1. Repositorio Digital del Banco Central del Ecuador
2. 1.- Publicaciones del Banco Central del Ecuador
3. Cuestiones Económicas
4. Cuestiones Económicas Vol. 26 No. 2, 2016

Título :	External Shocks on a Dollarized Economy: An Empirical Evidence From Ecuador.
Autor :	Zambrano Córdova, Elena.
Palabras clave :	external shocks dollarization terms of trade resource curse
Fecha de publicación :	15-dic-2016
Editorial :	Quito, Ecuador : Banco Central del Ecuador.
Citación :	Zambrano Córdova ,Elena. (2016). External Shocks on a Dollarized Economy: An Empirical Evidence From Ecuador. Cuestiones Económicas, 26 (2), 111-142
Resumen :	Theory suggests that countries within a dollarized regime will have problems responding to external shocks, since these countries lack of monetary policy. Empirical research on this issue is based mainly on the case of Panama, as the country adopted dollarization in 1904. However, since 2000 Ecuador, a very vulnerable economy to external disturbances through its dependence on oil exports and personal remittances, adopted the regime as well. In order to contribute to the empirical evidence about one disadvantage of the dollarized regime, this work examines how changes in terms of trade and personal remittances affect the economy of Ecuador in comparison to the other dollarized and non-dollarized countries in the region. The aim is to test if whether external shocks result in greater costs to the Ecuadorian economy. Performing an EGLS panel model, the indings suggest that these externals shocks have not led to major repercussions to Ecuador in comparison with the entire region. Furthermore, within the dollarized countries, changes in terms of trade leads to higher costs to Panama and El Salvador than to Ecuador. Furthermore, between these two countries and, even the overall region, a “resource curse” seems to be present
URI :	http://repositorio.bce.ec/handle/32000/2344
ISSN :	2477-9059
Aparece en las colecciones:	Cuestiones Económicas Vol. 26 No. 2, 2016

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