Dollarization in Ecuador: A Post-Keynesian Analysis
AbstractEcuador's dollarization was no marginal optimization decision. It was fundamental, dramatic and designed to completely transform central elements of the economy. Since orthodox, a-historical perspectives are inadequate in explaining such significant policy reversals, the paper uses a "post-keynesian institutionalist" explanatory framework (PKI). An Appendix surveys the twenty-year evolution of this effort to combine post-keynesian analysis with institutionalism. The paper's sections critique three orthodox explanations of dollarization, showing why they are unsatisfactory accounts of Ecuador's experience, examines the heterodox literature on exchange rate issues, introduces the PKI concepts used to explain Ecuador's dollarization, considers the actual dollarization process in Ecuador from a PKI perspective, and finally extrapolates from that treatment to the
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Bibliographic InfoPaper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2004_05.
Length: 40 pages
Date of creation: 2004
Date of revision:
Publication status: Published in M. Vernengo (ed.) Monetary Integrations and Dollarizations: No Panacea, Edward Elgar, 2006.
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Dollarization; Ecuador; Dollar bloc; Post-keynesian; Institutionalist;
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
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- F31 - International Economics - - International Finance - - - Foreign Exchange
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