734:
the role of foreign currency as an inflation hedge. The pattern of the currency substitution process also varies across countries with different foreign exchange and capital controls. In a country with strict foreign exchange regulations, the demand for foreign currency will be satisfied in the holding of foreign currency assets abroad and outside the domestic banking system. This demand often puts pressure on the parallel market of foreign currency and on the country's international reserves. Evidence for this pattern is given in the absence of currency substitution during the pre-reform period in most transition economies, because of constricted controls on foreign exchange and the banking system. In contrast, by increasing foreign currency reserves, a country might mitigate the shift of assets abroad and strengthen its external reserves in exchange for a currency substitution process. However, the effect of this regulation on the pattern of currency substitution depends on the public's expectations of macroeconomic stability and the sustainability of the foreign exchange regime.
1454:
1542:
3000:
1178:
2782:
2746:
2434:
2053:
1160:
1877:
1439:
4432:
1905:
1836:
2525:
2844:
679:
before moving to a full currency substituted economy. This relation is negative because in a heavily currency substituted economy, the central bank already fears difficulties in providing liquidity assurance to the banking system. However, literature points out the existence of alternative mechanisms to provide liquidity insurance to banks, such as a scheme by which the international financial community charges an insurance fee in exchange for a commitment to lend to a domestic bank.
135:
717:
currency substitution. In countries with high inflation rates, the domestic currency tends to be gradually displaced by a stable currency. At the beginning of this process, the store-of-value function of the domestic currency is replaced by the foreign currency. Then, the unit-of-account function of the domestic currency is displaced when many prices are quoted in a foreign currency. A prolonged period of high inflation will induce the domestic currency to lose its function as
2035:
1863:
1480:
1390:
320:
2603:
991:
1350:
952:
1516:
1850:
1607:
2974:
2870:
627:
lower in economies with full currency substitution than nations with domestic currencies. The expected benefit of currency substitution is the elimination of the risk of exchange rate fluctuations and a possible reduction in the country's international exposure. Currency substitution cannot eliminate the risk of an external crisis but provides steadier markets as a result of eliminating fluctuations in exchange rates.
2245:
2125:
1944:
1108:
2307:
2089:
2071:
1134:
1086:
1034:
2818:
2722:
2642:
2621:
2581:
2501:
2339:
1926:
1498:
2690:
2549:
2469:
2379:
2169:
2016:
1962:
1772:
1718:
1663:
1587:
1569:
1295:
1204:
807:
757:
4420:
2361:
2325:
2289:
2223:
2205:
2107:
1998:
1754:
1736:
1408:
866:
38:
2904:
2271:
1980:
1625:
1259:
1060:
1012:
896:
789:
2666:
2151:
1891:
1277:
971:
775:
2930:
2187:
1368:
918:
2952:
583:(private and public) denominated in foreign currencies of the economy. Deposit currency substitution can be measured as the share of foreign currency deposits in the total deposits of the banking system, and credit currency substitution can be measured as the share of dollar credit in the total credit of the banking system.
733:
The flight from domestic money depends on a country's institutional factors. The first factor is the level of development of the domestic financial market. An economy with a well-developed financial market can offer a set of alternative financial instruments denominated in domestic currency, reducing
665:
because of significant pass-through effects to domestic prices. However, the cost of losing an independent monetary policy exists when domestic monetary authorities can commit an effective counter-cyclical monetary policy, stabilizing the business cycle. This cost depends adversely on the correlation
626:
will help to "eliminate the inflation-bias problem of discretionary monetary policy". Secondly, official currency substitution imposes stronger financial constraint on the government by eliminating deficit financing by issuing money. An empirical finding suggests that inflation has been significantly
678:
to commercial banks by printing money. The alternatives to lending to the bank system may include taxation and issuing government debt. The loss of the lender of last resort is considered a cost of full currency substitution. This cost depends on the initial level of unofficial currency substitution
621:
rates, to lower real exchange rate volatility, and possibly to deepen the financial system. Firstly, currency substitution helps developing countries, providing a firm commitment to stable monetary and exchange rate policies by forcing a passive monetary policy. Adopting a strong foreign currency as
724:
Ize and Levy-Yeyati (1998) examine the determinants of deposit and credit currency substitution, concluding that currency substitution is driven by the volatility of inflation and the real exchange rate. Currency substitution increases with inflation volatility and decreases with the volatility of
702:
channel. Currency substitution may reduce the possibility of systematic liquidity shortages and the optimal reserves in the banking system. Research has shown that official currency substitution has played a significant role in improving bank liquidity and asset quality in
Ecuador and El Salvador.
473:
became fully dollarized economies in 2000 and 2001 respectively, for different reasons. Ecuador underwent currency substitution to deal with a widespread political and financial crisis resulting from massive loss of confidence in its political and monetary institutions. By contrast, El
Salvador's
716:
High and unanticipated inflation rates decrease the demand for domestic money and raise the demand for alternative assets, including foreign currency and assets dominated by foreign currency. This phenomenon is called the "flight from domestic money". It results in a rapid and sizable process of
608:
Countries with full currency substitution can invoke greater confidence among international investors, inducing increased investments and growth. The elimination of the currency crisis risk due to full currency substitution leads to a reduction of country risk premiums and then to lower interest
600:
is to reduce the transaction costs of trade among countries using the same currency. There are at least two ways to infer this impact from data. The first is the significantly negative effect of exchange rate volatility on trade in most cases, and the second is an association between transaction
456:
A few cases of full currency substitution prior to 1999 had been the consequence of political and historical factors. In all long-standing currency substitution cases, historical and political reasons have been more influential than an evaluation of the economic effects of currency substitution.
666:
between the business cycle of the client country (the economy with currency substitution) and the business cycle of the anchor country. In addition, monetary authorities in economies with currency substitution diminish the liquidity assurance to their banking system.
286:
Partial currency substitution occurs when residents of a country choose to hold a significant share of their financial assets denominated in a foreign currency. It can also occur as a gradual conversion to full currency substitution; for example,
441:. "Hard pegs" are exchange rate regimes that demonstrate a stronger commitment to a fixed parity (i.e. currency boards) or relinquish control over their own currency (such as currency unions) while "soft pegs" are more flexible and floating
509:
is the most common type of currency substitution. Unofficial currency substitution occurs when residents of a country choose to hold a significant share of their financial assets in foreign currency, even though the foreign currency is not
524:
happens when a country adopts a foreign currency as its sole legal tender, and ceases to issue the domestic currency. Another effect of a country adopting a foreign currency as its own is that the country gives up all power to vary its
2028:
for many official transactions but most businesses deal exclusively in dollars for all but the cheapest items. Change is often given in a combination of U.S. dollars and
Cambodian riel. ATMs yield U.S. dollars rather than Cambodian
686:
Currency mismatch risk: Assets and liabilities on the balance sheets may be in different denominations. This may arise if the bank converts foreign currency deposits into local currency and lends in local currency or vice
540:
as a stable currency compared to the national one. For example, Panama underwent full currency substitution by adopting the US dollar as legal tender in 1904. This type of currency substitution is also known as
601:
costs and the need to operate with multiple currencies. Economic integration with the rest of the world becomes easier as a result of lowered transaction costs and stabler prices. Rose (2000) applied the
605:
and provided empirical evidence that countries sharing a common currency engage in significantly increased trade among them, and that the benefits of currency substitution for trade may be large.
927:
609:
rates. These effects result in a higher level of investment. However, there is a positive association between currency substitution and interest rates in a dual-currency economy.
482:
in 1999, which might be considered a variety of full-commitment regime similar to full currency substitution despite some evident differences from other currency substitutions.
474:
official currency substitution was a result of internal debates and in a context of stable macroeconomic fundamentals and long-standing unofficial currency substitution. The
4176:
Dollars account for 90 per cent of money in
Cambodia's banking system and almost the same proportion of cash used in everyday transactions, according to official estimates.
3669:
Bencivenga, Valerie; Huybens, Smith (2001). "Dollarization and the
Integration of International Capital Markets: a Contribution to the Theory of Optimal Currency Areas".
