IDEAS home Printed from https://ideas.repec.org/p/ecr/col027/4714.html
   My bibliography  Save this paper

Argentine convertibility: is it a relevant precedent for the dollarization process in Ecuador?

Author

Listed:
  • Calcagno, Alfredo Fernando
  • Manuelito, Sandra

Abstract

(*) Alfredo Calcagno and Sandra Manuelito, are Economic Affairs Officers with the Economic Projections Centre of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC). Paper presented at the Seminar on the 'role of Central Bank Under-Dollarization', organized by the Central Bank of Ecuador, Quito, 22 and 23 March, 2001. The views expressed in this document, which has been reproduced without formal editing, are those of the authors and do not necessarily reflect the views of the Organization. Summary Latin America has had a great deal of experience with anti-inflationary policies based on different types of exchange-rate 'anchors'. However, the Argentine convertibility as well as dollarization in Ecuador go further in this direction, adopting a very strict monetary rule in the first case (which would bring additional strength and credibility to the peg), and giving up the emission of its own currency, in the second. The economic effects of these 'Hard peg' regimes go well beyond the (more or less successful) control of inflation, since they have major consequences on the functioning of the economy in the medium and long run. This document aims at identifying the effects that the convertibility system has had on Argentine economy, especially on growth (both its rate and its instability), on the balance of payments and the foreign indebtedness, on the structure of relative prices, and on the functioning of the banking system. For each of these aspects, the extension to which Argentine experience is relevant to the Ecuadorian dollarization process is evaluated. In particular, the risks and imbalances that might arise in Ecuador are highlighted, as is the role that the economic policy, and particularly the Central Bank of Ecuador, might have to prevent or to cope with them. Contents: - Introduction - Economic activity and the external sector - Relative prices - The working of the banking system - Final remarks

Suggested Citation

  • Calcagno, Alfredo Fernando & Manuelito, Sandra, 2001. "Argentine convertibility: is it a relevant precedent for the dollarization process in Ecuador?," Estudios Estadísticos 4714, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  • Handle: RePEc:ecr:col027:4714
    Note: Includes bibliography
    as

