介紹

在本文中，我們將討論厄瓜多爾2000年的貨幣革命。在這一年，厄瓜多爾遇到了巨大的麻煩挑戰(zhàn)，正是高通脹破壞了國民經(jīng)濟(jì)。為了解決這個問題，政府宣布了一項(xiàng)新的行動，美元是該國唯一的一種法定貨幣。所有國籍的人都可以將其原始貨幣sucre兌換成美元，但是2000年3月以后，各個國家不再可以使用原始sucre。并保持這一政治戰(zhàn)略，直到現(xiàn)在仍將美元作為法定貨幣。我們可以在以下內(nèi)容中了解更多詳細(xì)信息，這場貨幣革命的后果是什么，并評估它是否成功。

事件

在這場金融革命之前，厄瓜多爾已經(jīng)陷入經(jīng)濟(jì)危機(jī)。由于通貨膨脹率很高，在一段時間內(nèi)，產(chǎn)品和服務(wù)的價格上漲很快，但其收入仍處于同一水平。

它對社會和國民經(jīng)濟(jì)產(chǎn)生了不良影響。失業(yè)率持續(xù)上升，工資流失。對于貧窮的家庭和人民，他們直接面對生活問題。例如，在1998年，如果一個擁有500,000蘇克雷原始貨幣工資的雇員可以為整個家庭，包括他自己，他的妻子和他的孩子提供足夠的食物，但是在2000年，工資僅能維持自己的生活，其他家庭成員尋找其他生活方式。在這場危機(jī)下，厄瓜多爾逃脫了大批人。根據(jù)國際貨幣基金組織全稱的國際貨幣基金組織提供的信息數(shù)據(jù)，有近200,000壯士離開并搬到了美國。這是全國人力的2％。

厄瓜多爾政府決定從宏觀經(jīng)濟(jì)角度控制衰退情況。為了制止貨幣通貨膨脹和管理市場貨幣供應(yīng)，厄瓜多爾政府放棄了原來的蘇克雷貨幣，而是使用了另一種更加可靠和穩(wěn)定的貨幣，即美元。 2020年1月，匯率固定為25,000：1，可以在國家中央銀行將25000厄瓜多爾蘇克雷兌換成1美元。 2020年3月之后，蘇克雷（Sucre）成為非法和不可接受的。

厄瓜多爾政府有力且有力地實(shí)施了這一新的政治戰(zhàn)略。

發(fā)展歷程

從世界銀行官方網(wǎng)站上閱讀該報告后，我了解了過去幾年通貨膨脹率的更多信息。

世界銀行是一個國際組織，通過世界范圍內(nèi)的貸款和贈款幫助貧困國家的政府發(fā)展經(jīng)濟(jì)。另一個責(zé)任是記錄所有國家的經(jīng)濟(jì)日期。

這是厄瓜多爾貨幣的年度通貨膨脹率的列表。

1998年，通貨膨脹率超過36％。

1999年，通貨膨脹率超過52％。

在2000年，通貨膨脹率為96％，這是一個非常危險的比率，原始Sucre的購買力下降了近一半。如果他們可以在上一年以10,000蘇克雷購買一噸水，那么現(xiàn)在他們只能購買半噸的水。

貨幣革命后，通貨膨脹率明顯下降。 2001年的年通脹率為37％，第二年的2002年為12％。此后，通貨膨脹率穩(wěn)步下降。在2004年至2019年之間，大多數(shù)年份的通貨膨脹率低于5％，僅2008年為8％，而到2019年，通貨膨脹率僅為0.26％。

在這種情況下，政府可以保持經(jīng)濟(jì)健康發(fā)展。我們可以從厄瓜多爾的國民總收入中找到經(jīng)濟(jì)利益，我們稱其為國民總收入。我還從世界銀行搜索了信息數(shù)據(jù)，這是厄瓜多爾GNI的年度列表。

在2000年，GNI為1500美元，這是一個低水平，人們很難養(yǎng)家。

2003年，GNI為2110美元。

2009年，GNI超過4000美元。

2018年國民總收入高達(dá)6,100美元，現(xiàn)在他們可以養(yǎng)活整個家庭。

當(dāng)通貨膨脹率保持在較低水平但個人收入增加時，人們可以購買更多的東西，工廠可以生產(chǎn)更多的東西，最終整個生產(chǎn)率和經(jīng)濟(jì)都將提高。我們可以從年度國民總收入清單中了解厄瓜多爾的經(jīng)濟(jì)發(fā)展。

反思

在這一部分中，分析厄瓜多爾選擇美元的原因。

我們知道貨幣的三個要素，包括交換媒介，會計單位和要存儲的價值。當(dāng)人們面臨通貨膨脹率時，所有國民也正在失去其現(xiàn)金資產(chǎn)。但是，即使在經(jīng)濟(jì)不景氣的情況下無法從自己的國家購買產(chǎn)品，美元還是可以信賴的，但他們?nèi)匀荒軌驈娜蚱渌麌屹徺I產(chǎn)品，并幫助該國恢復(fù)經(jīng)濟(jì)。美元是一種穩(wěn)定的資產(chǎn)，物有所值是重要的原因。 2000年，大批厄瓜多爾人移居美國，這可以證明另一面。

此外，我們已經(jīng)討論了經(jīng)濟(jì)與貨幣通脹之間的關(guān)系。根據(jù)宏觀經(jīng)濟(jì)理論，PQ = MV。

P是產(chǎn)品或服務(wù)的價格，通貨膨脹是價格上漲的速度。

Q是社會中的生產(chǎn)力，商品或服務(wù)的數(shù)量。

M是貨幣供應(yīng)量。

V是使用頻率，是人們在一段時間內(nèi)花錢多少倍。

當(dāng)其他條件（M和V）保持相同的改善時，政府將物價和通脹控制在較低水平，它們可以提高生產(chǎn)率，從而可以改善國民經(jīng)濟(jì)

總結(jié)

最重要的是，這種貨幣革命政策為國家?guī)砹嗽S多積極的影響和利益。如果我們現(xiàn)在開始評估此決定，我們可以說：“是的，它是成功的”。

但是，這對所有國家來說都是完美的策略嗎？也許不是，每個國家的政府都應(yīng)該為自己的國家選擇最佳的政策。

這對厄瓜多爾很有用，因?yàn)槎蚬隙酄柺且粋€小國，政府的權(quán)力是有限的。他們不能投入太多力量來控制貨幣通脹。但是，此政策可能不適用于某些超級大國，例如美國和中國。美國政府擁有控制貨幣發(fā)行和管理市場貨幣總供應(yīng)量的主要權(quán)力。這就是厄瓜多爾選擇美元貨幣，希望將貨幣與美元捆綁在一起，讓美國政府幫助他們控制發(fā)行通貨膨脹的原因。

對于政府而言，他們應(yīng)根據(jù)具體國家情況并選擇靈活的經(jīng)濟(jì)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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