第二次世界大戦後のブレトンウッズ体制においてIMFは

The paper analyzes the background of formal dollarization policy adoption of El Salvador from the viewpoint of political economy. In 1990s, the exchange rate of El Salvador has been pegged to dollar and this policy can be explained by the economic structural changes in 1990s (the shift from coffee export oriented economy to service economy, growth of workers' remittances and import) and the frameworks of Edwards (1996), Frieden et al. (2000), Singer (2008) are appropriate for explaining this regime.

On the other hand, at the end of 2000, the formal dollarization policy was adopted suddenly and forcefully by the ruling government. This can be partly explained by the model of Sun (2002), but in this case, domestic political confrontation and lock-in effect of the policy was the vital factor in the decision making process. The ruling government party was lost to the opposition party in the election of 2000 and the ruling party has tried to introduce the framework of formal dollarization policy, which limits the policy scope and discretion before the opposition party holds office in the future.