Word: dollarization
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Dates: during 1980-1989
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...binges that only two or three rooms were habitable. Picassos were stuffed in closets. Jewels were squirreled away in the canopy of his antique four-poster bed. "He was chronically, almost neurotically, acquisitive," writes Biographer David Bourdon in the auction catalog. "He was forever searching for that mythical five-dollar find that would turn out to be worth $1 million...
...figures, however, make the Japanese look considerably more openhanded than they actually are. Tokyo's growing generosity is largely a function of the yen's almost twofold appreciation against the greenback since 1985. According to the OECD, Tokyo's aid level in 1986 increased 48.4% in dollar terms but only 4.8% in Japanese currency. Moreover, Japanese development assistance has traditionally included a higher percentage of loans, as opposed to outright grants, than...
...wrong direction. A report released last month showing that the deficit jumped from $12.4 billion in January to $13.8 billion in February sent the financial markets into a brief panic. Continued deterioration of the trade balance could lead to a further drop in the value of the dollar, a rise in inflation and interest rates and, ultimately, a recession...
Many economists think that the sharp decline of the dollar over the past 2 1/2 years will eventually reduce the trade deficit substantially by making imports more expensive and U.S. goods cheaper for foreign consumers. So far, though, the impact of the dollar's drop has been disappointing. One reason is that many foreign manufacturers have accepted lower profit margins rather than let their prices rise in proportion to the dollar's fall. Moreover, while the dollar has gone down by more than 40% against the Japanese yen and the West German mark, it has fallen much less against...
...course, neither trade negotiations nor the declining dollar will do much to reduce imports and raise exports unless U.S. companies are willing to go after foreign competitors aggressively. Too many firms have used the weak dollar to lift prices and fatten profits rather than increase market share. During 1986 and 1987 many California wineries raised their prices by as much as 40% as imports from Europe became more expensive...