Is It Possible to De-dollarize? The Case of Ecuador
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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| Length: | 31 pages |
| Date of creation: | 2003 |
| Publication status: | Published in International Journal of Political Economy, Spring 2003, 33(1), pp.42-60 |
| Handle: | RePEc:uta:papers:2003_07 |
| Contact details of provider: | Postal: 1645 E. Central Campus Dr. Front, Salt Lake City, UT 84112-9300 Phone: (801) 581-7481 Fax: (801) 585-5649 Web page: http://economics.utah.edu More information through EDIRC
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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.:
- 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.
- Guillermo A. Calvo & Carmen M. Reinhart, 2002.
"Fear of Floating,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 117(2), pages 379-408.
- Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
- A. Piatt Andrew, 1904. "The End of the Mexican Dollar," The Quarterly Journal of Economics, Oxford University Press, vol. 18(3), pages 321-356.
- 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.
- 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.
- Lee Alston & Andres Gallo, 2002. "The Political Economy of Bank Reform in Argentina Under Convertibility," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(1), pages 1-16.
- Owen F. Humpage, 2002. "An incentive-compatible suggestion for seigniorage sharing with dollarizing countries," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Jun.
- Fanelli, José María & Heymann, Daniel, 2002. "Monetary dilemmas: Argentina in MERCOSUR," Estudios y Perspectivas – Oficina de la CEPAL en Buenos Aires 7, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL). Full references (including those not matched with items on IDEAS)
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