3827:
3746:
3560:
3411:
4215:
642:, a monetary authority needs to withdraw the domestic currency and give up future seigniorage revenue. The country loses the rights to its autonomous monetary and
490:
There are two common indicators of currency substitution. The first measure is the share of foreign currency deposits (FCD) in the domestic banking system in the
514:
there. They hold deposits in the foreign currency because of a bad track record of the local currency, or as a hedge against inflation of the domestic currency.
1547:
1521:
4319:
857:
494:
including FCD. The second is the share of all foreign currency deposits held by domestic residents at home and abroad in their total monetary assets.
4151:
4120:
275:. Some small economies, for whom it is impractical to maintain an independent currency, use the currencies of their larger neighbours; for example,
3729:
3854:
55:
3653:
1822:
536:
Full currency substitution has mostly occurred in Latin
America, the Caribbean and the Pacific, as many countries in those regions see the
4294:
638:
instruments. Seigniorage revenues are the profits generated when monetary authorities issue currency. When adopting a foreign currency as
3769:
931:
653:
has stated that the central bank considers the effects of its decisions only on the US economy. In a full currency substituted economy,
3280:
3575:
2707:
2566:
2486:
2412:
2235:, but the National Bank of Liberia began issuing five dollar coins in 1982; United States dollar still in common usage alongside the
1805:
1696:
1328:
1237:
840:
4246:
3164:
1165:
121:
102:
1913:(issued non-circulating Turks and Caicos Islands collector coins denominated in "Crowns" and pegged to the U.S. dollar since 1969)
617:
Official currency substitution helps to promote fiscal and monetary discipline and thus greater macroeconomic stability and lower
74:
4457:
3045:
2787:
2751:
2438:
2058:
437:
regimes to promote global economic stability, and hence their own prosperity. Countries usually peg their currency to a major
4189:
1882:
1459:
263:
Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in
81:
59:
2232:
682:
Commercial banks in countries where saving accounts and loans in foreign currency are allowed may face two types of risks:
3088:
New estimates of U.S. currency abroad, the domestic money supply and the unreported
Economy Edgar L. Feige September 2011.
1642:
4410:
4223:
1653:
would use the pound as their currency for the first 10 years of independence. This has become known as sterlingisation.
139:
657:
are indeterminate and monetary authorities cannot devalue the currency. In an economy with high currency substitution,
88:
2352:
1444:
328:
4462:
70:
48:
3494:
Edwards, Sebastian; Magendzo, I. Igal (2003). "Dollarization And
Economic Performance: What Do We Really Know?".
2530:
939:
4467:
3230:
2116:
2098:
1910:
1051:
426:
2939:
1077:
3948:
4162:
2827:
2651:
1646:
1399:
2370:
3503:
2887:
2142:
1841:
1551:
1489:
1431:
British
Overseas Territories using the pound, or a local currency pegged to the pound, as their currency:
1151:
602:
337:
4124:
3991:
1416:(also issues its own non-circulating commemorative and collector coins pegged to the New Zealand dollar.)
3540:
2767:
2703:
2699:
2562:
2558:
2482:
2478:
2454:
2408:
2404:
1854:
1801:
1797:
1692:
1688:
1650:
1574:
1324:
1320:
1233:
1229:
905:
836:
832:
675:
2348:
3975:
2961:
2355:, USD is used for purchases such as buying electrical appliances, clothes, spare car parts, and food)
2080:
1935:
1871:(issued non-circulating collector coins of the Marshall Islands pegged to the U.S. dollar since 1986)
1818:
1781:
1709:
1672:
1467:
1304:
1213:
1125:
887:
816:
537:
438:
412:
304:
238:
148:
4383:
Savastano, Miguel (1996). "Dollarization in Latin
America: Recent Evidence and Some Policy Issues".
4268:
4055:
3508:
3281:"Exchange Rate Policy and Liability currency substitution: What Do the Data Reveal about Causality?"
2983:
2738:
2316:
1359:
1073:
935:
356:
95:
4103:
319:
303:"Dollarization", when referring to currency substitution, does not necessarily involve use of the
134:
4436:
3686:
3622:
3467:
3353:
3300:
3239:
2823:
2810:
2795:
2759:
2731:
2647:
2446:
2388:
1899:(since 1944; issued non-circulating Palauan collector coins pegged to the U.S. dollar since 1992)
1785:
1676:
1559:
1525:
1341:
1308:
1268:
1217:
1195:
820:
718:
662:
234:
204:
3112:
1554:; also issues non-circulating collector coins for South Georgia and the South Sandwich Islands.)
1536:; also issues non-circulating collector coins for Saint Helena, Ascension and Tristan da Cunha.)
783:(since 1914; also issues non-circulating Nauran collector coins pegged to the Australian dollar)
690:
Default risk: Arises if the bank uses the foreign currency deposits to lend in foreign currency.
4388:
3862:
3835:
3740:
3649:
3160:
3156:
2883:
2857:
2280:
1844:(also issues non-circulating British Virgin Islands collector coins pegged to the U.S. dollar)
996:
748:
184:
4392:
3866:
3839:
3780:
3908:
3678:
3614:
3513:
3459:
3430:
3422:
3392:
3345:
3292:
3148:
2896:
2658:
2612:
2510:
2258:
2178:
2007:
1971:
1868:
1533:
1485:
1395:
1381:
1147:
1121:
1043:
957:
4023:
4452:
4156:
3583:
3553:
3040:
3005:
2861:
2774:
2714:
2675:
2517:
2298:
2236:
2062:
2044:
1989:
1953:
1763:
1727:
1507:
798:
766:
695:
647:
4362:
3383:
Rose, Andrew (2000). "One Money, One Market: the effect of common currencies on trade".
4007:
3823:
3064:
3059:
3035:
3030:
2803:
2634:
2573:
2426:
2392:
2214:
2160:
2025:
1596:
1578:
1426:
1286:
1099:
1025:
883:
879:
654:
650:
446:
392:
214:
4190:"El Salvador becomes first country to adopt bitcoin as legal tender after passing law"
1474:; also issues non-circulating collector coins for the British Indian Ocean Territory.)
559:
In literature, there is a set of related definitions of currency substitution such as
4446:
3605:
John, Kareken; Wallace (1981). "On the Indeterminacy of Equilibrium Exchange Rates".
3304:
3296:
3149:
3050:
2979:
2913:
2875:
2834:
2608:
2493:
2461:
2396:
1789:
1680:
1312:
1221:
1169:
1095:
1047:
1021:
976:
909:
824:
699:
643:
635:
580:
526:
450:
442:
434:
418:
376:
276:
224:
646:
policies, even in times of financial emergency. For example, former chairman of the
4424:
4346:
4147:
4071:
2992:
2682:
2593:
2400:
1793:
1745:
1684:
1634:
1529:
1355:
1316:
1250:
1225:
1191:
1187:
1183:
1143:
1069:
875:
828:
639:
623:
597:
553:
530:
511:
479:
462:
430:
366:
194:
4039:
674:
In an economy with full currency substitution, monetary authorities cannot act as
4087:
3320:
Macroeconomic Implications of Financial currency substitution The Case of Uruguay
3927:
3704:
Broda, Christian; Yeyati (2001). "Dollarization and the Lender of Last Resort".
3532:
2920:
2250:
2196:
2138:
2130:
1949:
1612:
1377:
1113:
658:
631:
491:
470:
453:
in the late 1990s led to currency substitution becoming a serious policy issue.
422:
280:
268:
37:
2312:
2094:
2076:
1616:
1139:
1091:
1039:
943:
2047:
and is accepted at par by most retailers, banks and coin redemption machines)
1448:(issues non-circulating collector coins for the British Antarctic Territory.)
3396:
2727:
2626:
2586:
2506:
2344:
1931:
1503:
1001:
981:
961:
618:
295:
were both in the process of converting to the U.S. dollar during the 1990s.
288:
3426:
2802:; used in claimed areas under Moroccan control; issues the non-circulating
248: Three cases of a country using or pegging the currency of a neighbor
27:
Use of a foreign currency in parallel to or instead of a domestic currency
17:
3828:"Dollarization in Transition Economies: Evidence and Policy Implications"
3463:
3349:
3260:
Bogetic (200). "Official Dollarization: Current Experiences and Issues".
