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The Macroeconomic Effects of Dollarization: Ecuador and El Salvador

마재신
중남미지역원 (Institute of Iberoamerican Studies)|2007.12|이베로아메리카 (Journal of the Institute of Iberoamerican Studies)|제9권 제2호|pp. 1-18

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키워드

달러화 / 경제수행 / 인플레이션 / 에콰도르 / 엘 살바도르dollarization / economic performances / inflation / Ecuador / El Salvador
주제분류학제간연구

초록

This paper analyses and compares the economic performances of two recently dollarized countries. The background situation and motivations of dollarization in Ecuador and El Salvador were significantly different. Ecuador had been undergoing high inflation rates and an unstable macroeconomic situation. Dollarization in Ecuador contributed to stabilizing macroeconomic performances, especially controlling inflation rates. Meanwhile, El Salvador had not been experiencing the same poor economic situation. Dollarization was implemented mainly for political reasons and did not contribute to improving the macroeconomic situation at all. The effects of dollarization appear to depend primarily on the background situation of the country in question.

Abstract

This paper analyses and compares the economic performances of two recently dollarized countries. The background situation and motivations of dollarization in Ecuador and El Salvador were significantly different. Ecuador had been undergoing high inflation rates and an unstable macroeconomic situation. Dollarization in Ecuador contributed to stabilizing macroeconomic performances, especially controlling inflation rates. Meanwhile, El Salvador had not been experiencing the same poor economic situation. Dollarization was implemented mainly for political reasons and did not contribute to improving the macroeconomic situation at all. The effects of dollarization appear to depend primarily on the background situation of the country in question.

참고문헌 (30)

  1. "Banco Central de Reserva de El Salvador" (2006)
  2. "Banco Central del Ecuador" (2006), Bolsa de Valores
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  21. "International Monetary Fund (IMF)" (2005), Washington, D.C.: IMF
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  23. Naranjo, Chiriboga, "Hacia la dolarizacion official en Ecuador: su aplicacion en un contexto de crisis." (2000), Quito: Banco Central de Ecu
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  28. "UNCTAD" (2006), Geneva: UNCTAD.
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  30. Yang, Dooyong, "Modification of International Financial System", pp.107~110, Nara- Gyung-Je

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