拉美货币美元化的动因、路径和可行性简析

A Feasible Analysis on Cause, Path and Feasibility of Dollarization of Latin Currencies

美元化的本质是本国的货币被外国强势货币替代。拉美国家的美元化作为货币一体化的一种表现形式,它不是一种积极主动的制度安排和创新,而是宏观经济形势恶化和金融危机的结果,同时也只是应付经济不稳定和金融危机的一种补救措施。拉美美元化涉及相关各国在经济和政治层面的重大制度变迁,所以制约其可行性的因素和运作机理十分复杂。

The nature of dollarization is the substitution of home currency by certain foreign hard currency. The dollarization of currencies in Latin American countries, as an embodiment of currency integration, is not a positive institutional arrangement and innovation, but the consequence of the macro economic deterioration and financial crisis, and at the same time, is merely a remedy for economic instability and financial crisis. The dollarizaion in Latin American countries involves in a significant institutional transformation in economic and political prospects; therefore, the factors and operating mechanism that restrict the feasibility of the dollarization is rather complex.