2849:
2695:
2554:
2541:
2474:
2384:
2262:
2174:
2021:
1967:
1777:
1723:
1668:
1592:
1300:
1209:
1117:
812:
762:
596:
One of the main advantages of adopting a strong foreign currency as sole
475:
272:
257:
168:
3772:
Official Dollarization and the Banking System in Ecuador and El Salvador
4324:
3953:
3949:"Insight: North Korean economy surrenders to foreign currency invasion"
3730:"Evaluating the Effects of Deposit Dollarization in Bank Profitability"
3690:
3626:
3471:
3357:
3243:
3213:
Balino; Berensztein (1999). "Monetary Policy in Dollarized Economies".
3055:
2935:
2799:
2763:
2450:
2366:
2330:
2294:
2228:
2210:
2134:
2112:
2003:
1759:
1741:
1599:
collector coins, backed by both the Pound sterling and Guernsey pound.)
1413:
871:
529:. There are a small number of countries adopting a foreign currency as
466:
264:
3641:
3435:
552:(or officially, in bimonetary systems), where the foreign currency is
3517:
3017:
3013:
2909:
2276:
2040:
1985:
1630:
1264:
1065:
1017:
923:
901:
794:
458:
307:. The major currencies used as substitutes are the US dollar and the
4024:
Catalog of the coins of South Georgia and the South Sandwich Islands
4008:
Catalog of the coins of Saint Helena, Ascension and Tristan da Cunha
3901:"Dollarization and Economic Performance: An Empirical Investigation"
3682:
3618:
2043:(a modest amount of United States coinage circulates alongside the
721:
when the public carries out many transactions in foreign currency.
634:
revenue, the loss of monetary policy autonomy, and the loss of the
3913:
3900:
2957:
2671:
2156:
1896:
1282:
780:
318:
133:
3646:
Financial Markets Volatility and Performance in Emerging Markets
2965:
2943:
2698:(alongside several other currencies and U.S. dollar-denominated
2557:(alongside several other currencies and U.S. dollar-denominated
2534:
2477:(alongside several other currencies and U.S. dollar-denominated
2254:
2192:
1373:
853:
308:
292:
164:
942:. Euro is used in the French overseas and department region of
694:
However, currency substitution eliminates the probability of a
630:
On the other hand, currency substitution leads to the loss of
31:
3228:
Mundell, R. A. (1961). "A Theory of Optimum Currency Areas".
465:
after independence as the result of a constitutional ruling.
4269:"Uruguay's Monetary Policy Effective Despite Dollarization"
2159:(uses the U.S. dollar alongside its domestic currency, the
3992:
Catalog of the coins of the British Indian Ocean Territory
2794:
independent state, recognized by 45 UN member states, but
2758:
independent state, recognized by 45 UN member states, but
2445:
independent state, recognized by 45 UN member states, but
579:. External liability currency substitution measures total
4366:
4350:
4107:
4091:
4075:
4059:
4043:
4027:
4011:
3995:
3979:
3931:
3642:"Liquidity Insurance in a Financially Dollarized Economy"
3322:. Washington DC: International Monetary Fund. p. 22.
2886:
internationally; issues non-circulating collector coins (
2860:
internationally; issues non-circulating collector coins (
1400:
its own non-circulating commemorative and collector coins
1378:
its own non-circulating commemorative and collector coins
4320:"Maduro says 'thank God' for dollarization in Venezuela"
4295:"Venezuela Is Now More Than 50% Dollarized, Study Finds"
327:
exchange-rate arrangements in 2018 as classified by the
3976:
Catalog of the coins of the British Antarctic Territory
3331:
3329:
2403:, several other currencies and U.S. dollar-denominated
2010:
pegged at 1:1 but the United States dollar is accepted)
1992:
pegged at 2:1 but the United States dollar is accepted)
1974:
pegged at 2:1 but the United States dollar is accepted)
1956:
pegged at 1:1 but the United States dollar is accepted)
1796:, several other currencies and U.S. dollar-denominated
1687:, several other currencies and U.S. dollar-denominated
1319:, several other currencies and U.S. dollar-denominated
1228:, several other currencies and U.S. dollar-denominated
831:, several other currencies and U.S. dollar-denominated
698:
that negatively affects the banking system through the
1938:
is used for major purchases such as buying properties)
4408:
478:
adopted the euro (€) as its common currency and sole
4104:
Catalog of the coins of the Turks and Caicos Islands
890:). Has used French and Spanish currency since 1278.
157: Currencies pegged to the United States dollar
62:. Unsourced material may be challenged and removed.
4247:"Overcoming Challenges in an Unrecognized Economy"
4216:"Economy: The effect of dollarisation in Honduras"
4161:
4056:Catalog of the coins of the British Virgin Islands
3576:"Dollarization in Latin America: Is it desirable?"
3255:
3253:
3190:
3188:
3151:Dollarization Lessons from Europe and the Americas
1562:use a local issue of the pound as their currency:
260:in parallel to or instead of a domestic currency.
3855:"Determinants of Dollarization: The Banking Side"
3805:
3803:
3801:
3648:. University of Chicago Press. pp. 185–218.
3450:Alesina, Alberto; Barro (2001). "Dollarization".
3369:
3367:
3336:Alesina, Alberto; Barro (2001). "Dollarization".
2589:(mainly in western states, alongside U.S. dollar)
3853:Catão, Luis; Terrrones, Marco E. (August 2000).
569:banking sector's liability currency substitution
3894:
3892:
3890:
3888:
3886:
3884:
3882:
3880:
3878:
3876:
3531:Broda, Levy Yeyati, Christian, Eduardo (2003).
3178:
3176:
3012:independent state, but recognized as a part of
2882:independent state, but recognized as a part of
2856:independent state, but recognized as a part of
4267:Pinon, Marco; Gelos, Gaston (28 August 2008).
3496:International Journal of Finance and Economics
3412:"Dollarization and Exchange Rate Fluctuations"
712:The dynamics of the flight from domestic money
3817:
3815:
2231:(exclusively used the U.S. dollar during the
906:Sovereign Base Areas of Akrotiri and Dhekelia
323:Map of current exchange rate regimes (2018).
227:users, including Russia and other territories
8:
4072:Catalog of the coins of the Marshall Islands
3745:: CS1 maint: multiple names: authors list (
3279:Berkmen, S. Pelin; Cavallo, Eduardo (2010).
1548:South Georgia and the South Sandwich Islands
1522:Saint Helena, Ascension and Tristan da Cunha
377:pegged exchange rate within horizontal bands
217:users and pegs, including the United Kingdom
4254:Ministry of Finance Development, Somaliland
3947:Ruwitch, John; Park, Ju-min (2 June 2013).
3155:. London and New York: Routledge. pp.
3111:Berg, Andrew; Borensztein, Eduardo (2000).
3106:
3104:
3102:
3100:
3098:
3096:
3094:
3942:
3940:
3735:. Fordham University Economics Department.
858:International status and usage of the euro
3912:
3728:Kutan, Rengifo, Ozsoz, Ali, Erick, Emre.
3559:CS1 maint: multiple names: authors list (
3507:
3434:
3421:. Policy Research Working Papers (4172).
3113:"The Pros and Cons of Full Dollarization"
2333:(the main currency is the Uruguayan peso)
661:policy is less effective in changing the
122:Learn how and when to remove this message
4404:. Massachusetts Institute of Technology.
3580:ReVista: Harvard Review of Latin America
3419:World Bank Policy Research Working Paper
2708:Real Time Gross Settlement (RTGS) dollar
2567:Real Time Gross Settlement (RTGS) dollar
2487:Real Time Gross Settlement (RTGS) dollar
2413:Real Time Gross Settlement (RTGS) dollar
1806:Real Time Gross Settlement (RTGS) dollar
1697:Real Time Gross Settlement (RTGS) dollar
1329:Real Time Gross Settlement (RTGS) dollar
1238:Real Time Gross Settlement (RTGS) dollar
841:Real Time Gross Settlement (RTGS) dollar
565:domestic liability currency substitution
561:external liability currency substitution
445:regimes. The collapse of "soft" pegs in
4415:
3081:
3738:
3574:Moreno-Bird, Juan Carlos (Fall 1999).
