Word: dollarization
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Dates: during 1980-1989
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...currency's clout is certainly a joy to U.S. tourists abroad, and it helps keep down the price of imports, from French wine to Japanese television sets. One Reagan Administration official calculates that gains in the dollar's value have shaved an estimated three to four percentage points off the U.S. inflation rate since...
...dollar, moreover, must be strong to fill its role as a global currency. Since some three-quarters of world commerce is conducted in dollars, a vigorous U.S. currency is vital to international economic stability and a growing volume of trade...
...dollar's swing from record lows to record highs during the past few years has led some economists to wonder whether something is wrong with the international exchange-rate system. The current regime of floating rates evolved haphazardly during the 1970s after the collapse of the monetary agreement that the U.S. and its allies worked out in 1944 in Bretton Woods...
...proposed last month by John Williamson, a senior fellow of the Institute for International Economics. It calls for countries to maintain their exchange rates within a range that would be much broader than the limits set by Bretton Woods, but much narrower than the recent wide oscillations of the dollar. Then, if a currency's value got too far out of line, that country would be obliged to take measures like raising or lowering interest rates to get it back within bounds...
Last summer the U.S. joined a four-nation effort that pumped some $3 billion into foreign-exchange markets to buy marks, francs and other currencies in an attempt to stem the dollar's rise. Washington contributed $254 million to that intervention, which was tiny in comparison with the $30 billion Washington marshaled to defend the staggering dollar in 1978. But the intervention, the largest of its kind since then, had little sustained effect, and the dollar is now at approximately the same level it was in early August...