Unravelling The Persistence of Dollarization

<p>This volume engages with the roots dimensions and implications of foreign currency domination in states with a national currency. Referred to as unofficial dollarization in literature this is a worldwide phenomenon among developing countries and has a long history.</p><p>This monograph provides a political economic analysis of dollarization in Georgia and is structured around three themes: the genesis of dollarization (1991–2003) the persistence of dollarization (2003–12) and the politicization of dollarization (2012–19). The case of Georgia is especially representative of the post-socialist transition states but also has wider applicability.</p><p>A high level of dollarization is a significant barrier to economic growth macroeconomic and political stability functional monetary policy as well as social welfare. The Covid-19 crisis and the increasing debt of developing countries in foreign currency exacerbate dollarization-related vulnerabilities for these economies.</p><p>This book will be of interest to postgraduate students in global/comparative political economy development economics or transition economies researchers in monetary sovereignty central banking exchange rate policies currency hierarchy money financialization and policy makers in dollarized countries and global institutions.</p>