Word: dollarization
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Dates: during 1980-1989
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...almost nothing has gone right for the government. The French were deeply irritated by a strict $285-a-year ceiling on the amount of money they could spend on vacations abroad. The new tax burdens were considered "too heavy" for workers. Then came the unexpectedly sharp rise of the dollar against the franc (7% since mid-March), which bowled over the goals that Delors had set for his plan. Even the official National Institute of Statistics and Economic Studies concluded that inflation could not be reduced to 8% by the end of the year and that the trade deficit would...
...sync with other industrial nations. When Mitterrand's Socialist government came to power in 1981, it made the mistake of stimulating the French economy at a time when other nations were fighting inflation. As a result, the value of the franc began to fall, plunging 34% against the dollar during the past two years. That drop made France's imports more costly and thus worsened its inflation, now running at 9%. The French have gone heavily into debt trying to defend the franc in the currency markets, and last week they had to ask the European Community...
...line and stay there. Japan had a merchandise trade surplus last year of $18 billion, yet partly because of Japan's low interest rates, the yen remains weak against most other currencies. Economists estimate that the yen is undervalued by about 20% in relation to the dollar...
Working in the cool mountain air, Keynes and White agreed to create a system of fixed exchange rates. The established currency values could be adjusted, but in practice that rarely happened. The value of the dollar was set in terms of gold at $35 per oz. Moreover, the U.S. promised to redeem all dollars held by foreign governments with gold at the $35-per-oz. price. The value of all other currencies was set in terms of the dollar, and countries were obliged to maintain the value of their currencies. If the French franc suddenly dropped below its assigned price...
...company--which started with $600 from personal savings--turned its 20,000th business dollar last month. Within seven months, their monthly sales are projected to be more than...