IDEAS home Printed from https://ideas.repec.org/a/col/000156/004241.html
   My bibliography  Save this article

Integración Monetaria: Una Aproximación para Colombia, Ecuador, Perú y Venezuela

Author

Listed:
  • Duban F. Pena
  • Jaime Flórez Bolanos

Abstract

El presente trabajo desarrolla algunos análisis descriptivos y estima algunosde los criterios de Convergencia de Maastrich de la Unión Europea (UE) para la Comunidad Andina de Naciones (CAN), en el sentido de convergenciaeconómica de Barro (1990), para medir la pertinencia de profundizar en un nivel más avanzado de integración. La metodología consistió en adaptar las estimaciones de convergencia tipo beta y tipo sigma a variables como inflación, tipos de cambio (nominal y real) y cuenta corriente (medida por el diferencial de exportaciones e importaciones) para el periodo anual de 1980-2003. Además se realiza el test de Cointegración de Johansen (1988), para medir relaciones de largo plazo y dar soporte a los resultados sobre las relaciones que presentan los países de la Comunidad Andina de Naciones. La conclusión principal es que a pesar de existir algunas relaciones de convergencia, éstas son débiles debido a la naturaleza de la estimación mismapero sustentada en los procesos reales de convergencia que se viven en América Latina, los cuales son de mucha dispersión.

Suggested Citation

  • Duban F. Pena & Jaime Flórez Bolanos, 2006. "Integración Monetaria: Una Aproximación para Colombia, Ecuador, Perú y Venezuela," Revista de Economía y Administración, Universidad Autónoma de Occidente, March.
    • Handle: RePEc:col:000156:004241
    as

