Dolarización y comercio intrarregional en América Latina Un análisis empírico de política pública basada en evidencias (1990–2016)
Article Sidebar
Main Article Content
Abstract
This article assesses whether official dollarization can promote intraregional trade integration in Latin America. Using a panel of 17 countries between 1990 and 2016 and a fixed effects model with robust Driscoll-Kraay errors. It finds that dollarization significantly increases intraregional trade, although its effect depends on macroeconomic stability, public debt, and institutional quality. The results suggest that dollarization can serve as an anchor for regional integration if accompanied by fiscal discipline, macroeconomic coordination, and institutional strengthening.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
The authors who publish in this journal accept the following conditions:
- The authors retain the copyright and assign to the Economics Magazine the right of the first publication, with the work registered under Creative Commons Attribution-NonCommercial 4.0, which enables third parties to redistribute, commercial or non-commercial, of what has been published as long as the article circulates completely and without changes.
- Authors can make other independent and additional contractual agreements for the distribution of the article published in this journal (for example, add it to an institutional repository or publish it in a book) as long as they clearly and clearly specify that the article was published for the first time. once in Revista Economía. In case of reproduction, a note similar to the one presented below must be included: This text was originally published in the Revista Economía No.…, volume…, number of pages, year of publication.
- Authors are suggested to publish their work on the internet (for example, on institutional or personal pages) of the final version published by Revista Economía since this can lead to greater and faster dissemination of the published article.
References
Acosta, A., & Cajas-Guijarro, J. (2020). Ecuador… 20 años no es nada: a dos décadas del mito dolarizador. Revista Economía, 72(115), 15-32. Obtenido de https://revistadigital.uce.edu.ec/index.php/ECONOMIA/article/view/2220/2256
Berg, A., & Borensztein, E. (2000). Full Dollarization: The Pros and Cons. International Monetary Fund (IMF) Economic Issues(24).
Castillo, P., Vega, H., Serrano, E., & Burga, C. (2016). De-dollarization of credit in Peru: the role of unconventional monetary policy tools. Banco Central de Reserva del Perú.
CEPAL. (2006). Coordinación macro-fiscal en procesos de integración: experiencias y desarrollos posibles en Latinoamérica. Santiago de Chile: CEPAL. Obtenido de https://www.cepal.org/es/publicaciones/5411-coordinacion-macro-fiscal-procesos-integracion-experiencias-desarrollos-posibles
Edwards, S. (2001). Dollarization and economic performance: An empirical investigation. National Bureau of Economic Research. Obtenido de https://www.nber.org/system/files/working_papers/w8274/w8274.pdf
Edwards, S., & Magendzo, I. (2003). Dollarization and economic performance: what do we really know? International journal of finance and economics, 8, 351-363. doi: 10.1002/ijfe.217
Engel, C., & Rogers, J. (1996). How Wide Is the Border? The American Economic Review, 85, 1112-1125. Obtenido de https://www.jstor.org/stable/2118281
Escaith, H. (2004). La integración regional y la coordinación macroeconómica en América Latina. Revista de la CEPAL, 82, 67-90. Obtenido de https://repositorio.cepal.org/handle/11362/10940
Fondo Monetario internacional. (2005). El Salvador: Selected Issues and Statistical Appendix. Washington, D.C.: FMI.
Frankel, J. A., & Rose, A. K. (2000). An Estimate of the Effect of Currency Unions on Trade and Growth. The Quarterly Journal of Economics, 177(2), 437-466. doi:10.1162/003355300554620
Ghymers, C. (2001). La problemática de la coordinación de políticas económicas. Santiago de Chile: ECLAC.
Hafner, K. A., & Kampe, L. (2018). Monetary union in Latin America: an assessment in the context of optimum currency area. Applied Economics, 1-26. doi:10.1080/00036846.2018.1489116
Jácome, L. I., & Lönnberg, Å. (2010). Implementing Official Dollarization. Fondo Monetario Internacional.
Kenen, P. B. (1969). The Theory of Optimum Currency Areas: An Eclectic View. En R. Mundell, & A. Swoboda, Monetary Problems of the International Economy (págs. 41-60). Chicago: University of Chicago Press.
Levy-Yeyati, E. (2021). Dolarización y desdolarización financiera en el nuevo milenio. Fondo Latinoamerica de Reservas FLAR.
McKinnon, R. I. (1963). Optimum Currency Areas. American Economic Review, 53, 717-725. Obtenido de https://www.scirp.org/reference/referencespapers?referenceid=2583222
Mundell, R. A. (1961). A Theory of Optimum Currency Areas. American Economic Review, 51(4), 657-665.
Ocampo, J. A., & Uthoff, A. (2004). Gobernabilidad e integración financiera: ámbito global y regional. Santiago de Chile: CEPAL. Obtenido de https://repositorio.cepal.org/bitstream/handle/11362/2402/S039640_es.pdf
Padilla, L., & Marín, E. N. (2022). Monetary integration in south america: Election of candidates through unsupervised machine learning. World Economy Journal, 63-89. doi:http://dx.doi.org/10.33776/rem.v0i61.5155
Quispe-Agnoli, M., & Whisler, E. (2006). Official Dollarization and the Banking System in Ecuador and El Salvador. Economic Review, 91(1), 55-71.
Rivera-Solís, L. E. (2012). Dollarization in El Salvador: Revisited. Munich Personal RePEc Archive (MPRA), Paper No. 60087. Obtenido de https://mpra.ub.uni-muenchen.de/60087/