Word: dollarization
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Dates: during 1980-1989
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Campus observers say they expected the million-dollar endowment to generate $50,000 in funding annually for service programs. But the five-member committee set up by the university to disburse the funds only received $43,000 this fall to allocate to different programs. Of that money, only $40,125 has been given out this year, committee members...
Radcliffe's Schlesinger Library, in the midst of a major fundraising drive, has received a half-million-dollar pledge from a private New York foundation...
...could be months before the fall in the dollar that has already occurred makes a major difference in the U.S. trade deficit. Some manufacturers may find it hard to recapture the overseas business they have lost, and many foreign companies may hold on to their American customers. "We've got a foothold in the U.S. market now, and it won't be so easy to displace us as the Americans think," notes a top adviser to West German Chancellor Helmut Kohl. "German products still appeal at these prices." M.I.T. Economist Paul Krugman believes it will take at least a year...
Nonetheless, some U.S. trading partners are afraid that the dollar has fallen too far, too fast. Japanese firms are considering a second round of price increases because of the rising yen, which has gained 25% against the dollar in the past six months. Says Bunroku Yoshino, president of Tokyo's Institute for International Economic Studies: "Fundamentally, Japan can stand a pretty sharp strengthening of the yen. But the suddenness of the rise is difficult to adjust to. If we have more time to adjust, then it might be all right...
...foreign debt of $26 billion, was in for new jolts. Last week the Philippine Central Bank raised interest rates on treasury bills from about 20% to 30%. Commercial banks immediately hiked their prime and commercial lending rates. Reflecting a dip in business confidence, the peso fell 10% against the dollar. Said Felix Maramba, chairman of the Philippine Chamber of Commerce: "Marcos' credibility is zilch...