3549:
3538:
613:On monetary and exchange rate policies
4363:Catalog of the coins of South Ossetia
3117:IMF Working Paper; Full Dollarization
7:
3671:Journal of Money, Credit and Banking
1823:International use of the U.S. dollar
1384:, pegged to the New Zealand dollar.)
60:adding citations to reliable sources
3535:. Federal Reserve Bank of New York.
2061:(many institutions accept both the
1360:issues its own coins and some notes
176: Currencies pegged to the euro
4293:Zerpa, Fabiola (5 November 2019).
4123:. lonelyplanet.com. Archived from
3770:"Federal Reserve Bank of Atlanta,
3533:"Endogenous deposit dollarization"
1402:pegged to the New Zealand dollar.)
548:Currency substitution can be used
151:users, including the United States
25:
3285:Review of International Economics
1524:(Tristan da Cunha; alongside the
1166:Sovereign Military Order of Malta
556:alongside the domestic currency.
421:was abandoned at the outbreak of
4430:
4418:
4347:Catalog of the coins of Abkhazia
4040:Catalog of the coins of Alderney
3297:10.1111/j.1467-9396.2010.00890.x
3046:Domestic liability dollarization
2998:
2972:
2950:
2928:
2902:
2868:
2842:
2816:
2788:Sahrawi Arab Democratic Republic
2780:
2752:Sahrawi Arab Democratic Republic
2744:
2720:
2688:
2664:
2640:
2619:
2601:
2579:
2547:
2523:
2499:
2467:
2439:Sahrawi Arab Democratic Republic
2432:
2377:
2359:
2337:
2323:
2305:
2287:
2269:
2243:
2221:
2203:
2185:
2167:
2149:
2123:
2105:
2087:
2069:
2051:
2033:
2014:
1996:
1978:
1960:
1942:
1924:
1903:
1889:
1875:
1861:
1848:
1834:
1770:
1752:
1734:
1716:
1661:
1623:
1605:
1585:
1567:
1540:
1514:
1496:
1478:
1452:
1437:
1406:
1388:
1366:
1348:
1293:
1275:
1257:
1202:
1176:
1158:
1132:
1106:
1084:
1058:
1032:
1010:
989:
969:
950:
916:
894:
864:
805:
787:
773:
755:
503:Unofficial currency substitution
36:
3899:Edwards, Sebastian (May 2001).
3147:Rochon, Louis-Philippe (2003).
3016:by all UN member states except
2984:non-circulating collector coins
1271:, pegged at par with the rupee)
197:users and pegs, including India
47:needs additional citations for
4188:Kharpal, Arjun (9 June 2021).
4152:"Cambodia: Wave of discontent"
3607:Quarterly Journal of Economics
2890:) pegged to the Russian ruble)
2864:) pegged to the Russian ruble)
1460:British Indian Ocean Territory
518:Official currency substitution
507:de facto currency substitution
1:
4088:Catalog of the coins of Palau
3928:Catalog of the coins of Nauru
3644:. In Edwards; Garcia (eds.).
3640:Yeyati, Eduardo Levy (2008).
1643:Sustainable Growth Commission
1641:Under plans published in the
573:deposit currency substitution
543:de jure currency substitution
4214:Carter, Chris (8 May 2013).
3859:IMF Working Paper No. 00/146
3452:The American Economic Review
3338:The American Economic Review
207:users, including New Zealand
4369:). Retrieved on 2022-10-14.
4353:). Retrieved on 2022-10-14.
4110:). Retrieved on 2022-09-03.
4094:). Retrieved on 2022-07-22.
4078:). Retrieved on 2022-09-03.
4062:). Retrieved on 2022-09-03.
4046:). Retrieved on 2023-01-17.
4030:). Retrieved on 2023-01-17.
4014:). Retrieved on 2023-01-17.
3998:). Retrieved on 2023-01-17.
3982:). Retrieved on 2023-01-17.
3934:). Retrieved on 2023-02-17.
3905:NBER Working Paper No. 8274
3832:IMF Working Paper No. 95/96
2387:(since 2020; alongside the
1445:British Antarctic Territory
932:French Southern Territories
707:Determinants of the process
329:International Monetary Fund
4484:
2133:(both the U.S. dollar and
1816:
1707:
1424:
1339:
1248:
1046:from 1839 to 2001 and the
851:
746:
522:full currency substitution
410:
187:users, including Australia
138:Worldwide official use of
3410:Honohan, Patrick (2007).
2531:Saint Pierre and Miquelon
1172:coins at €0.24 = 1 scudo)
1004:at a fixed exchange rate)
984:at a fixed exchange rate)
964:at a fixed exchange rate)
940:Saint Pierre and Miquelon
882:; issued non-circulating
461:adopted the US dollar as
404:other managed arrangement
241:, including South Africa)
4400:Yeyati, Eduardo (2003).
3231:American Economic Review
3215:IMF Occasional Paper 171
2960:(uses in the enclave of
2938:(uses in the exclave of
2613:own coins and some notes
1911:Turks and Caicos Islands
1595:(issues non-circulating
1168:(issues non-circulating
725:the real exchange rate.
433:, some countries sought
427:Bretton Woods Conference
388:no separate legal tender
256:is the use of a foreign
140:foreign currency or pegs
4458:Foreign exchange market
3957:. Changbai, China/Seoul
3397:10.1111/1468-0327.00056
2828:Palestinian territories
2652:Palestinian territories
2279:(since 1904; also uses
2137:are legal tender) (see
2115:(since 2000; also uses
1647:Scottish National Party
797:(since 1892; also uses
765:(since 1943; also uses
592:On trade and investment
71:"Currency substitution"
4367:https://en.numista.com
4351:https://en.numista.com
4108:https://en.numista.com
4092:https://en.numista.com
4076:https://en.numista.com
4060:https://en.numista.com
4044:https://en.numista.com
4028:https://en.numista.com
4012:https://en.numista.com
3996:https://en.numista.com
3980:https://en.numista.com
3932:https://en.numista.com
3677:(2, Part 2): 548–589.
3548:Cite journal requires
3427:10.1596/1813-9450-4172
2143:Bitcoin in El Salvador
1857:(since 1 January 2011)
1842:British Virgin Islands
1552:Falkland Islands pound
1490:Falkland Islands pound
1072:from 1865 to 2002 and
603:gravity model of trade
408:
372:crawl-like arrangement
362:stabilized arrangement
250:
3318:Pinon, Marco (2008).
2940:Büsingen am Hochrhein
2768:Sahrawi refugee camps
2455:Sahrawi refugee camps
1855:Caribbean Netherlands
729:Institutional factors
676:lender of last resort
322:
254:Currency substitution
167:users, including the
137:
3759:Yeyati (2003) at 34.
3718:Yeyati (2003) at 31.
3484:Yeyati (2003) at 23.
3464:10.1257/aer.91.2.381
3373:Yeyati (2003) at 22.
3350:10.1257/aer.91.2.381
2888:South Ossetian zarin
2678:, pegged at $ 1.032)
2177:(uses alongside the
2079:(uses alongside the
1936:United States dollar
1819:United States dollar
1813:United States dollar
1782:United States dollar
1710:Common Monetary Area
1673:United States dollar
1651:independent Scotland
1305:United States dollar
1214:United States dollar
1126:United States dollar
928:overseas territories
908:; formerly used the
817:United States dollar
577:credit dollarization
538:United States Dollar
439:convertible currency
413:Bretton Woods system
305:United States dollar
149:United States dollar
56:improve this article
4273:IMF Survey Magazine
4166:on 10 December 2022
3706:Book: Dollarization
3203:Yeyati (2003) at 5.
3182:Yeyati (2003) at 3.
3137:Yeyati (2003) at 1.
2739:Mauritanian ouguiya
2317:Somaliland shilling
1289:, pegged at ₹0.625)
1044:Luxembourgish franc
4328:. 17 November 2019
4226:on 13 January 2017
4121:"Money & Cost"
3826:(September 1995).
