This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium

This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency

The paper reviews recent theoretical and empirical developments in the analysis of informal currency markets in developing countries. The basic characteristics

This paper provides a summary of the key policies that encourage dedollarization. It focuses on cases in which the authorities’ intention is to gain greater c