Word: dollarization
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Dates: during 1980-1989
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...economic turn-around promised by Ronald Reagan is still dim and distant, but at least one stunning shift in U.S. financial fortunes has already unfolded: the rebound of the dollar. Since January, the American currency has risen by 14% against the Japanese yen, 27% against the West German mark and 33% against the Italian lira...
...subsidy provisions were intended to encourage giant foreign multinationals like Shell, Exxon and Mobil to sell at least some of their Canadian operations to local companies, the effect has been to aggravate a host of economic difficulties. Inflation has surged to an annual rate of 13%, the Canadian dollar has slumped to 800 in American currency, its lowest point in 50 years, and investment capital has been fleeing Canada...
...cheap Canadian dollar has proved a bonanza for U.S. tourists heading north for summer vacations. But for Canadians, the drop means further deterioration in their economy. Canada and the U.S. trade more with each other than with any other country, and the sagging currency threatens new rises in the cost of Canadian imports of clothes, food, electronic equipment and other goods from...
...effort to keep the Canadian dollar from slumping further, the Bank of Canada two weeks ago boosted its official bank lending rate to 21.24%, the highest such interest rate of any central bank in a major industrial country. Last week Finance Minister Allan MacEachen disclosed that the government is considering a new package of foreign borrowings beyond the $5.5 billion in standby credits now available. The funds would be used to help bolster the Canadian dollar on international markets...
Canada's investments in U.S. energy companies have been a major cause of weakness in the Canadian dollar because Canadian investors buying American stocks must first sell their own currency for American money. Finance Minister MacEachen last week again asked Canadian banks to stop shoveling out the financing loans so freely, but stronger action than that may eventually be needed to slow the takeover drive...