3786:on 19 October 2012
2811:New Israeli shekel
2732:New Israeli shekel
2389:South African rand
2349:Venezuelan bolívar
1786:South African rand
1704:South African rand
1677:South African rand
1560:Crown Dependencies
1526:Saint Helena pound
1342:New Zealand dollar
1336:New Zealand dollar
1309:South African rand
1280:
1269:Bhutanese ngultrum
1218:South African rand
1196:its own euro coins
1152:its own euro coins
1078:its own euro coins
1052:its own euro coins
888:its own euro coins
821:South African rand
719:medium of exchange
670:On banking systems
663:real exchange rate
409:
251:
235:South African rand
205:New Zealand dollar
4463:Monetary hegemony
4385:IMF Working Paper
4245:Aden, AK Muktar.
3655:978-0-226-18495-1
3586:on 11 August 2011
2962:Campione d'Italia
2611:(also issues its
2081:Costa Rican colón
2065:and U.S. dollars)
1656:Other countries:
997:Wallis and Futuna
749:Australian dollar
743:Australian dollar
738:Anchor currencies
386: Hard pegs (
354: Soft pegs (
185:Australian dollar
132:
131:
124:
106:
16:(Redirected from
4475:
4435:
4434:
4433:
4423:
4422:
4421:
4414:
4405:
4396:
4370:
4360:
4354:
4344:
4338:
4337:
4335:
4333:
4316:
4310:
4309:
4307:
4305:
4290:
4284:
4283:
4281:
4279:
4264:
4258:
4257:
4251:
4242:
4236:
4235:
4233:
4231:
4222:. Archived from
4211:
4205:
4204:
4202:
4200:
4185:
4179:
4178:
4173:
4171:
4165:
4160:. Archived from
4150:(28 July 2014).
4146:Pilling, David;
4143:
4137:
4136:
4134:
4132:
4127:on 16 April 2014
4117:
4111:
4101:
4095:
4085:
4079:
4069:
4063:
4053:
4047:
4037:
4031:
4021:
4015:
4005:
3999:
3989:
3983:
3973:
3967:
3966:
3964:
3962:
3944:
3935:
3925:
3919:
3918:
3916:
3896:
3871:
3870:
3850:
3844:
3843:
3819:
3810:
3807:
3796:
3795:
3793:
3791:
3785:
3779:. Archived from
3778:
3766:
3760:
3757:
3751:
3750:
3744:
3736:
3734:
3725:
3719:
3716:
3710:
3709:
3701:
3695:
3694:
3666:
3660:
3659:
3637:
3631:
3630:
3602:
3596:
3595:
3593:
3591:
3582:. Archived from
3571:
3565:
3564:
3557:
3551:
3546:
3544:
3536:
3528:
3522:
3521:
3518:10.1002/ijfe.217
3511:
3491:
3485:
3482:
3476:
3475:
3447:
3441:
3440:
3438:
3416:
3407:
3401:
3400:
3380:
3374:
3371:
3362:
3361:
3333:
3324:
3323:
3315:
3309:
3308:
3276:
3270:
3269:
3257:
3248:
3247:
3225:
3219:
3218:
3210:
3204:
3201:
3195:
3192:
3183:
3180:
3171:
3170:
3154:
3144:
3138:
3135:
3129:
3128:
3126:
3124:
3108:
3089:
3086:
3004:
3002:
3001:
2978:
2976:
2975:
2964:, alongside the
2956:
2954:
2953:
2942:, alongside the
2934:
2932:
2931:
2908:
2906:
2905:
2897:Singapore dollar
2874:
2872:
2871:
2848:
2846:
2845:
2822:
2820:
2819:
2786:
2784:
2783:
2750:
2748:
2747:
2726:
2724:
2723:
2694:
2692:
2691:
2670:
2668:
2667:
2659:Hong Kong dollar
2646:
2644:
2643:
2625:
2623:
2622:
2607:
2605:
2604:
2585:
2583:
2582:
2553:
2551:
2550:
2542:Chinese renminbi
2529:
2527:
2526:
2511:Singapore dollar
2505:
2503:
2502:
2473:
2471:
2470:
2437:
2436:
2435:
2383:
2381:
2380:
2365:
2363:
2362:
2343:
2341:
2340:
2329:
2327:
2326:
2311:
2309:
2308:
2293:
2291:
2290:
2275:
2273:
2272:
2259:North Korean won
2249:
2247:
2246:
2233:early PRC period
2227:
2225:
2224:
2209:
2207:
2206:
2191:
2189:
2188:
2179:Honduran lempira
2173:
2171:
2170:
2155:
2153:
2152:
2129:
2127:
2126:
2111:
2109:
2108:
2093:
2091:
2090:
2075:
2073:
2072:
2057:
2055:
2054:
2039:
2037:
2036:
2020:
2018:
2017:
2008:Bermudian dollar
2002:
2000:
1999:
1984:
1982:
1981:
1972:Barbadian dollar
1966:
1964:
1963:
1948:
1946:
1945:
1930:
1928:
1927:
1909:
1907:
1906:
1895:
1893:
1892:
1881:
1879:
1878:
1869:Marshall Islands
1867:
1865:
1864:
1853:
1852:
1851:
1840:
1838:
1837:
1828:Used exclusively
1776:
1774:
1773:
1758:
1756:
1755:
1740:
1738:
1737:
1722:
1720:
1719:
1667:
1665:
1664:
1629:
1627:
1626:
1611:
1609:
1608:
1591:
1589:
1588:
1573:
1571:
1570:
1546:
1544:
1543:
1520:
1518:
1517:
1502:
1500:
1499:
1486:Falkland Islands
1484:
1482:
1481:
1458:
1456:
1455:
1443:
1441:
1440:
1412:
1410:
1409:
1396:Pitcairn Islands
1394:
1392:
1391:
1382:New Zealand Mint
1372:
1370:
1369:
1354:
1352:
1351:
1299:
1297:
1296:
1281:
1279:
1278:
1263:
1261:
1260:
1208:
1206:
1205:
1182:
1180:
1179:
1164:
1162:
1161:
1148:Sammarinese lira
1138:
1136:
1135:
1122:North Korean won
1118:Chinese renminbi
1112:
1110:
1109:
1090:
1088:
1087:
1074:Monégasque franc
1064:
1062:
1061:
1038:
1036:
1035:
1016:
1014:
1013:
999:
995:
993:
992:
979:
975:
973:
972:
958:French Polynesia
956:
954:
953:
936:Saint Barthélemy
922:
920:
919:
900:
898:
897:
870:
868:
867:
811:
809:
808:
793:
791:
790:
779:
777:
776:
761:
759:
758:
402: Residual (
401:
385:
357:conventional peg
353:
335:
247:
232:
222:
212:
202:
192:
182:
175:
162:
156:
146:
127:
120:
116:
113:
107:
105:
64:
40:
32:
21:
4483:
4482:
4478:
4477:
4476:
4474:
4473:
4472:
4468:Monetary policy
4443:
4442:
4441:
4431:
4429:
4419:
4417:
4409:
4399:
4382:
4379:
4374:
4373:
4361:
4357:
4345:
4341:
4331:
4329:
4318:
4317:
4313:
4303:
4301:
4292:
4291:
4287:
4277:
4275:
4266:
4265:
4261:
4249:
4244:
4243:
4239:
4229:
4227:
4213:
4212:
4208:
4198:
4196:
4187:
4186:
4182:
4169:
4167:
4157:Financial Times
4145:
4144:
4140:
4130:
4128:
4119:
4118:
4114:
4102:
4098:
4086:
4082:
4070:
4066:
4054:
4050:
4038:
4034:
4022:
4018:
4006:
4002:
3990:
3986:
3974:
3970:
3960:
3958:
3946:
3945:
3938:
3926:
3922:
3898:
3897:
3874:
3852:
3851:
3847:
3821:
3820:
3813:
3808:
3799:
3789:
3787:
3783:
3776:
3768:
3767:
3763:
3758:
3754:
3737:
3732:
3727:
3726:
3722:
3717:
3713:
3703:
3702:
3698:
3683:10.2307/2673916
3668:
3667:
3663:
3656:
3639:
3638:
3634:
3619:10.2307/1882388
3604:
3603:
3599:
3589:
3587:
3573:
3572:
3568:
3558:
3547:
3537:
3530:
3529:
3525:
3509:10.1.1.557.6231
3493:
3492:
3488:
3483:
3479:
3449:
3448:
3444:
3414:
3409:
3408:
3404:
3385:Economic Policy
3382:
3381:
3377:
3372:
3365:
3335:
3334:
3327:
3317:
3316:
3312:
3278:
3277:
3273:
3259:
3258:
3251:
3227:
3226:
3222:
3212:
3211:
3207:
3202:
3198:
3194:Savastano at 7.
