The idea of for a country to appear credible by using a golden straightjacket.
It's usually used by countries coming out of hyperinflation phases.
And that policy has badly failed before in Argentina.
Domestic monetary policies also badly fail. Zimbabwe is the most spectacular recent example. Panama has been using the US dollar for over 100 years - is it not am example of how the policy can succeed, or does that work only because it has the Panama Canal?
The idea of for a country to appear credible by using a golden straightjacket. It's usually used by countries coming out of hyperinflation phases. And that policy has badly failed before in Argentina.