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Dollarization: A Common Currency for
the Americas?
March 6–7, 2000
Federal Reserve Bank of Dallas
Agenda
Monday, March 6, 2000
Welcome
Dollarization Debate
Pros and Cons of Dollarization
When to Dollarize
- When
to Dollarize? [PDF]
Barry Eichengreen
Professor
University of California at Berkeley
- Moderator: William
C. Gruben, Vice President
and Director, Center for Latin American Economics, Federal
Reserve Bank of Dallas
The Mack Dollarization Plan
- The
Mack Dollarization Plan: An Analysis [PDF]
Kurt Schuler
Senior Economist, Joint Economic
Committee
U.S. Congress
Robert Stein
Staff Director, Subcommittee
on Economic Policy
U.S. Senate Banking Committee
- Moderator: Judy
Shelton, Professor of
International Finance,
DUXX Escuela de Graduados en Liderazgo Empresarial
Devaluation Risk and Country Risk Premium
Wall Street Perspective
Dinner Address
Tuesday, March 7, 2000
One Money, One Market: The Impact of Currency
Unions on International Trade
- Does
a Currency Union Boost International Trade? [PDF]
Andrew K. Rose
Professor
University of California at Berkeley
- Moderator: Harvey
Rosenblum, Senior Vice
President and Director of Research, Federal Reserve Bank
of Dallas
- Political
Dimensions of Dollarization [PDF]
Benjamin J. Cohen
Professor
University of California at Santa Barbara
- Moderator: Miguel
Angel Broda, Founder and
President, Fundación Gobierno y Sociedad
- Some Considerations on the Case
of Argentina
Martín Lagos
Governor
Central Bank of Argentina
- Moderator: Mark
Wynne, Research Officer
and Senior Economist, Federal Reserve Bank of Dallas
- Alternative Perspectives
(Figures and Tables) [PDF]
Guillermo Ortíz Martínez
Governor
Bank of Mexico
- Moderator: Robert
D. McTeer, Jr., President
and Chief Executive Officer, Federal Reserve Bank of Dallas
Closing Address
- Closing
Address
Robert D. McTeer, Jr.
President and Chief Executive
Officer
Federal Reserve Bank of Dallas
Speakers
Guillermo A. Calvo
Director, Center for International
Economics
University of Maryland at College Park
Calvo is a distinguished professor in
the University of Maryland’s department of economics
and an economics professor at Universidad Torcuato Di Tella
in Buenos Aires. He was a senior advisor in the International
Monetary Fund’s Research Department. In addition to holding
academic posts at the University of Pennsylvania, Columbia
University and University of Chicago, he was visiting researcher
at Centro de Estudios Macroeconómicos
de la Argentina, the University of Stockholm’s
Institute for International Economic Studies and the Di Tella
Institute’s Center for Economic Research. A widely publicized
author on macroeconomics of capital mobility and transition
economics, Calvo serves in editorial positions with several
economic journals. He holds master’s degrees and a Ph.D.
from Yale University.
Benjamin J. Cohen
Professor
University of California at Santa Barbara
Cohen has served as the Louis G. Lancaster
professor of international political economy at UC–Santa
Barbara since 1991 after teaching international economics
at Tufts University and Princeton University. He is a former
economist with the Federal Reserve Bank of New York. Cohen
has lectured and taught throughout the world and was a volunteer
speaker for the U.S. Information Agency from 1975 to 1992.
He has held academic positions at University College London,
Atlantic Institute for International Affairs, Harvard University,
Fletcher School of Law and Diplomacy, Carnegie Endowment for
International Peace, Salzburg Seminar in American Studies,
Foreign Service Institute and Council on Foreign Relations.
A widely published author, Cohen has served in editorial positions
for economic journals and provided consulting services to
the U.S. State Department, Organization for Economic Cooperation
and Development, U.S. Treasury Department and International
Monetary Fund. The International Studies Association recently
honored him as a distinguished scholar. Cohen holds a B.A.
and Ph.D. from Columbia University.
