Ecuador

What is now Ecuador formed part of the northern Inca Empire until the Spanish conquest in 1533. Quito became a seat of Spanish colonial government in 1563 and part of the Viceroyalty of New Granada in 1717. The territories of the Viceroyalty - New Granada (Colombia), Venezuela, and Quito - gained their independence between 1819 and 1822 and formed a federation known as Gran Colombia. When Quito withdrew in 1830, the traditional name was changed in favor of the "Republic of the Equator." Between 1904 and 1942, Ecuador lost territories in a series of conflicts with its neighbors. A border war with Peru that flared in 1995 was resolved in 1999. Although Ecuador marked 25 years of civilian governance in 2004, the period has been marred by political instability. Protests in Quito have contributed to the mid-term ouster of Ecuador's last three democratically elected Presidents. In September 2008, voters approved a new constitution; Ecuador's twentieth since gaining independence. General elections, under the new constitutional framework, were held in April 2009.

Economical characteristics

 * Currency: U.S. dollar (ISO code: USD)
 * Central bank discount rate:
 * Commercial banks lending rate: 19% (31 December 2009)
 * Stock of money (M1): $9.215 billion (31 December 2009)
 * Quasi money (with M1 makes M2): $9.79 billion (31 December 2009)

Notable events:

 * Banking crisis: 1981, 1994, 1996, 1998-1999
 * Public default: 1826-1845, 1868-1890, 1894-1898, 1900-1904, 1906-1911, 1914-1924, 1929-1954, 1982-1995, 1999-2000, 2008 (external), 1999 (domestic)
 * Years in inflation: 13.9% (share of years 1830-2009 with annual inflation above 20 per cent per annum)

Links

 * Ecuador on Wikipedia
 * Central bank of Ecuador
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile
 * Ecuador in State of Siege, October 2010