Currency Reform: A Case of Dollarization in Ecuador and El Salvador

貨幣改革：以厄瓜多與薩爾瓦多的美元化為例

伯莎達(Esmeralda Eugenia Posada Torres)

指導教授 ： 周瑞賢

國立清華大學/科技管理學院/國際專業管理碩士班/碩士(2014年)

摘要

Determining which monetary policy to implement in a country is of utmost importance for the well-being of the economy. This thesis examines dollarization, when a country chooses to use another major currency as a legal tender, while the central bank stops issuing local currency. Dollarization is a monetary policy that only a few countries have taken, and the majority of them are small developing countries, which benefit from the use of a stable currency.
The focus of this thesis is to study the cases of Ecuador and El Salvador, which are two of the biggest economies that have officially dollarized. An analysis of the costs of dollarizing such as losing independent monetary policy, losing seigniorage revenue, and losing the lender of last resort is weighted against the benefits of reducing the currency risk, lowering the cost of credit, and keeping prices stable. Next, findings on how dollarization affected GDP growth, inflation rate, and interest rates in these two countries are shown. The results show that, as expected, dollarization managed to lower interest rates as well as inflation rate, however, for the GDP growth Ecuador’s GDP grew at a faster pace after dollarization, while El Salvador’s decreased.

關鍵字

美元化 ； 薩爾瓦多 ； 厄瓜多

並列摘要

無資料

並列關鍵字

Dollarization ； Ecuador ； El Salvador ； monetary policy ； currency substitution

參考文獻

Bencivenga, V. R., Huybens, E., & Smith, B. D. (2001, May 1). Dollarization and the Integration of International Capital Markets. Journal of Money, Credit & Banking,33, No 2, 548-89.

Calvo, G. A. (2001). Capital Markets and the Exchange Rate, with Special Reference to the Dollarization Debate in Latin America. Journal of Money, Credit and Banking, 33(2), 312.

El Salvador Recent Economic Developments. (1998). Washington, D.C.: International Monetary Fund, Staff Country Report 98/32.

Hinds, M. (2004). Is Dollarization a Worthwhile Option for Developing Countries?. International Finance, 7(2), 287-309.

Mundell, R. A. (1962). A Theory of Optimum Currency Areas. American Economic Review 51.4: 657-665.