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Money and the rule of law in ecuador

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  • Steve Hanke

Abstract

The rule of law is defined and its implications in the monetary sphere are elaborated. When national monetary arrangements fail to comport with the rule of law, “dollarization” is desirable. That policy provides for more stable money and expectations about its future value. The salutary effects of Ecuador's “dollarization” program of 2000 are reviewed. In addition, a manifesto for economic reform in Ecuador is presented. Its elements are: financial integration, fiscal transparency and control, tax simplification and reform, supermajority voting, deregulation, and privatization.

Suggested Citation

  • Steve Hanke, 2003. "Money and the rule of law in ecuador," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 6(3), pages 131-145.
  • Handle: RePEc:taf:jpolrf:v:6:y:2003:i:3:p:131-145
    DOI: 10.1080/0951274032000175608
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    References listed on IDEAS

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    1. George A. Akerlof & Paul M. Romer, 1993. "Looting: The Economic Underworld of Bankruptcy for Profit," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(2), pages 1-74.
    2. Alberto Alesina & Silvia Ardagna & Giuseppe Nicoletti & Fabio Schiantarelli, 2005. "Regulation And Investment," Journal of the European Economic Association, MIT Press, vol. 3(4), pages 791-825, June.
    3. Berggren, Niclas, 2003. "The Benefits of Economic Freedom: A Survey," Ratio Working Papers 4, The Ratio Institute.
    4. Eifert, Benn*Gelb, Alan*Borje Tallroth, Nils, 2002. "The political economy of fiscal policy and economic management in oil exporting countries," Policy Research Working Paper Series 2899, The World Bank.
    5. Juan Luis Moreno-Villalaz, 1999. "Lessons from the Monetary Experience of Panama: A Dollar Economy with Financial Integration," Cato Journal, Cato Journal, Cato Institute, vol. 18(3), pages 421-439, Winter.
    6. William A. Niskanen, 1992. "The Case for a New Fiscal Constitution," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 13-24, Spring.
    7. Steve Hanke, 2002. "On dollarization and currency boards: Error and deception," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(4), pages 203-222.
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    Cited by:

    1. Jean-François Ponsot, 2005. "Stratégie monétaire des économies émergentes : les écueils de la dollarisation," Post-Print halshs-00098285, HAL.

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