Sebastian Edwards
Professor
University of California at Los Angeles
Edwards is the Henry Ford II professor
of international business economics at UCLA’s Anderson
Graduate School of Management. From 1993 to 1996, he was the
World Bank’s chief economist for the Latin America and
Caribbean region. He also is a research associate of the National
Bureau of Economic Research, an advisory board member with
the Transnational Research Corp. and cochairman of the Inter-American
Seminar on Economics. Edwards has consulted for the Inter-American
Development Bank, World Bank, International Monetary Fund,
U.S. Agency for International Development, international financial
institutions, and national and international corporations.
A writer on international economics, macroeconomics and economic
development, he has published several books and scores of
journal articles. He holds editing positions with a number
of economic journals, including the Journal of Development
Economics. He is a columnist for the Wall Street
Journal. He holds an undergraduate degree at Catholic
University of Chile and an M.A. and a Ph.D. from the University
of Chicago.
Barry Eichengreen
Professor
University of California at Berkeley
Eichengreen has taught at UC–Berkeley
since 1987 and currently is the George C. Pardee and Helen
N. Pardee professor of economics and professor of political
science. He also is research associate for the National Bureau
of Economic Research in Cambridge, Mass., and research fellow
for the Centre for Economic Policy Research in London. He
previously taught economics at Harvard University. He was
senior policy advisor at the International Monetary Fund.
Eichengreen is a member of the Bellagio Group of academics
and high-level economic officials and is a fellow of the American
Academy of Arts and Sciences. He is a widely published author
on the history and current operation of the international
monetary and financial system. He holds an A.B. from the University
of California at Santa Cruz and master’s degrees and
a Ph.D. from Yale University.
Michael Gavin
Head of Economic Research for Latin
America
Warburg Dillon Read
Gavin joined Warburg Dillon Read from
the Inter-American Development Bank, where he was lead research
economist dealing with macroeconomic and financial developments
in Latin America. He has served as associate economics professor
at Columbia University, where he created and operated a new
master’s degree program in economic policy management.
He has also worked in the Federal Reserve Board’s International
Finance Division and as visiting scholar or consultant to
the International Monetary Fund, Federal Reserve Board and
World Bank. Gavin has been visiting professor at the Institute
for Advanced Studies in Vienna and the Center for Economic
Research and Graduate Education in Prague. He holds a Ph.D.
from the Massachusetts Institute of Technology.
Ricardo Hausmann
Chief Economist
Inter-American Development Bank
Hausmann’s research includes macroeconomic
volatility, determinants of inequality, budget institutions
and determinants of fiscal performance, banking crises, international
financial architecture and alternative exchange regimes. Prior
to joining the Inter-American Development Bank, he was Venezuela’s
minister of coordination and planning and chairman of the
Joint Development Committee of the International Monetary
Fund and World Bank. He was board director for the Central
Bank of Venezuela. Hausmann is on leave from Venezuela’s
leading graduate school of business, the Instituto de Estudios
Superiores de Administración, where he is an economics
professor and founder of the Center of Public Policy. He has
been assistant economics professor at the Central University
of Venezuela, a visiting fellow at Oxford University and general
director of the Venezuelan Planning Ministry. He holds a Ph.D.
from Cornell University.
Martín Lagos
Vice Governor
Central Bank of Argentina
Lagos has held positions with a number
of institutions involved in economic research, public policy
and financial markets. Since 1996, he has served as the vice
governor of the Central Bank of Argentina, a position he also
held in 1981. He was chief economist with the Latin American
Economic Research Foundation (FIEL) and with the Bank of Boston
in Buenos Aires. He also has served as cabinet advisor to
the Ministry of the Economy. He was senior partner with PROECO
Economics and Finance and executive director of the Argentine
Businessmen Council. His writing on economic policy issues
has been published widely in the Argentine media. Lagos holds
a degree in economics from the Universidad Católica
Argentina and undertook graduate studies at Columbia University.
He was awarded an Eisenhower Fellowship in 1988 to study economics
in the United States.
