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The impact of dollarization on monetary policy: comperative analysis of Ecuador and Argentina

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dc.abstract.enThe economic power in which a state can discharge its monetary unit is called monetary sovereignty, and the State having its national currency connotates independence. The freedom to control aspects such as the exchange rate with other currencies, the exchange rate regime, and the interest rates for their current currency, among other freedoms, represents for the citizens of the countries a way of making their homeland feel more theirs. Based on this argument, these somewhat protectionist measures make the nation think that defending its interests will be much easier. The dollarization has been and is the subject of debate and controversy in various countries. Its impact on monetary policies is of particular interest, especially in nations where the economic and social crisis does not let up, as in the notable cases of Ecuador and Argentina. The impact of the adoption of the US dollar as the official currency and its influence on monetary policies is analyzed, focusing on their respective experiences. Through a comparative analysis, similarities and differences in monetary policy responses to economic and external shocks are evaluated. The effects of dollarization on the autonomy of central banks to implement effective monetary policies and carry them out are examined, inflation management, economic growth. It also reviews the historical background, the reasons for adopting dollarization, exchange rate flexibility, export dependence, external indebtedness, and the results observed in both countries since its implementation. The implications of the loss of monetary sovereignty and the limitations of the monetary authorities’ ability to respond to internal and external shocks are examined. The results reveal significant differences between Ecuador and Argentina in terms of the impact of dollarization on their respective monetary policies and their capacity to face economic challenges. The findings provide valuable information for the formulation of economic policies in dollarized contexts and offer important lessons for other countries considering the option of dollarization. Two plays on the same stage, one fully dollarized economy and the other in the shadow of the dollar.
dc.affiliationUniwersytet Warszawski
dc.affiliation.departmentWydział Nauk Politycznych i Studiów Międzynarodowych
dc.contributor.authorFerrin Gaibor, Emily
dc.date.accessioned2025-01-09T12:45:38Z
dc.date.available2025-01-09T12:45:38Z
dc.date.defence2024-07-15
dc.date.issued2024
dc.date.submitted2024-07-06
dc.description.promoterSzczepański, Jarosław
dc.description.reviewerSzczepański, Jarosław
dc.description.reviewerLewandowski, Wojciech
dc.identifier.apd231255
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/163209
dc.languageen
dc.language.otherpl
dc.publisherUniwersytet Warszawski
dc.rightsClosedAccess
dc.subject.enDollarization
dc.subject.enpolicies
dc.subject.encurrency
dc.subject.enexchange
dc.subject.enimpact
dc.subject.enmonetary
dc.subject.eneconomic
dc.subject.encountries.
dc.titleThe impact of dollarization on monetary policy: comperative analysis of Ecuador and Argentina
dc.typeBachelorThesis
dspace.entity.typePublication