중남미

The Macroeconomic Effects of Dollarization: Ecuador and El Salvador This paper analyses and compares the economic performances of two recently dollarized countries. The background situation and motivations of dollarization in Ecuador and El Salvador were significantly different. Ecuador had been undergoing high inflation rates and an unstable macroeconomic situation. Dollarization in Ecuador contributed to stabilizing macroeconomic performances, especially controlling inflation rates. Meanwhile, El Salvador had not been experiencing the same poor economic situation. Dollarization was implemented mainly for political reasons and did not contribute to improving the macroeconomic situation at all. The effects of dollarization appear to depend primarily on the background situation of the country in question.