A Panama is a woven hat made in Ecuador. It is hand woven with the fibers of the Toquilla plant. A felt hat can't be a Panama. A Panama could be a Fedora though if it is a Fedora shape. At least that is my understanding.
A panama can be a fedora in shape, though for definition sake not a fedora in a dictionary.
I'd like to keep the definition of a fedora as a felt hat for our sake, though I can still see my self saying "straw fedora", or "cotton fedora".
For clarity sake, a fedora in my opinion is a fur felt by defenition unless you pare the name with another material, then the term fedora refers to the shape.
Like a foam boater. It's not a boater, though it plays one in parades.
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