    Download full text from publisher

    File URL: http://repositorio.cepal.org/handle/11362/4714
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mancero, Xavier, 2001. "Escalas de equivalencia: reseña de conceptos y métodos," Estudios Estadísticos 4773, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. -, 1997. "Preliminary Overview of the Economies of Latin America and the Caribbean 1997," Balance Preliminar de las Economías de América Latina y el Caribe, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 37480 edited by Cepal.
    3. Feres, Juan Carlos & Mancero, Xavier, 2000. "Enfoques para la medición de la pobreza: breve revisión de la literatura," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 31425, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    4. Feres, Juan Carlos & Mancero, Xavier, 2000. "El método de las necesidades básicas insatisfechas (NBI) y sus aplicaciones en América Latina," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 31527, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    5. Feres, Juan Carlos & Mancero, Xavier, 2000. "La medición del desarrollo humano: elementos de un debate," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 31547, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    6. Camelo, Heber, 2001. "Ingresos y gastos de consumo de los hogares en el marco del SCN y en encuestas de hogares," Estudios Estadísticos 4718, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    7. Feres, Juan Carlos, 2001. "Hacia un sistema integrado de encuestas de hogares," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 31717, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    8. Calcagno, Alfredo Fernando & Manuelito, Sandra & Ryd, Gunilla, 2001. "Proyecciones latinoamericanas 2000-2001," Estudios Estadísticos 4751, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    9. -, 2000. "Preliminary Overview of the Economies of Latin America and the Caribbean 2000," Balance Preliminar de las Economías de América Latina y el Caribe, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 952 edited by Eclac.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Cervera-Ferri, José Luis & Escaith, Hubert, 2007. "The millennium development goals: strategic implications for the Latin American and Caribbean statistical systems," Estudios Estadísticos 4749, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cervera-Ferri, José Luis & Escaith, Hubert, 2007. "The millennium development goals: strategic implications for the Latin American and Caribbean statistical systems," Estudios Estadísticos 4749, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Escaith, Hubert, 2006. "Can Latin America fly?: revising the engines of growth," Estudios Estadísticos 4747, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Ismael Estrada Canas & Isaac Guerrero Rincón, 2013. "Análisis integrado de la pobreza en Santander, Colombia, 2004-2010," Revista Lebret, Universidad Santo Tomás - Bucaramanga, vol. 5, pages 113-140, December.
    4. Cecilia Rubio & María Clara Rubio & Elena Abraham, 2018. "Poverty Assessment in Degraded Rural Drylands in the Monte Desert, Argentina. An Evaluation Using GIS and Multi-criteria Decision Analysis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 137(2), pages 579-603, June.
    5. Ronny Correa-Quezada & Diego Fernando García-Vélez & María de la Cruz Del Río-Rama & José Álvarez-García, 2018. "Poverty Traps in the Municipalities of Ecuador: Empirical Evidence," Sustainability, MDPI, vol. 10(11), pages 1-18, November.
    6. Pablo Ibarraran & Miguel Sarzosa & Yuri Suarez Dillon Soares, 2008. "The Welfare Impacts of Local Investment Projects: Evidence from the Guatemala FIS," OVE Working Papers 0208, Inter-American Development Bank, Office of Evaluation and Oversight (OVE).
    7. Francisco Javier Lasso V. & Cristian Camilo Frasser L., 2015. "Calidad del empleo y bienestar: un análisis con escalas de equivalencia," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 33(77), pages 117-132, June.
    8. Alkire, Sabina & Santos, Maria Emma, 2014. "Measuring Acute Poverty in the Developing World: Robustness and Scope of the Multidimensional Poverty Index," World Development, Elsevier, vol. 59(C), pages 251-274.
    9. Sabina Alkire, Jose Manuel Roche, 2011. "Beyond Headcount: Measures that Reflect the Breadth and Components of Child Poverty," OPHI Working Papers 45, Queen Elizabeth House, University of Oxford.
    10. Santos, María Emma, 2019. "Non-monetary indicators to monitor SDG targets 1.2 and 1.4: standards, availability, comparability and quality," Estudios Estadísticos 44452, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    11. Rosa Elena Duque García, Andrés Felipe Herrera Pupiales, Martha Esperanza Ospina Espitia, 2013. "Relación entre la educación y los componentes del índice de pobreza de Amartya Sen: Un análisis en Colombia," Revista CIFE, Universidad Santo Tomás, December.
    12. Carmelo Mesa-Lago, 2007. "The Cuban Economy in 2006-2007," Annual Proceedings, The Association for the Study of the Cuban Economy, vol. 17.
    13. Leon, Dorian, 2017. "Capacidades Locales: Una propuesta de política pública para la disminución de la pobreza, la desigualdad y la vulnerabilidad de la población del municipio de Puerto López [Local Capabilities: a pub," MPRA Paper 78767, University Library of Munich, Germany, revised 22 Feb 2017.
    14. Julián Augusto Casas Herrera & Manuel Muñoz Conde, 2017. "Propuesta alternativa para las líneas de indigencia y de pobreza existentes en Colombia," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, vol. 36(72), October.
    15. Jimenez Restrepo, Diana Marcela, 2012. "La Satisfacción en el Empleo: Algunas consideraciones y algunas estadísticas para Colombia (2008 a 2011)," Documentos de Trabajo 11022, Universidad del Valle, CIDSE.
    16. Jorge Paz, 2014. "Pobreza multidimensional en la Argentina. Asimetrías regionales (Parte I)," Working Papers 11, Instituto de Estudios Laborales y del Desarrollo Económico (IELDE) - Universidad Nacional de Salta - Facultad de Ciencias Económicas, Jurídicas y Sociales.
    17. Carla Arévalo and Jorge Paz, 2015. "Pobreza en la Argentina. Privaciones múltiples y asimetrías regionales," Working Papers 15, Instituto de Estudios Laborales y del Desarrollo Económico (IELDE) - Universidad Nacional de Salta - Facultad de Ciencias Económicas, Jurídicas y Sociales.
    18. Adolfo Meisel-Roca & Diani Ricciulli-Marín, 2018. "La pobreza en Santa Marta: Los estragos del bien," Revista Economía y Región, Universidad Tecnológica de Bolívar, vol. 12(2), pages 43-105, December.
    19. Diego Battiston & Guillermo Cruces & Luis Lopez-Calva & Maria Lugo & Maria Santos, 2013. "Income and Beyond: Multidimensional Poverty in Six Latin American Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 112(2), pages 291-314, June.
    20. Juan Pablo Celemín & Guillermo Ángel Velázquez, 2018. "Spatial Analysis of the Relationship Between a Life Quality Index, HDI and Poverty in the Province of Buenos Aires and the Autonomous City of Buenos Aires, Argentina," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 140(1), pages 57-77, November.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecr:col027:4714. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Biblioteca CEPAL (email available below). General contact details of provider: https://edirc.repec.org/data/eclaccl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.