南美国家的美元改革，评价厄尔瓜多2000至今。

介绍

在本文中，我们将讨论厄瓜多尔2000年的货币革命。在这一年，厄瓜多尔遇到了巨大的麻烦挑战，正是高通胀破坏了国民经济。为了解决这个问题，政府宣布了一项新的行动，美元是该国唯一的一种法定货币。所有国籍的人都可以将其原始货币sucre兑换成美元，但是2000年3月以后，各个国家不再可以使用原始sucre。并保持这一政治战略，直到现在仍将美元作为法定货币。我们可以在以下内容中了解更多详细信息，这场货币革命的后果是什么，并评估它是否成功。

事件

在这场金融革命之前，厄瓜多尔已经陷入经济危机。由于通货膨胀率很高，在一段时间内，产品和服务的价格上涨很快，但其收入仍处于同一水平。

它对社会和国民经济产生了不良影响。失业率持续上升，工资流失。对于贫穷的家庭和人民，他们直接面对生活问题。例如，在1998年，如果一个拥有500,000苏克雷原始货币工资的雇员可以为整个家庭，包括他自己，他的妻子和他的孩子提供足够的食物，但是在2000年，工资仅能维持自己的生活，其他家庭成员寻找其他生活方式。在这场危机下，厄瓜多尔逃脱了大批人。根据国际货币基金组织全称的国际货币基金组织提供的信息数据，有近200,000壮士离开并搬到了美国。这是全国人力的2％。

厄瓜多尔政府决定从宏观经济角度控制衰退情况。为了制止货币通货膨胀和管理市场货币供应，厄瓜多尔政府放弃了原来的苏克雷货币，而是使用了另一种更加可靠和稳定的货币，即美元。 2020年1月，汇率固定为25,000：1，可以在国家中央银行将25000厄瓜多尔苏克雷兑换成1美元。 2020年3月之后，苏克雷（Sucre）成为非法和不可接受的。

厄瓜多尔政府有力且有力地实施了这一新的政治战略。

发展历程

从世界银行官方网站上阅读该报告后，我了解了过去几年通货膨胀率的更多信息。

世界银行是一个国际组织，通过世界范围内的贷款和赠款帮助贫困国家的政府发展经济。另一个责任是记录所有国家的经济日期。

这是厄瓜多尔货币的年度通货膨胀率的列表。

1998年，通货膨胀率超过36％。

1999年，通货膨胀率超过52％。

在2000年，通货膨胀率为96％，这是一个非常危险的比率，原始Sucre的购买力下降了近一半。如果他们可以在上一年以10,000苏克雷购买一吨水，那么现在他们只能购买半吨的水。

货币革命后，通货膨胀率明显下降。 2001年的年通胀率为37％，第二年的2002年为12％。此后，通货膨胀率稳步下降。在2004年至2019年之间，大多数年份的通货膨胀率低于5％，仅2008年为8％，而到2019年，通货膨胀率仅为0.26％。

在这种情况下，政府可以保持经济健康发展。我们可以从厄瓜多尔的国民总收入中找到经济利益，我们称其为国民总收入。我还从世界银行搜索了信息数据，这是厄瓜多尔GNI的年度列表。

在2000年，GNI为1500美元，这是一个低水平，人们很难养家。

2003年，GNI为2110美元。

2009年，GNI超过4000美元。

2018年国民总收入高达6,100美元，现在他们可以养活整个家庭。

当通货膨胀率保持在较低水平但个人收入增加时，人们可以购买更多的东西，工厂可以生产更多的东西，最终整个生产率和经济都将提高。我们可以从年度国民总收入清单中了解厄瓜多尔的经济发展。

