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Dollarization, the process of adopting the US dollar as a country's official currency, has several pros and cons. On the positive side, it can lead to increased economic stability, reduced inflation, and enhanced foreign investment due to greater confidence in a stable currency. However, the downsides include the loss of monetary policy control, decreased ability to respond to economic shocks, and potential negative impacts on local industries due to increased competition from imports. Ultimately, the effectiveness of dollarization depends on a country's specific economic context and needs.
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