3193:
3186:
3181:
3174:
3167:
3146:
3145:
3141:
3136:
3132:
3122:
3120:
3110:
3109:
3092:
3087:
3083:
3078:
3073:
3041:Dedollarisation
3027:
3006:Northern Cyprus
2999:
2997:
2973:
2971:
2951:
2949:
2929:
2927:
2912:(alongside the
2903:
2901:
2869:
2867:
2862:Abkhazian apsar
2843:
2841:
2817:
2815:
2806:for collectors)
2796:mostly occupied
2781:
2779:
2775:Moroccan dirham
2760:mostly occupied
2745:
2743:
2730:(alongside the
2721:
2719:
2715:Jordanian dinar
2689:
2687:
2676:Macanese pataca
2674:(alongside the
2665:
2663:
2641:
2639:
2620:
2618:
2602:
2600:
2580:
2578:
2548:
2546:
2533:(alongside the
2524:
2522:
2518:Canadian dollar
2509:(alongside the
2500:
2498:
2468:
2466:
2447:mostly occupied
2433:
2431:
2422:
2378:
2376:
2371:Vietnamese đồng
2369:(alongside the
2360:
2358:
2347:(alongside the
2338:
2336:
2324:
2322:
2315:(alongside the
2306:
2304:
2299:Somali shilling
2297:(alongside the
2288:
2286:
2270:
2268:
2253:(alongside the
2244:
2242:
2237:Liberian dollar
2222:
2220:
2213:(alongside the
2204:
2202:
2195:(alongside the
2186:
2184:
2168:
2166:
2150:
2148:
2124:
2122:
2106:
2104:
2088:
2086:
2070:
2068:
2063:Congolese franc
2052:
2050:
2045:Canadian dollar
2034:
2032:
2015:
2013:
1997:
1995:
1990:Belizean dollar
1979:
1977:
1961:
1959:
1954:Bahamian dollar
1943:
1941:
1925:
1923:
1920:
1904:
1902:
1890:
1888:
1876:
1874:
1862:
1860:
1849:
1847:
1835:
1833:
1830:
1825:
1817:Main articles:
1815:
1780:(alongside the
1771:
1769:
1764:Namibian dollar
1762:(alongside the
1753:
1751:
1744:(alongside the
1735:
1733:
1728:Swazi lilangeni
1726:(alongside the
1717:
1715:
1712:
1706:
1671:(alongside the
1662:
1660:
1624:
1622:
1606:
1604:
1586:
1584:
1568:
1566:
1550:(alongside the
1541:
1539:
1515:
1513:
1508:Gibraltar pound
1506:(alongside the
1497:
1495:
1488:(alongside the
1479:
1477:
1453:
1451:
1438:
1436:
1429:
1423:
1407:
1405:
1389:
1387:
1367:
1365:
1349:
1347:
1344:
1338:
1303:(alongside the
1294:
1292:
1285:(alongside the
1276:
1274:
1267:(alongside the
1258:
1256:
1253:
1247:
1212:(alongside the
1203:
1201:
1177:
1175:
1159:
1157:
1133:
1131:
1116:(alongside the
1107:
1105:
1085:
1083:
1059:
1057:
1050:at par; issues
1033:
1031:
1011:
1009:
1000:(pegged to the
990:
988:
987:
980:(pegged to the
970:
968:
967:
960:(pegged to the
951:
949:
917:
915:
895:
893:
865:
863:
860:
852:Main articles:
850:
815:(alongside the
806:
804:
788:
786:
774:
772:
756:
754:
751:
745:
740:
731:
714:
709:
696:currency crisis
672:
648:Federal Reserve
615:
594:
589:
500:
488:
415:
407:
399:
397:
383:
381:
351:
349:
333:
317:
301:
249:
245:
243:
242:
230:
228:
220:
218:
210:
208:
200:
198:
190:
188:
180:
178:
177:
173:
171:
160:
158:
154:
152:
144:
128:
117:
111:
108:
65:
63:
53:
41:
28:
23:
22:
15:
12:
11:
5:
4481:
4479:
4471:
4470:
4465:
4460:
4455:
4445:
4444:
4440:
4439:
4427:
4407:
4406:
4397:
4378:
4375:
4372:
4371:
4355:
4339:
4311:
4285:
4259:
4237:
4206:
4180:
4138:
4112:
4096:
4080:
4064:
4048:
4032:
4016:
4000:
3984:
3968:
3936:
3920:
3872:
3845:
3822:Sahay, Ratna;
3811:
3797:
3761:
3752:
3720:
3711:
3696:
3661:
3654:
3632:
3613:(2): 207–222.
3597:
3566:
3550:|journal=
3523:
3502:(4): 351–363.
3486:
3477:
3442:
3402:
3375:
3363:
3344:(2): 381–385.
3325:
3310:
3291:(5): 781–795.
3271:
3249:
3238:(4): 657–665.
3220:
3205:
3196:
3184:
3172:
3165:
3139:
3130:
3090:
3080:
3079:
3077:
3074:
3072:
3069:
3068:
3067:
3065:World currency
3062:
3060:cryptocurrency
3053:
3048:
3043:
3038:
3036:Currency board
3033:
3031:Currency union
3026:
3023:
3022:
3021:
2989:
2988:
2987:
2969:
2947:
2917:
2893:
2892:
2891:
2865:
2831:
2807:
2804:Sahrawi peseta
2771:
2766:; used in the
2735:
2711:
2679:
2655:
2635:Egyptian pound
2631:
2630:
2629:
2616:
2590:
2574:Colombian peso
2570:
2538:
2514:
2490:
2458:
2453:; used in the
2427:Algerian dinar
2421:
2418:
2417:
2416:
2374:
2356:
2353:hyperinflation
2334:
2320:
2302:
2284:
2266:
2240:
2218:
2215:Lebanese pound
2200:
2182:
2164:
2146:
2120:
2102:
2084:
2066:
2059:Congo-Kinshasa
2048:
2030:
2026:Cambodian riel
2011:
1993:
1975:
1957:
1939:
1919:
1918:Used partially
1916:
1915:
1914:
1900:
1886:
1872:
1858:
1845:
1829:
1826:
1814:
1811:
1810:
1809:
1767:
1749:
1731:
1708:Main article:
1705:
1702:
1701:
1700:
1645:report by the
1639:
1638:
1620:
1602:
1601:
1600:
1597:Alderney pound
1579:Guernsey pound
1556:
1555:
1537:
1511:
1493:
1475:
1449:
1427:Pound sterling
1425:Main article:
1422:
1421:Pound sterling
1419:
1418:
1417:
1403:
1385:
1380:minted at the
1363:
1340:Main article:
1337:
1334:
1333:
1332:
1290:
1272:
1249:Main article:
1246:
1243:
1242:
1241:
1199:
1173:
1155:
1129:
1103:
1100:Yugoslav dinar
1081:
1055:
1029:
1026:Yugoslav dinar
1007:
1006:
1005:
985:
965:
913:
891:
886:coins; issues
884:Andorran diner
880:Spanish peseta
849:
846:
845:
844:
802:
784:
770:
747:Main article:
744:
741:
739:
736:
730:
727:
713:
710:
708:
705:
692:
691:
688:
671:
668:
655:exchange rates
651:Alan Greenspan
614:
611:
593:
590:
588:
585:
550:semiofficially
499:
496:
487:
484:
447:Southeast Asia
411:Main article:
398:
393:currency board
382:
350:
332:
316:
313:
300:
297:
244:
229:
219:
215:Pound sterling
209:
199:
189:
179:
172:
159:
153:
143:
130:
129:
44:
42:
35:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
4480:
4469:
4466:
4464:
4461:
4459:
4456:
4454:
4451:
4450:
4448:
4438:
4428:
4426:
4416:
4412:
4403:
4402:Dollarization
4398:
4394:
4390:
4386:
4381:
4380:
4376:
4368:
4364:
4359:
4356:
4352:
4348:
4343:
4340:
4327:
4326:
4321:
4315:
4312:
4300:
4296:
4289:
4286:
4274:
4270:
4263:
4260:
4255:
4248:
4241:
4238:
4225:
4221:
4217:
4210:
