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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
Playing Monopoly with the Devil
Dollarization and Domestic Currencies in Developing Countries
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- Foreign policy analyses written by CFR fellows and published by the trade presses, academic presses, or the Council on Foreign Relations Press.
Read an excerpt of Playing Monopoly with the Devil.
Why should a developing country surrender its power to create money by adopting an international currency as its own? This comprehensive book explores the currency problems that developing countries face and offers sound, practical advice for policymakers on how to deal with them. Manuel Hinds, who has extensive experience in real-world economic policymaking, challenges the myths that surround domestic currencies and shows the clear rationality for dollarization or the use of a standard international currency.
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The book opens with an entertaining story of the devil, who, through a series of common macroeconomic maneuvers, coaches the president of a mythical country into financial ruin. This ruler's path is not unlike that taken in several real developing countries, to their detriment. Hinds goes on to introduce new ways of thinking about financial systems and monetary behavior in Third World countries.
A Council on Foreign Relations Book
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