Question
In: Economics
1. What is dollarization? 2. What is currency union? 3. What is asymmetric information? 4. What...
1. What is dollarization?
2. What is currency union?
3. What is asymmetric information?
4. What was the name of the first bankers?
Solutions
Expert Solution
1.
When any country starts treating US dollar as the medium of exchange, it is called dollarization.
2.
When two or more countries share a common currency or fixed thier exchange rate value of their currency, it is called currency union.
3.
Asymmetric information problem arises when one party out of either buyer and seller don't have perfect information about the product. It is called asymmetric information.
4.
The first bank is Central of any country. It is known as first banker's.
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