Connie Mack
Senator and Chairman, Joint Economic
Committee
U.S. Congress
Mack was sworn into office in January
1995 for his second term after becoming the first Republican
in Florida history to be reelected to the U.S. Senate. As
Republican conference chairman, he is the third-ranking member
of the Senate Republican leadership. Mack’s interest
in economics stems from his 16 years as a community banker,
including five years as president of Florida National Bank
of Lee County. He chairs the Joint Economic Committee and
serves on committees and subcommittees for banking and finance.
Prior to his election to the Senate in 1988, Mack served three
two-year terms in the U.S. House of Representatives. In 1994,
he was named by Campaigns and Elections magazine
as one of the 20 most popular elected officials in America.
He holds a degree from the University of Florida.
Robert D. McTeer, Jr.
President and Chief Executive Officer
Federal Reserve Bank of Dallas
McTeer became president of the Dallas
Fed in February 1991, after serving as head of the Richmond
Fed’s Baltimore Branch. He is frequently described as
the leader of "the free enterprise Fed." Under his
leadership, the Dallas Fed also has become the Federal Reserve
System’s window to Mexico and the rest of Latin America.
He is a past president of the Association of Private Enterprise
Education, a national association of holders of university
chairs of free enterprise and other scholars who promote market
solutions to public policy problems. As president and CEO
of the Dallas Fed, McTeer is a member of the Federal Open
Market Committee, the Fed’s principal monetary policy-making
body. The FOMC meets every six weeks to determine the country’s
monetary policy. McTeer received his B.B.A. and Ph.D. in economics
from the University of Georgia.
Carlos S. Menem
Former President
Argentina
Menem served as president of Argentina
twice, from 1989 to 1995 and from 1995 to 1999, both times
elected by popular vote. As president, he implemented a far-reaching
economic reform program that included privatization of all
public enterprises, deregulation of the private sector, and
trade and financial liberalization. In 1991, his administration
introduced the Convertibility Law, a monetary regime with
currency board-like characteristics. The arrangement, which
is still in place, ended decades of chronically high inflation
rates in Argentina. Another major accomplish ment of his administration
was the creation of MERCOSUR, one of Latin America’s
major trading zones, with Brazil, Paraguay and Uruguay. In
his last year as president, he advocated the dollarization
of the Argentinean economy as a way to fully incorporate the
country into world capital markets. He served as governor
of La Rioja province three times. He now serves as president
of the Justicialist Party, with which he has been affiliated
since 1955. He has received multiple commendations from the
United States and countries in Asia, Europe and Latin America.
He holds a law degree from the National University of Córdoba.
Walter T. Molano
Head of Economic and Financial
Research
BCP Securities Inc.
Molano is responsible for all macroeconomic,
financial and corporate research at BCP Securities, with emphasis
on Argentina, Brazil, Mexico, Chile, Ecuador, Colombia, Peru
and Venezuela. Prior to joining BCP Securities, he was director
of economic and financial research at Warburg Dillon Read.
He served as senior economist and vice president for Latin
America at CS First Boston. A writer and author, Molano was
ranked in the gold medal category during the 1998 Latin Finance
Research Olympics. He is a member of the Council of Foreign
Relations, Latin American Advisory Council and Duke University’s
Trinity Board. He has served in academic positions at Columbia
and Yale universities. He holds master’s degrees in business
administration and international relations and a certificate
in international law. He is a graduate of the U.S. Naval Academy
and earned a Ph.D. from Duke University.
Guillermo Ortíz Martínez
Governor
Bank of Mexico
President Ernesto Zedillo appointed
Ortíz governor of Mexico’s central bank on Jan.
1, 1998. From 1994 to 1997, Ortíz served as secretary
of Finance and Public Credit in the Mexican federal government.
Prior to heading the Finance Ministry, he served as Telecommunications
and Transportation secretary at the beginning of the Zedillo
administration. Ortíz has an extensive background in
international economics, econometrics and finance. He served
as undersecretary of Finance and Public Credit, president
of the Finance Ministry’s Banking Privatization Committee
and executive director of the International Monetary Fund.