    Download full text from publisher

    File URL: http://dali.uao.edu.co:7777/pls/portal/url/ITEM/5120F6A12527C4B5E04010AC20C965F3
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Miguel Urrutia, 2002. "UNA VISIÓN ALTERNATIVA: La Política Monetaria y Cambiaria en la Última Década," Borradores de Economia 3731, Banco de la Republica.
    2. Alberto Alesina & Robert J. Barro & Silvana Tenreyro, 2003. "Optimal Currency Areas," NBER Chapters, in: NBER Macroeconomics Annual 2002, Volume 17, pages 301-356, National Bureau of Economic Research, Inc.
    3. Ofair Razin & Susan M. Collins, 1997. "Real Exchange Rate Misalignments and Growth," International Finance 9707001, University Library of Munich, Germany.
    4. Sergio Clavijo, 2002. "Política monetaria y cambiaria en Colombia: progresos y desafíos (1991-2002)," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 20(41-42), pages 87-142, June.
    5. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    6. JOrge Alonso Lotero Contreras & Sergio Restrepo & Liliana Yaned Franco Vásquez, 2000. "Modelos de desarrollo y convergencia interregional de la productividad industrial en Colombia," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 52, pages 51-85, Enero Jun.
    7. David E. Yuravlivker & Zeinab Partow, 2000. "Inflación intermedia en los países andinos del norte y los costos de la desinflación: la experiencia internacional," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 18(36-37), pages 243-286, June.
    8. Sebastian Edwards & Igal Magendzo, 2003. "A Currency of One's Own? An Empirical Investigation on Dollarization and Independent Currency Unions," NBER Working Papers 9514, National Bureau of Economic Research, Inc.
    9. Holtfrerich, Carl-Ludwig, 1993. "Did monetary unification precede or follow political unification of Germany in the 19th century?," European Economic Review, Elsevier, vol. 37(2-3), pages 518-524, April.
    10. Hugh Rockoff, 1999. "How Long Did It Take the United States to Become an Optimal Currency Area?," Departmental Working Papers 199910, Rutgers University, Department of Economics.
    11. Ofair Razin & Susan M. Collins, 1997. "Real Exchange Rate Misalignments and Growth," NBER Working Papers 6174, National Bureau of Economic Research, Inc.
    12. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June.
    13. Bernard, Andrew B & Durlauf, Steven N, 1995. "Convergence in International Output," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 10(2), pages 97-108, April-Jun.
    14. William C. Gruben & Mark A. Wynne & Carlos E. Zarazaga, 2001. "Dolarizacion y uniones monetarias: pautas de implementacion," Center for Latin America Working Papers 0201, Federal Reserve Bank of Dallas.
    15. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    16. W. E. G. Salter, 1959. "Internal And External Balance: The Role Op Price And Expenditure Effects," The Economic Record, The Economic Society of Australia, vol. 35(71), pages 226-238, August.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Paul Lau, Sau-Him, 1999. "I(0) In, integration and cointegration out:: Time series properties of endogenous growth models," Journal of Econometrics, Elsevier, vol. 93(1), pages 1-24, November.
    2. Jinzhao Chen, 2015. "Interprovincial Competitiveness and Economic Growth: Evidence from Chinese Provincial Data (1992–2008)," Pacific Economic Review, Wiley Blackwell, vol. 20(3), pages 388-414, August.
    3. Greasley, David & Oxley, Les, 1998. "Comparing British and American Economic and Industrial Performance 1860-1993: A Time Series Perspective," Explorations in Economic History, Elsevier, vol. 35(2), pages 171-195, April.
    4. Jinzhao Chen, 2012. "Real Exchange Rate and Economic Growth: Evidence from Chinese Provincial Data (1992 - 2008)," PSE Working Papers halshs-00667467, HAL.
    5. Urban, Dieter M., 2007. "Terms of trade, catch-up, and home-market effect: The example of Japan," Journal of the Japanese and International Economies, Elsevier, vol. 21(4), pages 470-488, December.
    6. Chernookiy Valery, 2005. "Adjustment to the Asymmetric Shocks and Currency Unions: the Case of Belarus and Russia," EERC Working Paper Series 05-07e, EERC Research Network, Russia and CIS.
    7. Faridoon Khan & Amena Urooj & Farman Ullah Khan, 2020. "Factors Affecting Economic Growth: A Comparative Analysis of Democratic and Non-Democratic Eras of Pakistan," iRASD Journal of Economics, International Research Alliance for Sustainable Development (iRASD), vol. 2(2), pages 61-71, December.
    8. Sushil Kumar Haldar, 2009. "Economic Growth in India Revisited," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 10(1), pages 105-126, January.
    9. Turnovsky, S., 2000. "Growth in an Open Economy: some Recent Developments," Papers 5, Warwick - Development Economics Research Centre.
    10. David Greasley & Les Oxley, 2010. "Cliometrics And Time Series Econometrics: Some Theory And Applications," Journal of Economic Surveys, Wiley Blackwell, vol. 24(5), pages 970-1042, December.
    11. Elizabeth Wakerly & Byron Scott & James Nason, 2006. "Common trends and common cycles in Canada: who knew so much has been going on?," Canadian Journal of Economics, Canadian Economics Association, vol. 39(1), pages 320-347, February.
    12. Morvillier, Florian, 2020. "Do currency undervaluations affect the impact of inflation on growth?," Economic Modelling, Elsevier, vol. 84(C), pages 275-292.
    13. Ayres, Robert U, 2001. "The minimum complexity of endogenous growth models:," Energy, Elsevier, vol. 26(9), pages 817-838.
    14. Durlauf, Steven N. & Quah, Danny T., 1999. "The new empirics of economic growth," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 4, pages 235-308, Elsevier.
    15. Sarno, Lucio, 1999. "Stochastic growth: Empirical evidence from the G7 countries," Journal of Macroeconomics, Elsevier, vol. 21(4), pages 691-712.
    16. Capolupo, Rosa, 2009. "The New Growth Theories and Their Empirics after Twenty Years," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-72.
    17. Florian Morvillier, 2019. "Do currency undervaluations affect the impact of inflation on growth?," Post-Print hal-02138677, HAL.
    18. Maria Jesus Herrerias & Vicente Orts, 2011. "The driving forces behind China’s growth," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 19(1), pages 79-124, January.
    19. Donald A. R. George & Les Oxley & Ken Carlaw, 2003. "Economic Growth in Transition," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 227-237, July.
    20. Damir Novotny, 2011. "Promjena paradigme u vo?enju ekonomske politike i strukturne promjene kao temeljne pretpostavke održivog rasta hrvatskog gospodarstva," Ekonomija Economics, Rifin d.o.o., vol. 18(2), pages 313-328.

    More about this item

    Keywords

    Comunidad Andina de Naciones; Procesos de integración económica; Convergencia económica; Test de cointegración de Johansen.;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000156:004241. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Administrador (email available below). General contact details of provider: https://edirc.repec.org/data/efuaoco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.