Dolarización, las funciones de un Banco Central Lan y la economía ecuatoriana

Abstract

This paper analyzes the role oP' a central bank in a dollarized economy. Ecuador is the case study. The major failure of such a system is the absence of a domestic lender-of-last resort to maintain the stability of the domestic financial system and contain systemic risks that may arise in financial markets. Drawing on the history of Latin American currency crisis under the 19th century the gold standard as well as (he collapse of Argentina under ¡ts currency board system its economy. lessons are developed regarding the success or failure of dollarization of the Ecuadorean economy.