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On July 9th, 1925, a coup d’état overthrew the Ecuadorian government of the president Gonzalo S. Córdova. The Military Junta chose the new president, Dr. Isidro Ayora, who founded the Central Bank of Ecuador in 1927. The majority of historians emphasize the patriotic spirit of the military forces in order to eliminate the influence of private banks. Nonetheless, there is a less popular view of the Julian Revolution, which understands the coup d’état, and the foundation of the Central Bank of Ecuador, as the result of struggles between bankers due to controversies around currency emissions. The arguments behind the Julian Revolution were based on some economic facts. Even though real GDP did not decrease in any year from 1913 to 1927, there was a generalized perception of a critical economy due to the constant fluctuation in prices, the increasing of fiscal deficit, and the reduction of revenues from the trade balance. The economic crisis was a common factor in the urban areas, which represented less than half percent of the total population.</p

Central Bank of Ecuador, 1927: among Dictatorship, Revolution and Crisis