He managed the Economic Research Bureau of Banco de México
and served as an economist in the Ministry of the Presidency
of Mexico. He also taught at universities in the United States
and Mexico. Ortíz has written and published two books
and numerous papers on economics and finance. He holds a B.A.
from Universidad Nacional Autónoma de México
and a master’s and Ph.D. from Stanford University.
Andrew Powell
Chief Economist
Central Bank of Argentina
Powell has served as chief economist
at the Central Bank of Argentina since 1996. Previously, he
was the central bank’s head of economic research and
also served as head of research at Banco Mariva in Buenos
Aires. He lectured on economics at the University of Warwick
and the University of London. He was a prize research fellow
at Oxford University, where he served as research officer
in the Institute of Economics and Statistics. Powell has written
and spoken extensively on international lending, risk management,
commodities, trade, central banking, market stabilization
and structural adjustment, agricultural commodity exchanges
and interest rates. He holds a B.A., master’s and Ph.D.
from Oxford University.
Andrew K. Rose
Professor
University of California at Berkeley
Rose specializes in teaching and researching
international economics and macroeconomics. He is a research
associate with the National Bureau of Economic Research, a
research fellow with the Centre for Economic Policy Research
and director of the Clausen Center for International Business
and Policy at UC–Berkeley. He serves as managing editor
of The Journal of International Economics. He has
served in various positions with the Asian Development Bank,
the Bank of Canada, H.M. Treasury, the Bank of Israel, the
Federal Reserve System, the International Monetary Fund and
universities throughout the world. He is a widely published
author, including works on trade, exchange rate, emerging
markets and other international economics topics. He holds
a B.A. from the University of Toronto, a master’s from
Oxford University and a Ph.D. from the Massachusetts Institute
of Technology.
Kurt Schuler
Senior Economist, Joint Economic
Committee
U.S. Congress
Schuler’s research focuses on international
economic issues. Before joining the Joint Economic Committee
in 1999, he was a monetary consultant whose assignments took
him to Armenia, El Salvador, Jamaica and Madagascar. His books
include Russian Currency and Finance, Currency Boards
for Developing Countries and Should Developing Countries
Have Central Banks? Schuler holds a Ph.D. in economics
from George Mason University.
Robert Stein
Staff Director, Subcommittee on
Economic Policy
U.S. Senate Banking Committee
Stein’s key issue areas are U.S.
and international monetary policy, social security, tax policy,
financial markets and macroeconomic forecasting. Previously,
he was an economist, senior economist and deputy chief economist
with the Joint Economic Committee of the U.S. Congress. He
also served as national and economic issues writer for Investor’s
Business Daily and worked for the U.S. Sentencing Commission.
His publications include Issues Regarding Dollarization
and Citizen’s Guide to Dollarization. Stein
holds a bachelor’s degree from Georgetown University
and a law degree from George Washington University.
John H. Welch
Chief Economist, Latin America
Paribas Corp.
Welch is responsible for analyzing,
forecasting and interpreting the emerging economies and financial
markets of Latin America for the Equity and Fixed Income departments
of Paribas, an international wholesale bank with activities
in 60 countries. Before joining Paribas, Welch was senior
vice president and chief economist for Latin America at Lehman
Brothers and a senior economist at the Federal Reserve Bank
of Dallas. He has published articles and books on Argentina,
Brazil and Mexico. He also served as an assistant economics
professor at the University of Texas at Austin, the University
of North Texas and Oakland University. He holds a bachelor’s
degree from Columbia University and an M.S. and a Ph.D. from
the University of Illinois at Champaign–Urbana.
Moderators
Miguel Angel Broda
Founder and President
Fundación
Gobierno y Sociedad
Broda is partner and executive director
of Estudio Económico Financiero Miguel
A. Broda and Associates, a major consulting firm in
Buenos Aires, Argentina. He has served as advisor and economic
consultant to national and international companies and financial
institutions in the private and public sector. Prior to starting
Fundación Gobierno y Sociedad
in 1997, he was president and partner of international economic
consulting firms. He has served as editor and director of
Carta Económica since 1984. From 1991 to
1997, he was a professor at the Universidad Católica
Argentina. He has taught and held research positions throughout
South America. He holds degrees in economics from Universidad
Católica Argentina and the University of Chicago.
