<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672004000200071</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La dolarización en El Salvador: implicaciones, ventajas y riesgos]]></article-title>
<article-title xml:lang="en"><![CDATA[Dollarization in El Salvador: The Implications, Advantages and Risks]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ibarra]]></surname>
<given-names><![CDATA[David]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Moreno-Brid]]></surname>
<given-names><![CDATA[Juan Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[García]]></surname>
<given-names><![CDATA[Jesús]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hernández]]></surname>
<given-names><![CDATA[René]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Comisión Económica para América Latina y el Caribe  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,CEPAL  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2004</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2004</year>
</pub-date>
<volume>63</volume>
<numero>248</numero>
<fpage>71</fpage>
<lpage>93</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672004000200071&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672004000200071&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672004000200071&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: A fines del 2000 el gobierno salvadoreño tomó la decisión de dolarizar su economía de manera unilateral. El paso fundamental en esta dirección se dio en el mes de noviembre con la aprobación de la Ley de Integración Monetaria (LIM) por la Asamblea Legislativa con fecha de vigencia del primero de enero de 2001. La LIM modificó radicalmente el marco legal del sistema financiero y monetario salvadoreño para permitir la plena utilización del dólar en todas las transacciones comerciales, financieras y contables en el país. De acuerdo con las autoridades salvadoreñas dicha reforma traerá importantes beneficios económicos al país, sobre todo en el largo plazo. El argumento central es la integración monetaria unilateral conducirá a bajar la inflación hasta hacerla convergente con la de Estados Unidos y a abatir tanto el nivel como la volatilidad de las tasas de interés domésticas al reducir el riesgo cambiado y, en alguna medida, el riesgo país. Asimismo, fortalecerá al sistema financiero local, ayudará a su profundización y &#8210;muy importante&#8210; ampliará la oferta de crédito de largo plazo para fines de inversión. Dado que ha transcurrido poco tiempo de la puesta en vigor de la LIM y que, en principio, los beneficios de la dolarización se materializarían en el mediano y el largo plazo es prematuro intentar realizar una evaluación comprehensiva de sus efectos sobre la economía salvadoreña. Este trabajo pretende centrarse en examinar algunas de sus implicaciones principales, identificar ventajas y riesgos, así como elementos que indiquen su pertinencia.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: At the end of the year 2000, the Salvadorian government made a unilateral decision to &#8220;dollarize&#8221; their economy. The fundamental step was taken in November of that year with the congressional approval of the Monetary Integration Act (Ley de Integración Monetaria) which came into effect on January 1st of 2001. The new law radically changed the legal framework of the Salvadorian monetary and financial system by allowing complete use of the dollar for all commercial and financial transactions. According to Salvadorian authorities, such a radical reform would bring about important economic benefits to the country, especially in the long run. The central argument for monetary integration was that it would lower inflation to a point convergent to that of the United States. Domestic interest rate volatility would be greatly reduced because exchange rate risk would be eliminated. Furthermore, this was also expected to strengthen financial markets and increase financial depth. This would, most importantly, increase the supply of long-term credit available for investment purposes. Since it has only been a short while since the enactment of the Monetary Integration Act and, in principle, the benefits of dollarization should materialize in the medium and the long run; it would be premature to try to form a comprehensive evaluation of the effects of integration on the Salvadorian economy. Therefore, this paper will be centered on reviewing some of the main implications of dollarization, identifying its advantages and risks as well as on examining other elements of significant relevance.]]></p></abstract>
</article-meta>
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