dollarization

• dollarisation

From dollarize +‎ -ation.

• IPA^(key): /dɑləɹɪˈzeɪ̯ʃɪn/

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dollarization (uncountable)

1. (economics) The process of a country, officially, or its residents, unofficially, adopting the US dollar or other foreign currency in parallel to or instead of the domestic currency.
   • 1999 January 2, Joseph Kahn, quoting Alan Greenspan, “Era May End For Floating Currencies”, in The New York Times‎^[1], →ISSN, archived from the original on 15 September 2017:

     “Many emerging-market economies have tried a number of technical devices: the fixed rate peg, varieties of crawling peg, currency boards and even dollarization,” Mr. Greenspan said in a recent speech. “The success has been mixed. Where successful, they have been backed by sound policies.”

   • 2002 October 26, “New faces of Andean politics”, in The Economist, U.S. edition:

     Making dollarisation work requires structural reform, something President Noboa has failed to achieve. Ecuador's businesses are struggling against high costs. The public finances face a shortfall. A new agreement with the IMF has proved elusive. Neither candidate says he would scrap the dollar, but neither says much about reform.

   • 2023 October 23, Anna Cooban, “Javier Milei wants Argentina to swap the peso for the US dollar. Here’s what that could mean”, in CNN Business‎^[2]:

     But dollarization is not a panacea for Argentina’s crisis-stricken economy, analysts say.

• dedollarization

• sound as a dollar