Word: dollarization
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Dates: during 1980-1989
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...suspense in the world's stock and currency exchanges last week was almost palpable. Share prices gyrated, and the value of the dollar fluctuated fitfully, but none of the financial markets moved with any conviction. Traders seemed practically paralyzed by the knowledge that on Friday the Commerce Department would release the U.S. trade statistics for November. There was good reason for their concern. Three months earlier a worse than expected trade-deficit figure helped send the stock market into a slide that culminated in the great crash of Oct. 19. And in mid-December the announcement of a sharp jump...
...double charge of cheery news had a predictably explosive impact on currency exchanges and financial markets. The dollar jumped to nearly 131 Japanese yen, up sharply from about 126 yen the day before. The greenback also fetched 1.68 West German marks, vs. 1.63 the previous day. At the New York Stock Exchange, everyone who had been planning to buy stocks if the trade figure was good seemed determined to get in at the opening bell. The Dow Jones industrial average skyrocketed, beginning trade 55 points above Thursday's close of 1916. But the surge ended almost as soon...
...Takeshita made new proposals to give American construction companies greater access to Japanese public works projects. He also promised that his government would strive to hold down interest rates, which could help stimulate Japan's economy and boost demand for imports from the U.S. Both men said that the dollar's three-year fall against the yen had gone far enough...
Whether or not the dollar goes lower, its 50% decline against major currencies since early 1985 has started to work wonders for American exporters, who have watched their products become progressively cheaper to foreign buyers. U.S. exports were an estimated $251 billion last year, up nearly 15% from 1985, and most economists expect the rise to continue. Jason Benderley, a senior economist at the Goldman, Sachs investment firm, predicts that if the dollar stays at its current level, overseas shipments could grow by as much as 15% a year through 1991. If imports level off or decline, the trade deficit...
...agreeing to take the very steps sought by Washington and Nicaragua's neighbors, Ortega sought to show that there was no further need for more contra funds. After the meeting, Ortega declared that Congress no longer had any reason to vote aid to the rebels, "not one dollar more, not one cent more...