La creación de dinero en dolarización oficial, el caso del Ecuador para el período 2000 – 2016

Abstract

The present study analyzes the role of private banking, the behavior of the public and the role of the Central Bank - through public development banking – in the money creation process in Ecuador, under the official dollarization scheme. To do so, this research applies recursive Structural Autoregressive Vectors (SVAR) models with short – run restrictions, and its post – estimation tools: Granger – Causality, impulse-response analysis and the variance decomposition. For the development of the aforementioned model, the data on liquidity, the Gross Domestic Product (GDP), the credits granted by private banks, the currency to deposits ratio and the credits of public banks during the 2000 – 2016 period are used. The results suggest that in Ecuador money is created in a secondary way, since banks are the biggest money providers, while the behavior of the public reduces the possibilities of creating money by preferring currency to make their payments. On the other hand, the Central Bank and public banks have a reduced participation in the increase of the liquidity.