反思

在这一部分中，分析厄瓜多尔选择美元的原因。

我们知道货币的三个要素，包括交换媒介，会计单位和要存储的价值。当人们面临通货膨胀率时，所有国民也正在失去其现金资产。但是，即使在经济不景气的情况下无法从自己的国家购买产品，美元还是可以信赖的，但他们仍然能够从全球其他国家购买产品，并帮助该国恢复经济。美元是一种稳定的资产，物有所值是重要的原因。 2000年，大批厄瓜多尔人移居美国，这可以证明另一面。

此外，我们已经讨论了经济与货币通胀之间的关系。根据宏观经济理论，PQ = MV。

P是产品或服务的价格，通货膨胀是价格上涨的速度。

Q是社会中的生产力，商品或服务的数量。

M是货币供应量。

V是使用频率，是人们在一段时间内花钱多少倍。

当其他条件（M和V）保持相同的改善时，政府将物价和通胀控制在较低水平，它们可以提高生产率，从而可以改善国民经济

总结

最重要的是，这种货币革命政策为国家带来了许多积极的影响和利益。如果我们现在开始评估此决定，我们可以说：“是的，它是成功的”。

但是，这对所有国家来说都是完美的策略吗？也许不是，每个国家的政府都应该为自己的国家选择最佳的政策。

这对厄瓜多尔很有用，因为厄瓜多尔是一个小国，政府的权力是有限的。他们不能投入太多力量来控制货币通胀。但是，此政策可能不适用于某些超级大国，例如美国和中国。美国政府拥有控制货币发行和管理市场货币总供应量的主要权力。这就是厄瓜多尔选择美元货币，希望将货币与美元捆绑在一起，让美国政府帮助他们控制发行通货膨胀的原因。

对于政府而言，他们应根据具体国家情况并选择灵活的经济政策。

Introduction

In this essay, we will discuss Ecuador's money revolution in 2020. In this year, the country met a big trouble challenge, it is the high inflation that damages the national economy. To solve the problem, the government announced a new operation, the USA dollar is the only one legal currency in the country. All nationalities can exchange their original currency which is called sucre to USA dollar, but after March 2000, nationalities can't use original sucre anymore. And remain this political strategy, maintain the US dollar as legal currency up to now. We can know more details in the following content, what is the effect of this money revolution and evaluate whether it is successful.

Event

Before this monetary revolution, Ecuador was already in an economic crisis. Because the inflation is very high, in a period of time, the price of product and service was rising very quickly but their income was still at the same level.

It provided a bad affection to society and the national economy. Unemployment rate kept increasing and the salary lost. For the poor family and people, they faced the live problem directly. For example, In 1998 if an employee with a 500,000 salary of original Sucre currency could support enough food to the whole family, including himself, his wife and his children, however in 2000, the salary only supported himself to live, other family members had to find other ways to live. Under this crisis, a huge scale of people escaped from Ecuador. According to the information data from IMF which is the full name of the international monetary fund, nearly 200,000 strong men left and moved to the USA. This amount is 2% of the entire country’s manpower.

The government of Ecuador decided to control the recession situation from macroeconomic aspect. In order to stop currency inflation and manage money supply in the marketplace, the Ecuador government abandoned original Sucre currency and used another one more credible and stable currency, it was USA dollar. At the january of 2020, the exchange rate was fixed at 25,000:1, 25000 Ecuadorian sucre could be exchanged to 1 USA dollar in the national central bank. After march 2020, Sucre became illegal and unacceptable.

The Ecuador government operated this new political strategy forcefully and muchly.

Development

After I read the report from the world bank official website, I learned more information about inflation rate during past years.

The world bank is an international group, and helps poor country governments to develop the economy by loans and grants worldwidely. Another one responsibility is to record the economic date from all countries.

Here is a list of yearly inflation rates of Ecuador currency.

In 1998, the inflation rate was over 36%.

In 1999, the inflation rate was over 52%.

In 2000, the inflation rate was 96%, it was a very dangerous rate, the purchase power of original Sucre was decreasing nearly half. If they could purchase a ton of water by 10,000 Sucre in previous year, now they only could purchase half ton of water.

