神戸大学金融研究会
(Monetary Economics Seminar of Kobe University)

日時:
(Date&Time)
3月17日(土)14時から (Saturday, March 17, 2:00pm〜)
報告者:
(Speaker)
Jayant Menon 氏
所属:
(Affiliation)
アジア開発銀行研究所
(Asian Development Bank Institute)
論題:
(Topic)
"Dollarization and the Multiple Currency Phenomenon in Lao PDR: Costs, Benefits and Policy Options"
概要:
(Abstract)

The multiple currency phenomenon (MCP) in Lao PDR takes the form of the use of foreign currencies such as dollars and baht in the presence of a domestically issued currency. The MCP has both costs and benefits. The costs include the social loss associated with seigniorage, the inability to conduct an independent monetary policy and the relative ineffectiveness of the exchange rate as an adjustment mechanism. The benefits of the MCP include the discipline imposed on the government by limiting its capacity to finance spending through inflation tax, and the stability and certainty induced by an effectively fixed exchange rate. Since the costs appear to exceed the benefits, how should the Government of Lao PDR respond? Enforcing the use of the kip is not the answer, and may well be counter-productive. This is because the MCP is not the problem, but is merely a symptom. The problem is a lack of confidence in the kip, whilst the symptom is the use of another currency such as the dollar or baht. The causes of the problem emanate from an underdeveloped monetary system, macroeconomic instability, and weak legal and institutional systems. These are the problems that need to be addressed directly. When these problems are addressed, then the symptom, which is the MCP, will also cease to be a constraint.

会場:
(Place)
神戸大学経済経営研究所 会議室(研究所新館2階)
RIEB Meeting Room (New Building 2nd floor)
対象:
(Intended Audience)
基本的に会員制の研究会ですが、非会員で関心のある方の参加も歓迎します。
The seminar is primarily for the workshop members. But non-members are also welcome to attend.
備考:
(Note)

論文のコピーは開催日当日に会場にご用意いたします。
Copies of the paper will be available on that day of the seminar at meeting place.
セミナー参加を希望される方はお手数ですがご氏名、ご所属、ご連絡先(メ-ルアドレス)を事前に研究助成室までご連絡下さい。
If you would like to attend our workshop, please email us at Research Assistant Section your name, affiliation and email address beforehand.