Word: dollarization
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Dates: during 1980-1989
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...toll taken by the strong dollar has been heavy. Some economists believe it has been responsible for the loss of more than 1 million American jobs. Europeans complain that it could cause their prices to spiral upward. Cash-starved developing nations argue that an overvalued dollar undermines their ability to repay huge foreign debts. When world moneymen gathered in Washington last week for the annual meeting of the International Monetary Fund and the World Bank (see box), some financiers feared that the dollar had become a barrier to recovery around the world...
...dollar's current strength is a mirror image of its weakness in the late 1970s, when it sank to new lows against the West German mark, the Swiss franc and the Japanese yen. Then, many of today's problems were reversed. The abject dollar worsened U.S. inflation by raising the price of imports. European leaders angrily charged that the weak American currency made U.S. exports too cheap and was thus hurting the sale of European goods. The failing dollar also encouraged the Organization of Petroleum Exporting Countries to keep jacking up oil prices since member countries were being...
...fact, a number of European fiscal leaders were far more shaken by the feeble dollar than they are by the currency's present strength. A top U.S. financial official met recently with foreign moneymen and asked them bluntly whether they preferred a weak or a strong dollar. The answer: a strong...
...robust dollar took seed precisely four years ago during the Carter Administration. At the 1979 annual meeting of the IMF in Belgrade, foreign moneymen told Federal Reserve Chairman Paul Volcker that he had to do something to bolster the then sulking American currency. Volcker returned to Washington and three days later unveiled a strategy for curbing U.S. inflation and stopping the dollar's skid. The plan called for the Federal Reserve to keep extraordinarily tight controls over the growth in money, even if that meant sharply higher interest rates...
...sure, even the present redoubtable dollar has its supporters. Declares Rimmer de Vries, chief international economist for Morgan Guaranty: "The great strength of the dollar is, on balance, good for us and good for the world. Just look at us! We have strong growth, low inflation, a respected dollar. My God, we are doing something right...