Archive for December, 2010

3 Dec
2010

REGULACIÓN JURÍDICA DE LOS PARTIDOS POLÍTICOS EN ECUADOR

No existe un estudio histórico sobre el derecho ecuatoriano en general, pero se encuentran trabajos parciales que se refieren a modificaciones de la legislación en campos específicos, como el derecho civil, laboral o penal. Pocos en el ámbito del derecho político.
Si aceptamos que el fenómeno jurídico no es sólo legislación y que las normas no pueden abstraerse de los valores que las inspiran, de las conductas que regulan, del significado que unos y otras tienen en una sociedad; de los hechos económicos, culturales, sociales y políticos de un momento histórico, además de los contenidos normativos, debemos tener en cuenta la amplia gama de elementos heterogéneos que conforman ese sistema jurídico, cuando nos aproximamos al análisis de sus instituciones políticas. Estos supuestos son ejes transversales presentes en el siguiente estudio.

3 Dec
2010

SOVEREIGN RISK AND DOLLARIZATION: THE CASE OF ECUADOR

Through policy decision of governments and through other unofficial means, many countries have moved away from their local currency to seek protection against inflation provided by a hard currency, the dollar. Among the promises of dollarization is the reduction of sovereign risk associated with developing country debts and subsequently an increase in the rate of economic growth as the cost of financing economic growth declines. This however may not occur as the loss of the policy tool could lead to inflexibility as the economy is not able to respond to shocks, resulting in an increase in sovereign risk. This paper explores the effect of dollarization on sovereign risk in Ecuador and concludes that dollarization does not decrease sovereign risk

3 Dec
2010

The Late 1990s Financial Crisis in Ecuador; Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization at Work

This paper stresses three factors that amplified the 1990s financial crisis in Ecuador, namely institutional weaknesses, rigidities in public finances, and high financial dollarization.
Institutional factors restricted the government’s ability to respond in a timely manner and efficiently enough to prevent the escalation of the banking crisis and spurred the adoption of suboptimal policy decisions. Public finance rigidities limited the government’s capacity to correct existing imbalances and the deteriorating fiscal stance associated with the costs of the financial crisis. Financial dollarization increasingly reduced the effectiveness of financial safety nets, fostered foreign currency demand, and accelerated a currency crisis, thereby further worsening the solvency of banks. These three factors reinforced each other, exacerbating costs as the economy went through a triple banking, currency, and fiscal crisis

3 Dec
2010

The auditing of debt in Ecuador; what to do when history is not on our side?

It is difficult to describe one of the more unpleasant chapters of Ecuadorian history without being taken over, at once, by indignation and impotence.

Who in their right mind can comprehend the fact that after having paid the enormous debt for liberation from the Spaniards, and in full oil boom, Ecuador has sold its sovereignty?

And I mean sold its sovereignty since because of a debt which grew from US$ 585 million in 1975 to US $ 17 billion in 2004, Ecuador has had to sign off 13 letters of intention to international bodies, which in plain language means the acceptance of economic impositions.

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