4207:
4195:
4191:
4184:
4181:
4177:
4164:
4159:
4158:
4153:
4149:
4148:Peel, Michael
4142:
4139:
4126:
4122:
4116:
4113:
4109:
4105:
4100:
4097:
4093:
4089:
4084:
4081:
4077:
4073:
4068:
4065:
4061:
4057:
4052:
4049:
4045:
4041:
4036:
4033:
4029:
4025:
4020:
4017:
4013:
4009:
4004:
4001:
3997:
3993:
3988:
3985:
3981:
3977:
3972:
3969:
3956:
3955:
3950:
3943:
3941:
3937:
3933:
3929:
3924:
3921:
3915:
3914:10.3386/w8274
3910:
3906:
3902:
3895:
3893:
3891:
3889:
3887:
3885:
3883:
3881:
3879:
3877:
3873:
3868:
3864:
3860:
3856:
3849:
3846:
3841:
3837:
3833:
3829:
3825:
3818:
3816:
3812:
3806:
3804:
3802:
3798:
3782:
3775:
3773:
3765:
3762:
3756:
3753:
3748:
3742:
3731:
3724:
3721:
3715:
3712:
3707:
3700:
3697:
3692:
3688:
3684:
3680:
3676:
3672:
3665:
3662:
3657:
3651:
3647:
3643:
3636:
3633:
3628:
3624:
3620:
3616:
3612:
3608:
3601:
3598:
3585:
3581:
3577:
3570:
3567:
3562:
3555:
3542:
3534:
3527:
3524:
3519:
3515:
3510:
3505:
3501:
3497:
3490:
3487:
3481:
3478:
3473:
3469:
3465:
3461:
3457:
3453:
3446:
3443:
3437:
3432:
3428:
3424:
3420:
3413:
3406:
3403:
3398:
3394:
3390:
3386:
3379:
3376:
3370:
3368:
3364:
3359:
3355:
3351:
3347:
3343:
3339:
3332:
3330:
3326:
3321:
3314:
3311:
3306:
3302:
3298:
3294:
3290:
3286:
3282:
3275:
3272:
3268:(2): 179–213.
3267:
3263:
3256:
3254:
3250:
3245:
3241:
3237:
3233:
3232:
3224:
3221:
3216:
3209:
3206:
3200:
3197:
3191:
3189:
3185:
3179:
3177:
3173:
3168:
3166:9780415298780
3162:
3158:
3153:
3152:
3143:
3140:
3134:
3131:
3118:
3114:
3107:
3105:
3103:
3101:
3099:
3097:
3095:
3091:
3085:
3082:
3075:
3070:
3066:
3063:
3061:
3057:
3054:
3052:
3051:Petrocurrency
3049:
3047:
3044:
3042:
3039:
3037:
3034:
3032:
3029:
3028:
3024:
3019:
3015:
3011:
3007:
2995:
2994:
2990:
2985:
2982:(also issues
2981:
2980:Liechtenstein
2970:
2967:
2963:
2959:
2948:
2945:
2941:
2937:
2926:
2925:
2923:
2922:
2918:
2915:
2914:Brunei dollar
2911:
2899:
2898:
2894:
2889:
2885:
2881:
2877:
2876:South Ossetia
2866:
2863:
2859:
2855:
2851:
2840:
2839:
2837:
2836:
2835:Russian ruble
2832:
2829:
2825:
2813:
2812:
2808:
2805:
2801:
2797:
2793:
2789:
2777:
2776:
2772:
2769:
2765:
2761:
2757:
2753:
2741:
2740:
2736:
2733:
2729:
2717:
2716:
2712:
2709:
2705:
2701:
2697:
2685:
2684:
2680:
2677:
2673:
2661:
2660:
2656:
2653:
2649:
2637:
2636:
2632:
2628:
2617:
2614:
2610:
2609:Faroe Islands
2599:
2598:
2596:
2595:
2591:
2588:
2576:
2575:
2571:
2568:
2564:
2560:
2556:
2544:
2543:
2539:
2536:
2532:
2520:
2519:
2515:
2512:
2508:
2496:
2495:
2494:Brunei dollar
2491:
2488:
2484:
2480:
2476:
2464:
2463:
2462:Botswana pula
2459:
2456:
2452:
2448:
2444:
2440:
2429:
2428:
2424:
2423:
2419:
2414:
2410:
2406:
2402:
2398:
2397:Botswana pula
2394:
2393:British pound
2390:
2386:
2375:
2372:
2368:
2357:
2354:
2350:
2346:
2335:
2332:
2321:
2318:
2314:
2303:
2300:
2296:
2285:
2282:
2281:its own coins
2278:
2267:
2264:
2260:
2256:
2252:
2241:
2238:
2234:
2230:
2219:
2216:
2212:
2201:
2198:
2194:
2183:
2180:
2176:
2165:
2162:
2158:
2147:
2144:
2140:
2136:
2132:
2121:
2118:
2117:its own coins
2114:
2103:
2100:
2099:its own coins
2096:
2085:
2082:
2078:
2067:
2064:
2060:
2049:
2046:
2042:
2031:
2027:
2023:
2012:
2009:
2005:
1994:
1991:
1987:
1976:
1973:
1969:
1958:
1955:
1951:
1940:
1937:
1933:
1922:
1921:
1917:
1912:
1901:
1898:
1887:
1884:
1873:
1870:
1859:
1856:
1846:
1843:
1832:
1831:
1827:
1824:
1820:
1812:
1807:
1803:
1799:
1795:
1791:
1790:Botswana pula
1787:
1783:
1779:
1768:
1765:
1761:
1750:
1747:
1743:
1732:
1729:
1725:
1714:
1713:
1711:
1703:
1698:
1694:
1690:
1686:
1682:
1681:Botswana pula
1678:
1674:
1670:
1659:
1658:
1657:
1654:
1652:
1648:
1644:
1636:
1632:
1621:
1618:
1614:
1603:
1598:
1594:
1583:
1582:
1580:
1576:
1565:
1564:
1563:
1561:
1553:
1549:
1538:
1535:
1531:
1527:
1523:
1512:
1509:
1505:
1494:
1491:
1487:
1476:
1473:
1469:
1465:
1461:
1450:
1447:
1446:
1434:
1433:
1432:
1428:
1420:
1415:
1404:
1401:
1398:(also issues
1397:
1386:
1383:
1379:
1376:(also issues
1375:
1364:
1361:
1357:
1346:
1345:
1343:
1335:
1330:
1326:
1322:
1318:
1314:
1313:Botswana pula
1310:
1306:
1302:
1291:
1288:
1284:
1273:
1270:
1266:
1255:
1254:
1252:
1244:
1239:
1235:
1231:
1227:
1223:
1222:Botswana pula
1219:
1215:
1211:
1200:
1197:
1193:
1189:
1185:
1174:
1171:
1170:Maltese scudo
1167:
1156:
1153:
1149:
1145:
1141:
1130:
1127:
1123:
1119:
1115:
1104:
1101:
1097:
1093:
1082:
1079:
1075:
1071:
1067:
1056:
1053:
1049:
1048:Belgian franc
1045:
1041:
1030:
1027:
1023:
1019:
1008:
1003:
998:
986:
983:
978:
977:New Caledonia
966:
963:
959:
948:
947:
945:
941:
937:
933:
929:
926:(used in the
925:
914:
911:
910:Cypriot pound
907:
904:(used in the
903:
892:
889:
885:
881:
877:
873:
862:
861:
859:
855:
847:
842:
838:
834:
830:
826:
825:Botswana pula
822:
818:
814:
803:
800:
799:its own coins
796:
785:
782:
771:
768:
767:its own coins
764:
753:
752:
750:
742:
737:
735:
728:
726:
722:
720:
711:
706:
704:
701:
700:balance sheet
697:
689:
685:
684:
683:
680:
677:
669:
667:
664:
660:
656:
652:
649:
645:
644:exchange rate
641:
637:
636:exchange rate
633:
628:
625:
620:
612:
610:
606:
604:
599:
591:
586:
584:
582:
581:external debt
578:
574:
570:
566:
562:
557:
555:
551:
546:
544:
539:
534:
532:
528:
527:exchange rate
523:
519:
515:
513:
508:
504:
497:
495:
493:
485:
483:
481:
477:
472:
468:
464:
460:
454:
452:
451:Latin America
448:
444:
443:exchange rate
440:
436:
435:exchange rate
432:
428:
424:
420:
419:gold standard
414:
405:
395:
394:
389:
379:
378:
373:
369:
368:
363:
359:
358:
347:
346:free floating
343:
339:
330:
326:
321:
314:
312:
310:
306:
298:
296:
294:
290:
284:
282:
278:
