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IR12-016_MariCristo-GomezPuig.pdf (927.32 KB)

Tipus de document

Document de treball

Data de publicació

2012

Llicència de publicació

cc-by-nc-nd, (c) Marí del Cristo et al., 2012
Si us plau utilitzeu sempre aquest identificador per citar o enllaçar aquest document: https://hdl.handle.net/2445/58433

Pass-through in dollarized countries: should Ecuador abandon the U.S. Dollar? [WP]

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Resum

In this article we examine the convenience of dollarization for Ecuador today. As Ecuador is strongly integrated financially and commercially with the United States, the exchange rate pass-through should be zero. However, we sustain that rising rates of imports from trade partners other than the United States and subsequent real effective exchange rate depreciations are causing the pass-through to move away from zero. Here, in the framework of the Vector Error Correction Model, we analyse the impulse response function and variance decomposition of the inflation variable. We show that the developing economy of Ecuador is importing inflation from its main trading partners, most of them emerging countries with appreciated currencies. We argue that if Ecuador recovered both its monetary and exchange rate instruments it would be able to fight against inflation. We believe such an analysis could be extended to other countries with pegged exchange rate regimes.

Matèries

Finances internacionals, Dòlar nord-americà, Mercat financer, Màrqueting de relacions, Equador

Matèries (anglès)

International finance, American dollar, Financial market, Relationship marketing, Ecuador

Citació

Col·leccions

Documents de treball (Institut de Recerca en Economia Aplicada Regional i Pública (IREA))

Citació

MARÍ DEL CRISTO, María lorena, GÓMEZ-PUIG, Marta. Pass-through in dollarized countries: should Ecuador abandon the U.S. Dollar? [WP]. _IREA – Working Papers_. 2012. Vol.  IR12/16. [consulta: 8 de gener de 2026]. ISSN: 2014-1254. [Disponible a: https://hdl.handle.net/2445/58433]

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