pesos to the dollar. Last week the peso closed at 1,009. After years of devaluations, caused in part by a soft oil market and a growing trade deficit, the latest slip in the peso did not surprise economists. And the end is not in sight: most experts believe the peso will fall to 1,800 by year's end. Three-digit inflation is expected to continue. On Feb. 1 the postal service doubled its rates overnight without warning. A majority of the 20 million-member work force reportedly earns...