Word: dollarization
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Dates: during 1980-1989
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...future of the dollar rests largely in the hands of the Federal Reserve Board. The power of Fed Chairman Paul Volcker to influence the dollar on exchange markets has been clearly demonstrated in recent weeks. When he said last month that he thought that European central bankers should intervene in world currency exchanges more aggressively to keep the dollar's value down, the dollar began weakening. The currency then slid sharply when central banks started actively selling dollars, as he had recommended...
Despite such periodic interventions during the past few years, the dollar has been rising more or less steadily since the Federal Reserve switched to a much tighter money policy in 1979. As long as the American central bank continues to follow that tactic, the dollar is likely to remain strong. Jitters that have hit foreign-exchange markets in recent months all have one thing in common: the fear that the Fed would ease up on money policy. Following last month's temporary closing of 69 savings institutions in Ohio, the dollar took a beating in money markets. Reason: fear that...
...moment at least, tourists can plan their travels with some confidence that their bargains will not slip away before they start shopping in boutiques. While the dollar may decline a bit more, it is unlikely to drop sharply or to go back to its days as a downhill racer. Like most American tourists, the dollar is having a good trip...
...world trip from Miami, for example, theoretically costs $2,099, but a ticket for the same route can be bought in London for (pounds)998 ($1,254). "The trick," says Serge d'Adesky of Getaway Travel in Coral Gables, Fla., "is to maximize the effect of the strong dollar by purchasing a London-originated round-the-world fare and buying a Miami-London ticket on a carrier like People Express for $258. You will then have a saving of more than $500 and still have the unused Miami- London portion of your ticket left. You can't cash...
...siren calls to travel are very much the same--Oh, to be in England, now that April's there, or at the bullfights at the feria de abril in Seville--yet new attractions keep appearing too. This year there is an extra boon in foreign travel: the strong dollar. American currency now buys about a third more abroad than it did four years ago and 13% more than just a year ago. That makes a bargain out of everything from nights on the town in Paris to jewelry shopping in the Far East...