Modelos Económicos sin Banco Central: Teoría y Evidencia Empírica
Authors
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Joan Manuel Aucancela Bravo
Universidad Técnica de Manabí, Ecuador.
https://orcid.org/0009-0008-0570-4767
- Fabricio Vásquez UTM
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Claudia Alexandra Suasti López
Universidad Técnica de Manabí, Ecuador.
https://orcid.org/0000-0003-1168-6207
DOI:
https://doi.org/10.33936/eca_sinergia.v17i1.8085Keywords:
Administrative management, Operational efficiency, Public services.Abstract
This article examines economic models operating without a central bank, contrasting theoretical perspectives with empirical evidence. It delves into two main paradigms: free banking and monetary unions, with a particular focus on dollarization. The inherent monetary and fiscal discipline mechanisms of each model are analyzed, as well as their implications for price stability, economic growth, and responsiveness to shocks. The research is based on an exhaustive review of academic literature and the study of historical and contemporary cases, such as 19th-century Scotland, Panama, Ecuador, and the Eurozone. Findings suggest that while the absence of a central bank can impose strict monetary discipline, it also entails a loss of flexibility in macroeconomic policy and the need for alternative adjustment mechanisms that can be costly. It is concluded that the viability of these models critically depends on the structural conditions of each economy and the political will to maintain strict fiscal discipline.
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Copyright (c) 2026 Joan Manuel Aucancela Bravo, Fabricio Vásquez, Claudia Alexandra Suasti López
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