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The Costs of Losing Monetary Independence: The Case of Mexico

Thomas F. Cooley and Vincenzo Quadrini
Journal of Money, Credit and Banking
Vol. 33, No. 2, Part 2: Global Monetary Integration (May, 2001), pp. 370-397
DOI: 10.2307/2673906
Stable URL: http://www.jstor.org/stable/2673906
Page Count: 28
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The Costs of Losing Monetary Independence: The Case of Mexico
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Abstract

This paper develops a two-country monetary model calibrated to data from the United States and Mexico to address the question of whether dollarization is welfare improving for the two countries. Our findings suggest that dollarization is not necessarily Pareto superior to monetary independence for Mexico.

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