William C. Gruben
Vice President and Director, Center
for Latin American Economics
Federal Reserve Bank of Dallas
Gruben has published extensively on
topics in banking, international capital markets and international
trade. He has taught economics at Southern Methodist University
and in the Department of International Management Studies
at the University of Texas at Dallas. He holds a Ph.D. from
the University of Texas at Austin and has served as a research
associate at the university’s Institute for Latin American
Studies and at its Center for Economic Development. He also
has served on the Board of Advisors of UT–Austin’s
Bureau of Business Research. Gruben is a graduate of the Federal
Reserve Bank of New York’s international central banking
school.
Harvey Rosenblum
Senior Vice President and Director
of Research
Federal Reserve Bank of Dallas
Rosenblum serves as the chief economic
policy advisor to the president of the Dallas Fed and as an
associate economist for the Federal Open Market Committee,
which formulates the nation’s monetary policy. He began
his Fed career in 1970 as an economist with the Federal Reserve
Bank of Chicago. A recognized expert on the national and Texas
economies, Rosenblum is a visiting professor of finance and
economics at Southern Methodist University, teaching courses
in commercial bank management, contemporary issues in monetary
policy and macroeconomics. Rosenblum has published extensively
in academic and trade publications. His research focuses on
banking structure and regulation, monetary policy, electronic
money, Social Security reform, international trade and dollarization
in Latin America. He holds an economics degree from the University
of Connecticut and an M.A. and a Ph.D. in economics from the
University of California at Santa Barbara.
Judy Shelton
Professor of International Finance
DUXX Escuela de Graduados en Liderazgo Empresarial
Shelton specializes in international
finance and monetary issues and wrote The Coming Soviet
Crash and Money Meltdown. Prior to her present
position at the graduate business school in Monterrey, Mexico,
she served as a staff economist with the National Commission
on Economic Growth and Tax Reform. Her regular column on money
for the Internet magazine IntellectualCapital.com
is syndicated in El Economista in Mexico, El
Nacional in Venezuela, El Comercio in Peru and
in other leading Latin American periodicals. Her opinion articles
on global financial matters have appeared in the Wall
Street Journal, New York Times, Washington Post, Investor’s
Business Daily and other major publications. She also
has provided commentary on financial and economic issues for
CNBC, "The NewsHour with Jim Lehrer," CNN, C-SPAN
and National Public Radio. She holds an M.B.A. and Ph.D. from
the University of Utah.
Mark A. Wynne
Research Officer and Senior Economist
Federal Reserve Bank of Dallas
An economist with the Dallas Fed
since 1989, Wynne conducts research on macroeconomics and
monetary economics. He has published various papers in the
leading professional journals and Dallas Fed publications.
A native of Ireland, Wynne served with the Economic and Social
Research Institute in Dublin, where he co-authored a pioneering
study on the effects of fiscal policy on the Irish economy.
He recently spent 16 months in Frankfurt, Germany, working
for the European Monetary Institute and the European Central
Bank on the single European currency. During this time, he
worked on issues related to the strategy of monetary policy
and the measurement of inflation in the single European currency
area. He holds bachelor’s and master’s degrees from
University College Dublin and a Ph.D. in economics from the
University of Rochester.
Carlos E. J. M. Zarazaga
Senior Economist and Executive Director,
Center for Latin American Economics
Federal Reserve Bank of Dallas
A native of Argentina, Zarazaga
has been an economist with the Dallas Fed since 1994. His
current research includes the welfare analysis of alternative
monetary arrangements, such as currency boards, dollarization
and common currency areas; the role of a lender of last resort
in preventing or triggering financial crisis; and the study
of the business cycles in Latin American countries. His work
has appeared in Dallas Fed publications, books and professional
journals. He has served as an economist at the Central Bank
of Argentina and at the Philadelphia Fed. He has taught graduate-level
economics courses at the University of Minnesota and undergraduate
courses at the University of Pennsylvania. He holds a Ph.D.
in economics from the University of Minnesota. |
