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Dollarization in Ecuador: A Post-Keynesian Analysis

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  • Kenneth P. Jameson

Abstract

Ecuador'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 Info

Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2004_05.

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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.
Handle: RePEc:uta:papers:2004_05

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Keywords: Dollarization; Ecuador; Dollar bloc; Post-keynesian; Institutionalist;

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References

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  1. Ernesto H. Stein & Natalia Salazar & Roberto Steiner & Eugenio Díaz-Bonilla & Marco Bonomo & Juan C. Jaramillo & Hector E. Schamis & Alberto Pascó-Front & Piero Ghezzi & Maria Cristina Terra & José, . "The Currency Game: Exchange Rate Politics in Latin America," IDB Publications 77398, Inter-American Development Bank.
  2. John T. Harvey, 2001. "Exchange Rate Theory and "The Fundamentals"," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 24(1), pages 3-15, October.
  3. Hyman P. Minsky, 1998. "Uncertainty and the Institutional Structure of Capitalist Economies," Macroeconomics 9809015, EconWPA.
  4. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Oxford University Press, vol. 20(1), pages 111-35, January.
  5. Karras, Georgios, 2002. "Costs and Benefits of Dollarization: Evidence from North, Central, and South America," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 17, pages 502-516.
  6. Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2003. "Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons," NBER Working Papers 9828, National Bureau of Economic Research, Inc.
  7. McKinnon, Ronald I., 2001. "The problem of dollar encroachment in emerging markets," Journal of Policy Modeling, Elsevier, vol. 23(3), pages 301-319, April.
  8. Tony Lawson, 1994. "The Nature of Post Keynesianism and Its Links to Other Traditions: A Realist Perspective," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 16(4), pages 503-538, July.
  9. Clements, Benedict & Schwartz, Gerd, 1993. "Currency substitution: The recent experience of Bolivia," World Development, Elsevier, vol. 21(11), pages 1883-1893, November.
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