Word: dollarization
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Dates: during 2000-2009
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...example, in one experiment, the researchers gave 89 undergraduate business-school students from the University of California, Berkeley, and the University of Maryland a dollar. They told the students they could keep the money or use it to buy candy. About half the students were given a dollar bill, while the other half were given four quarters. Only 26% of the students who got the bill spent the money, while 63% of the students given quarters bought some candy. However, once they decided to spend, the students with the paper made bigger purchases. (See Real Simple's saving and budgeting...
...operates on $480 million dollar annual revenue—85 percent of which comes from government sources—and employs well over 4,000 health-care workers and physicians. It currently services around 700,000 primary care patients...
...wooden chair inside his dilapidated shack in the Harare township of Mbare, primary school teacher Moses Majuru, 40, is both anxious and excited about the week ahead. Life has become a bit easier recently thanks to the Zimbabwean government's decision on Jan. 29 to abandon the Zimbabwean dollar for a raft of foreign currencies, including the U.S. dollar and the South African rand. "I am earning in real money. It feels good," says Majuru. "I can now put food on the table and feed my family." A smile spreads across his face...
...move to dump the Zimbabwe dollar has also stemmed the country's runaway inflation. This week the government announced that prices were 0.8% lower in January after years of multidigit increases. The last official measure of inflation, in July last year, put it at 231 million percent. (See pictures of money being printed...
...novel concept in a country where shop owners had until recently recalculated prices twice a day. "This allowance, though not enough, sees me through the month," says Majuru. "I can plan what my salary can and cannot buy since prices have stabilized. I could not do that when our dollar was the official currency...