Análisis de la dolarización oficial en El Ecuador desde la visión de dinero endógeno, periodo 2000 – 2015

Abstract

The present study analyses the postkeynesian hypothesis of the endogenous money for Ecuador in the 2000-2015 period, since from 2000, the country adopted the monetary system of official dollarization. Therefore, the postkeynesian approach is shown, it establishes the importance of the lending activity of the banks in the national production variation and, as a consequence, in the determination of the total money supply of the economy. With the purpose of contrasting the endogenous aspect of the total money supply, the statistical causation relationships are evaluated between, on the one hand, the credits for the private sector and the Gross Domestic Product (GDP) and, on the other hand, the total money supply (M2). Subsequently, the statistical causation of the current account of the balance of payments and the total money supply is analyzed in accordance to the governmental belief that the total money supply is mainly determined by the balance of payments. Generally, it is contrasted that in dollarization, the money supply is endogenous contrary to the government authorities’ belief that it is hold by the international currency flow.