Funciones de un banco central que pierde el control de la política monetaria y cambiaria: el caso ecuatoriano y revisión de la experiencia a nivel internacional'

Abstract

The international experience review shows that after the implementation of fixed exchange rate regimes such as currency - boards or official dollarization, as well as after the creation of monetary unions, many questions about the existence and role of central banks arise. When central banks lose their traditional function of issuing money and their discretional power to use monetary and exchange rate policy, the question is: does the institution still have an important role in the economic performance of a country? This paper explores the functions of the Ecuadorian Central Bank and other central banks around the world that don't have monetary and exchange rate policy responsibilities. The comparative analysis considers the following evaluation criteria: the peculiarities that every monetary regime poses to the function of the monetary authorities, the “size” of the institutions, the specific tasks of the central banks, and their independence and autonomy.