Dollarization in Ecuador: A Post-Keynesian Analysis

Working Paper Series, Department of Economics, University of Utah from University of Utah, Department of Economics

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

Keywords: Dollarization; Ecuador; Dollar bloc; Post-keynesian; Institutionalist (search for similar items in EconPapers)
JEL-codes: B25 F31 O1 O5 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2004
New Economics Papers: this item is included in nep-ifn
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Published in M. Vernengo (ed.) Monetary Integrations and Dollarizations: No Panacea, Edward Elgar, 2006.

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Persistent link: https://EconPapers.repec.org/RePEc:uta:papers:2004_05

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