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Is It Possible to De-dollarize? The Case of Ecuador

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Author Info
Kenneth P. Jameson ()

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Abstract

The policy reform termed dollarization, adoption of a foreign currency as the domestic currency, is widely believed to be irreversible. The paper presents counter examples, while noting that the Latin American "hard pegs" present problems that are more complex. It then uses Ecuador, the longest-lasting of the recent dollarizers, to examine all aspects of the possibility and process of de-dollarizing. Presentation of economic performance before and after dollarization leads to consideration of possible steps that could maintain the policy. Examination of the benefits of de-dollarization follows, with careful consideration of how a process of de-dollarization might be implemented. Since Ecuador may embark on this course, the paper provides a comprehensive and necessary examination of the issues involved

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Publisher Info
Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2003_07.

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Length: 31 pages
Date of creation: Nov 2003
Date of revision:
Publication status: Published in Journal of Political Economy, Spring 2003, 33(1), pp.42-60
Handle: RePEc:uta:papers:2003_07

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Web page: http://www.econ.utah.edu
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Related research
Keywords: Dollarization; Ecuador; de-dollarization; Dollar bloc; exchange rate regime; seigniorage;

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Find related papers by JEL classification:
O1 - Economic Development, Technological Change, and Growth - - Economic Development
O5 - Economic Development, Technological Change, and Growth - - Economywide Country Studies

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Michael Melvin & Bettina Peiers, 1996. "Dollarization In Developing Countries: Rational Remedy Or Domestic Dilemma?," Contemporary Economic Policy, Western Economic Association International, vol. 14(3), pages 30-40, 07. [Downloadable!] (restricted)
  2. Lee J. Alston & Andrés Gallo, 2002. "The Political Economy of Bank Reform in Argentina Under Convertibility," Journal of Policy Reform, Taylor and Francis Journals, vol. 5(1), pages 1-16, January. [Downloadable!] (restricted)
  3. Owen F. Humpage, 2002. "An incentive-compatible suggestion for seigniorage sharing with dollarizing countries," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Jun. [Downloadable!]
  4. Dean, James W., 2001. "Should Latin America's common law marriages to the US dollar be legalized? Should Canada's?," Journal of Policy Modeling, Elsevier, vol. 23(3), pages 291-300, April. [Downloadable!] (restricted)
  5. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Edgar L. Feige & Vedran Šošiæ & Michael Faulend & Velimir Šonje, 2002. "Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility," International Finance 0205002, EconWPA. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jean-François Ponsot, 2005. "Stratégie monétaire des économies émergentes : les écueils de la dollarisation," Post-Print halshs-00098285_v1, HAL. [Downloadable!]
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This page was last updated on 2009-11-16.

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