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The economic remedy for one country may be completely inappropriate for another. Policy makers from each country have different concerns, and similar concerns may have to be addressed differently because of variation. When a country dollarizes or enters into a hard peg, it risks losing its competitive edge with its major trading partner and losing new and diverse opportunities. As world trade increases, countries are able to take advantage of new markets.

This is particularly important for South American nations. Relatively new trading partners such as China and India offer great opportunities to diversify their trading options and exportable products. In addition to foreign direct investment from China to Latin America and vice versa , these opportunities entail the exportation of products such as aluminum, zinc, soya, and oilseed and cereals.

An overvalued currency or the lack of individual monetary policies could undermine these opportunities. Countries could become uncompetitive, losing out to more competitive third parties accessing the enormous market.

Argentina experienced an enormous increase in exportation after untying the peso from the dollar. Figure 3. There are many emerging markets for which they can compete internationally.

This has been the case for Ecuador. Although economists and policy makers have lauded its dollarization, years later, the country still faces persistent external debt problems that cannot be resolved through dollarization. Argentina had a similar experience, declaring in Decem- ber that the country could not meet its debt payments.

What Type of Flexible Exchange Rate? A currency board chooses a band that serves as the range in which the value of the currency can move. The logic here is that countries should not forfeit their options to begin with. Countries should avoid hard pegs because they become anchored to the currency policies of others. Fixed exchange rates, monetary unions, and dollarization would fail to remedy the most urgent long-term economic imbalances and cause more problems than they solve, but this is clearly not the last word on this contentious subject.

About the Author Charles G. The author would like to thank Professor Janis Kapler of University of Massa- chusetts at Boston for help with this article. He is principally known for his pivotal role in the Battle of Ayacucho For a study of those performed for the Americas, see Grandes and Reisen Member countries have not been able to achieve many of the EU successes in integration, such as the formation of a workable supranational parliament. For an in-depth discussion on the methodologi- cal differences see Huerta References ALBA.

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Fixing for your life. Cardoso, E. Roett Eds. Cavallo: de mimado en Wall Street a desempleado Argentino. Economic clusters or cultural commons? The limits of competition-driven development in the Ecuadorian Andes.

Latin American Research Review, 44 1 , — Dollar up as U. New York Times, p. Dri, C. Latin American Policy, 1 1 , 52— Comunidad Andina: Documents.

Foreign Affairs, 81 2 , 8— Economic social study series: Economic growth in Paraguay. Inter-American Development Bank. Ferrari-Filho, F. Why does it not make sense to create a monetary union in Mercosur? A Keynesian alternative proposal. Journal of Post Keynesian Economics, 24 2 , — Fratianni, M. Gaudin, A. NACLA, p. Gilpin, K.

Goldstein, M. Grandes, M. Hanke, S. Wall Street Journal, p. Cato Institute. Why Argentina crashed—and is still crashing. Hira, A. Distributional effects of dollarisation: The Latin American case. Third World Quarterly, 25 3 , — Hofer, J. Venezuela: Economic populism or pragmatism.

Venezuela Analysis. Kirchner and Krugman: A conversation. Kronberger, R. Lavagna, R. Lederman, D. Washington DC: World Bank. MacEwan, A. Foreign Policy in Focus. Latin American Research Review, 40 1 , — Mander, B. Paraguay threatens Mercosur walk-out. Financial Times, p. Matiaske, W. The European Union as a model for the development of Mercosur?

Munich, Germany: Rainer Hampp Verlag. McKinnon, R. Stanford Briefs. Minder, R.