Dopad dolarizace na příliv přímých zahraničních investic v Ekvádoru: Srovnávací analýza s nedolarizovanými latinskoamerickými ekonomikami

This study examines the impact of full dollarization on foreign direct investment (FDI) and macroeconomic stability in Ecuador during the period 2000–2024. The main objective is to assess whether the adoption of the US dollar as legal tender improved Ecuador’s attractiveness to foreign investors and contributed to stronger economic performance compared to similar Latin American economies that retained their own currencies. The study explores the relationship between monetary regimes, foreign investment, and macroeconomic outcomes. The analysis combines a comparative case study approach with descriptive statistical analysis and an exploratory panel regression model. Ecuador is compared with three Andean economies, Colombia, Peru, and Bolivia, which share several structural characteristics but maintain independent monetary regimes. The theoretical framework is based on the credibility hypothesis, Optimum Currency Area (OCA) theory, and Dunning’s OLI framework, together provide a basis for understanding how dollarization may influence investment decisions and macroeconomic performance. The findings show that dollarization was associated with a considerable reduction in inflation and contributed to long-term nominal macroeconomic stability. However, the evidence does not indicate that dollarization generated a comparable advantage in attracting foreign direct investment. Throughout most of the period under analysis, Ecuador recorded lower FDI inflows than Colombia and Peru. The regression analysis also finds a negative association between the dollarization variable and FDI inflows, while economic growth emerges as a positive and statistically significant determinant of investment. The study concludes that dollarization appears to have been effective as a mechanism for monetary stabilization, but it has not been sufficient to generate a sustained improvement in investment attractiveness or long-term economic performance relative to comparable non-dollarized economies. The results suggest that factors such as economic growth, institutional quality, and structural conditions are likely to play a more important role in attracting foreign investment than the monetary regime alone.