完全美元化及利弊评析

Comments on the Benefits and the Costs of Full Dollarization

完全美元化是指完全放弃本币,使用外币(美元)作为记账单位、支付手段或价值储藏,具有无限法偿能力,其实质是完全而不可逆转的固定汇率制度。本文评析了完全美元化的利与弊,指出完全美元化是一把"双刃剑",其无论对于美元化国家还是对于美国都会带来一定的经济利益,但同时也会造成一定的损失。

Full dollarization is the case when a country completely abandons the use of the national currency and adopts the dollar as a unit of account, means of payments or store of value, i.e. adopts the official currency as legal tender. In a sense it can be compared to the adoption of a fixed exchange regime. However, it is a more extreme case. The purpose of this paper is to comment on the benefits and the costs of full dollarization and to present that full dollarization is a 'double sword'. Whether for the country of full dollarization or for U.S., full dollarization has several potential benefits and some economic costs as well.