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Playing Monopoly with the DevilDollarization and Domestic Currencies in Developing Countries$
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Manuel Hinds

Print publication date: 2006

Print ISBN-13: 9780300113303

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300113303.001.0001

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(p.232) Chapter 13 Conclusions
Playing Monopoly with the Devil

Manuel Hinds

Yale University Press

This chapter summarizes the conclusions of the analysis presented in the book. It argues that a developing country should surrender its power to create money by adopting an international currency as its own because it is the only way in which it may access a truly optimal currency area. The chapter discusses how the idea that detaching submarkets from bigger ones may be optimal also goes against the grain of globalization—a process which is increasing the productivity of all its participants by rearranging production in accordance with competitive advantages. In particular, it goes against the grain of financial globalization. This is truly odd because monetary and financial economics are so intertwined that it is sometimes very difficult to ascertain when one ends and the other starts.

Keywords:   developing country, international currency, globalization, financial economies, currency area

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