After the monetary revolution, the inflation rate was decreasing obviously. In 2001, the yearly inflation rate was 37%, and the next year 2002 it was 12%. Afterward, the inflation rate was decreasing steadily. Between 2004 and 2019, most years the inflation is lower than 5%, only in 2008 is 8%, down to 2019, the inflation rate is only 0.26%.

Under this situation, the government can keep developing the economy in a healthy style. We can find the economic benefit from Ecuador's gross national income which we can call GNI. I also searched information data from the world bank , here is a list of yearly Ecuador GNI.

In 2000, GNI was 1500 USA dollars, it is low level, people were tough to support family.

In 2003, GNI was 2110 USA dollars.

In 2009, the GNI was over 4000 USA dollars.

In 2018 the gross national income was up to 6,100 USA dollar, now they could support the whole family to live.

When the inflation rate keeps low but personal income is increasing, people can purchase more things and factories can produce more things, finally the entire productivity and economy will be increasing. We can understand Ecuador's economic development from the list of yearly GNI.

Reflection

In this part, We can connect this event case to our course context, and analyze the reason why Ecuador chose the USA dollar.

In this course, we know three elements of money, including medium of exchange, unit of account and value to be stored. When people faced inflation rates, all nationalist were losing their cash assets as well. But the USA dollar is credible, even though nationalist fail to purchase products from their own country in a bad economic situation, they still are able to purchase products from other countries worldwidely and help the country to recover its economy. The USA dollar is a stable asset, the good value is the important reason. In 2000, a large scale of Ecuador people moved to USA, it can prove that on the other side.

Also, We have discussed the relationship between economy and currency inflation. According to macroeconomic theory, PQ=MV.

P is the price of product or service, inflation is how fast the price is increasing.

Q is the productivity, the quantity of good or service in society.

M is the money supply.

V is frequency rate of usage, how manys times the money is spent by people in a period of time.

When other conditions(M and V) keep the same improvement, the government control the Price and inflation at low level, them they can improve the productivity, as a result they could upgrade the national economy

Summary

Above all as we saw, this monetary revolution policy had created a lot of positive effects and benefits to the country. If we come to evaluate this decision right now, we can say: “Yes it is successful”.

However, is it the perfect strategy for all countries? Perhaps not, each one country government should choose the best one policy for its own country.

It is useful for Ecuador, because Ecuador is a small country and the power of government is limited. They cannot invest too much power to control the currency inflation. However, this policy perhaps is not suitable for some super large countries, like the USA and China. The USA, the government has major power to control currency issuance and manage the total supply of money in the marketplace. This is the reason why Ecuador choosed the USA dollar currency, they want to bundle the currency with the US dollar, and let the US government help them to control the issuance inflation.

For the government, they should base on the specific country situation and choose flexible economic policy.

Reference

Beckerman, Paul*Solimano, Andres. (2002). Crisis and dollarization in Ecuador : stability, growth, and social equity (English). Directions in development. Washington, D.C, The World Bank. Retrieved from http://documents.worldbank.org/curated/en/886181468746652604/Crisis-and-dollarization-in-Ecuador-stability-growth-and-social-equity

Jácome, Luis Ignacio; LJácome@imf.org (2004). "The Late 1990's Financial Crisis in Ecuador: Institutional Weaknesses, Fiscal Rigidities, and Financial Dollarization At Work". IMF Working Papers, 04 (12): 1. doi:10.5089/9781451842937.001.

The World Bank. (2019). Inflation, consumer prices (annual %) - Ecuador. Retrieved from https://data.worldbank.org.cn/indicator/FP.CPI.TOTL.ZG?end=2019&locations=EC&start=1960&view=chart

The World Bank. (2018). GNI per capita, Atlas method (current US$) - Ecuador.Retrieved from https://data.worldbank.org/indicator/NY.GNP.PCAP.CD?locations=EC

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