Stylised facts on the Economy of Ecuador in 2018: 1. Real estate bubble 2. Rising levels of private debt 3. Low salaries with respect to private debt and real estate market values 4. Low interest rates with respect to the intrinsic political uncertainty and default risk of the debtors 5. Adoption of the US$ as the national currency, that veils the underlying pressures on the currency from the international flows of capital 6. Inflow of foreign capital that is attracted by the adoption of the US$ (thus no risk of devaluation of the currency) 7. Asset bubble 8. Financialization of the economy 9. Dependency from the oil industry for about 36% of the national exports 10. Deep interconnection with the US (and its satellites) economy and financial system - if the US economy contracts, so does Ecuador. Conclusion: in case of a global recession with a reduction of the oil price and contraction of demand from oil from abroad, as Ecuador has renounced to its monetary independe...