277:Liechtenstein
274:
270:
266:
261:
259:
255:
240:
236:
226:
225:Russian ruble
216:
206:
196:
186:
170:
166:
150:
141:
136:
126:
123:
115:
104:
101:
97:
94:
90:
87:
83:
80:
76:
73: –
72:
68:
67:Find sources:
61:
57:
51:
50:
45:This article
43:
39:
34:
33:
30:
19:
4401:
4384:
4358:
4342:
4330:. Retrieved
4323:
4314:
4302:. Retrieved
4298:
4288:
4276:. Retrieved
4272:
4262:
4253:
4240:
4228:. Retrieved
4224:the original
4219:
4209:
4197:. Retrieved
4193:
4183:
4175:
4168:. Retrieved
4163:the original
4155:
4141:
4129:. Retrieved
4125:the original
4115:
4099:
4083:
4067:
4051:
4035:
4019:
4003:
3987:
3971:
3959:. Retrieved
3952:
3923:
3904:
3858:
3848:
3831:
3824:Vegh, Carlos
3790:14 September
3788:. Retrieved
3781:the original
3771:
3764:
3755:
3723:
3714:
3705:
3699:
3674:
3670:
3664:
3645:
3635:
3610:
3606:
3600:
3588:. Retrieved
3584:the original
3579:
3569:
3541:cite journal
3526:
3499:
3495:
3489:
3480:
3455:
3451:
3445:
3418:
3405:
3388:
3384:
3378:
3341:
3337:
3319:
3313:
3288:
3284:
3274:
3265:
3262:Cato Journal
3261:
3235:
3229:
3223:
3214:
3208:
3199:
3150:
3142:
3133:
3121:. Retrieved
3116:
3084:
3009:
2993:Turkish lira
2991:
2919:
2895:
2879:
2853:
2833:
2809:
2791:
2773:
2755:
2737:
2713:
2683:Japanese yen
2681:
2657:
2633:
2594:Danish krone
2592:
2572:
2540:
2516:
2492:
2460:
2442:
2425:
2401:Japanese yen
1885:(since 1944)
1794:Japanese yen
1746:Lesotho loti
1685:Japanese yen
1655:
1640:
1635:Jersey pound
1557:
1530:Saint Helena
1471:
1463:
1435:
1430:
1356:Cook Islands
1317:Japanese yen
1287:Nepali rupee
1251:Indian rupee
1245:Indian rupee
1226:Japanese yen
1192:Vatican lira
1188:Italian lira
1184:Vatican City
1144:Italian lira
1070:French franc
876:French franc
829:Japanese yen
732:
723:
715:
693:
681:
673:
640:legal tender
629:
624:legal tender
616:
607:
598:legal tender
595:
576:
572:
568:
564:
560:
558:
554:legal tender
549:
547:
542:
535:
531:legal tender
521:
517:
516:
512:legal tender
506:
502:
501:
489:
480:legal tender
463:legal tender
455:
431:World War II
416:
403:
391:
387:
375:
371:
367:crawling peg
365:
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324:
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285:
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195:Indian rupee
118:
112:January 2014
109:
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49:verification
46:
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4437:Numismatics
4387:. WP/96/4.
4377:Works cited
4332:18 November
4220:Pulsamerica
4131:13 December
3391:(30): 8–0.
2921:Swiss franc
2251:North Korea
2197:Iraqi dinar
2139:Bitcoin Law
2131:El Salvador
1613:Isle of Man
1468:U.S. dollar
1114:North Korea
1096:German mark
1022:German mark
659:devaluation
632:seigniorage
492:broad money
471:El Salvador
423:World War I
281:Swiss franc
269:El Salvador
4447:Categories
4304:9 November
4230:11 January
4170:11 January
3961:11 January
3809:Savastano.
3708:: 100–131.
3458:(2): 382.
3436:10986/7252
3123:13 October
3119:(/50). IMF
3071:References
2704:bond notes
2700:bond coins
2563:bond notes
2559:bond coins
2483:bond notes
2479:bond coins
2409:bond notes
2405:bond coins
2313:Somaliland
2095:East Timor
2077:Costa Rica
2024:(uses the
1883:Micronesia
1802:bond notes
1798:bond coins
1693:bond notes
1689:bond coins
1617:Manx pound
1325:bond notes
1321:bond coins
1234:bond notes
1230:bond coins
1186:(formerly
1142:(formerly
1140:San Marino
1094:(formerly
1092:Montenegro
1068:(formerly
1042:(used the
1040:Luxembourg
1020:(formerly
944:Guadeloupe
874:(formerly
837:bond notes
833:bond coins
429:following
417:After the
82:newspapers
18:Dollarized
4365:Numista (
4349:Numista (
4299:Bloomberg
4106:Numista (
4090:Numista (
4074:Numista (
4058:Numista (
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4026:Numista (
4010:Numista (
3994:Numista (
3978:Numista (
3930:Numista (
3504:CiteSeerX
3305:154678349
3076:Footnotes
2824:Palestine
2728:West Bank
2648:Palestine
2627:Greenland
2587:Venezuela
2507:Singapore
2351:; due to
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1932:Argentina
1534:Ascension
1504:Gibraltar
1194:; issues
1150:; issues
1076:; issues
1002:CFP franc
982:CFP franc
962:CFP franc
619:inflation
289:Argentina
279:uses the
3741:cite web
3025:See also
3010:de facto
2880:de facto
2854:de facto
2850:Abkhazia
2792:de facto
2756:de facto
2696:Zimbabwe
2555:Zimbabwe
2475:Zimbabwe
2443:de facto
2385:Zimbabwe
2263:renminbi
2175:Honduras
2022:Cambodia
1968:Barbados
1778:Zimbabwe
1724:Eswatini
1669:Zimbabwe
1593:Alderney
1575:Guernsey
1472:de facto
1301:Zimbabwe
1210:Zimbabwe
813:Zimbabwe
763:Kiribati
486:Measures
476:eurozone
425:and the
342:floating
338:Floating
325:De facto
273:Zimbabwe
258:currency
169:Eurozone
4411:Portals
4325:Reuters
4278:4 March
3954:Reuters
3774:, 2006"
3691:2673916
3627:1882388
3590:27 June
3472:2677793
3358:2677793
3244:1812792
3056:Bitcoin
2936:Germany
2884:Georgia
2858:Georgia
2800:Morocco
2764:Morocco
2706:of the
2565:of the
2485:of the
2451:Morocco
2411:of the
2367:Vietnam
2331:Uruguay
2295:Somalia
2229:Liberia
2211:Lebanon
2135:bitcoin
2113:Ecuador
2004:Bermuda
1950:Bahamas
1804:of the
1760:Namibia
1742:Lesotho
1695:of the
1464:de jure
1414:Tokelau
1327:of the
1236:of the
930:of the
872:Andorra
839:of the
587:Effects
467:Ecuador
315:Origins
265:Ecuador
237:users (
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4453:Dollar
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3863:SSRN
3836:SSRN
3792:2012
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3650:ISBN
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