Word: dollarization
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Dates: during 1980-1989
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Some unexpected forces have interfered. One is that many foreign companies, determined to hold their U.S. market share, have postponed boosting their U.S. prices to compensate for the rise of their currencies against the dollar, even if it meant cutting into their profit margins. "The average foreign producer is probably selling at a loss right now," says Stephen Roach, a senior economist at the Morgan Stanley investment firm. Another factor is a reluctance among many U.S. businesses, which feel content with America as their main marketplace, to take advantage of the falling dollar to expand their sales abroad. Says Vladimir...
DESCRIPTION: Color illustration: Uncle Sam lying down on sharp peaks showing U.S. Prime Rate, U.S. Dollar, Trade Deficit and Budget Deficit, 1980-1987 and being stabbed by graph showing Dow Jones' ups and downs through the week of the 1987 crash...
...markets all around the world. Up, down, up, down, with trends reversing in hours, and then reversing again. And always the questions: Would the stock crisis cause a recession? Or even a global depression like the one ushered in by the 1929 Crash? What would happen to the dollar, to interest rates, to world trade? What might Ronald Reagan do to calm the markets? Could a President who was so weakened by the Iran-contra affair and the impending defeat on the Bork nomination, and who was distracted by war in the Persian Gulf and his wife's cancer operation...
...policy, the passage to a sounder prosperity is likely to be tricky, dangerous and painful. Lowering the trade deficit will take years, and will probably require a cut in American consumption -- meaning, in other words, at least a temporary reduction in the standard of living. Many economists think the dollar will have to fall further too, reluctant as both U.S. and foreign moneymen are to see that happen. The reluctance is understandable. Unless a decline is carefully managed, it will raise two dangers: a renewal of inflation and a panic flight of foreign capital from the U.S. (since foreigners would...
...giddy rise of the stock market, no figures have been so celebrated -- and so scorned -- as the precocious young brokers and investment bankers reveling in million-dollar co-ops, BMWs and American Express Gold Cards. These are the yuppies, the generation of boastful baby boomers who had never before known a bear market. But last week's wild market gyrations, coming on top of recent layoffs on Wall Street, have left them breathless. "All of a sudden, people in my age group have come of age," says Ian Wiener, 26, a portfolio manager for Clemente Capital, a Manhattan money-management...