Word: dollarization
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Asked to name the beleaguered Western currency that sits near a 10-month low against the dollar and has lost 7% against the greenback already this year, most people would probably plump for the euro. They'd be wrong. Europe's single currency - walloped by the big economic problems in Greece - is hardly having a stellar year. But for a currency well and truly in the pickle, look no further than the pound...
...policy—termed the “first-dollar principle”—identifies areas across FAS that constitute core expenses and focuses on allocating resources in accordance with the established priorities...
Director of the Center for American Political Studies Daniel Carpenter said that the first-dollar principle aligned with his own center’s commitment to student research...
...Carpenter also noted that the first-dollar principle was a newly-developed policy, subject to changes. “How’s it going to be when the rubber hits the road?” he said...
...letter sent to department and center administrators early last month, FAS Dean for Administration and Finance Leslie A. Kirwan ’79 sought to clarify the ongoing budgeting approach based on the first-dollar principle...