Servicios Personalizados
Revista
Articulo
Indicadores
- Citado por SciELO
- Accesos
Links relacionados
- Citado por Google
- Similares en SciELO
- Similares en Google
Compartir
Desarrollo y Sociedad
versión impresa ISSN 0120-3584
Resumen
CAJAS-GUIJARRO, John; POZO-BARRERA, Anthony y CARDENAS-LOPEZ, Doménica. Neutrality of money and foreign debt in dollarization: The Ecuadorian case from a cointegration approach. Desarro. soc. [online]. 2022, n.92, pp.317-377. Epub 30-Sep-2022. ISSN 0120-3584. https://doi.org/10.13043/dys.92.9.
Money neutrality has complex consequences for small, open, and dollarized economies. For instance, it can cause external debt, when used as a stabilizer of the stock of circulating money in the face of negative exogenous shocks, not to contribute to economic growth in times of stagnation. The purpose of this paper is to describe this problem for the Ecuadorian case using a cointegration methodology and a vector error correction (VEC) model estimated over the 2000-2019 period (quarterly). The resulting impulse-response functions of the VEC model present evidence in favor of the money neutrality hypothesis, and the simulation of an exogenous negative shock in oil prices qualitatively describes the potential interaction between circulating currency, external debt, and production in dollarization. The paper concludes by presenting multiple empirical monetary-real patterns that may be useful for future research on dollarization.
JEL Classification: C32, E42, E47.
Palabras clave : Time series; macroeconomics; currencies; Ecuador.