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The Link between Institutional and Economic Integration: Insights for Latin America from the European Experience

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  • Ettore Dorrucci

    ()

  • Stefano Firpo

    ()

  • Marcel Fratzscher

    ()

  • Francesco Paolo Mongelli

    ()

Abstract

The European experience illustrates that institutional integration interacts with economic integration at the regional level. In this paper we ask how economic and institutional integration are linked and whether there is a causal link between the two. We present an original indicator of institutional integration and study how it developed vis-à-vis diverse measures of economic integration. In particular, we ask what insights can be drawn from the European process of regional integration, which started in the 1950s, for regional integration in Latin America today. We find that Latin America is currently less economically integrated not only than the European Union today, but for certain economic variables even than the European Union in the 1960s. A VAR analysis illustrates that the link between institutional and economic integration has worked both ways throughout the European experience. There is also evidence that stronger institutional integration has indeed led to deeper economic integration.

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Bibliographic Info

Article provided by Springer in its journal Open Economies Review.

Volume (Year): 15 (2004)
Issue (Month): 3 (07)
Pages: 239-260

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Handle: RePEc:kap:openec:v:15:y:2004:i:3:p:239-260

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Web page: http://www.springerlink.com/link.asp?id=100323

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Cited by:
  1. König, Jörg & Ohr, Renate, 2012. "Homogeneous groups within a heterogeneous community: Evidence from an index measuring European economic integration," Center for European, Governance and Economic Development Research Discussion Papers 138, University of Goettingen, Department of Economics.
  2. Vinokurov, Evgeny, 2009. "Systema Indikatorov Evraziyskoy Integracii
    [The System of Indicators of Eurasian Integration]
    ," MPRA Paper 20914, University Library of Munich, Germany.
  3. Bob Deacon & Philippe De Lombaerde & Maria Cristina Macovei & Sonja Schröder, 2011. "Globalisation and the emerging regional governance of labour rights," International Journal of Manpower, Emerald Group Publishing, vol. 32(3), pages 334-365, July.
  4. Vinokurov, Evgeny, 2010. "The System of Indicators of Eurasian Integration," MPRA Paper 22227, University Library of Munich, Germany.
  5. De Grauwe, Paul & Mongelli, Francesco Paolo, 2005. "Endogeneities of optimum currency areas: what brings countries sharing a single currency closer together?," Working Paper Series 0468, European Central Bank.
  6. World Bank, 2012. "Reshaping Economic Geography of East Africa : From Regional to Global Integration, Volume 2. Technical Annexes," World Bank Other Operational Studies 11916, The World Bank.
  7. Campos, Nauro F & Coricelli, Fabrizio & Moretti, Luigi, 2014. "Economic Growth and Political Integration: Estimating the Benefits from Membership in the European Union Using the Synthetic Counterfactuals Method," IZA Discussion Papers 8162, Institute for the Study of Labor (IZA).
  8. Francesco Paolo Mongelli, 2008. "European Economic and Monetary Integration, and the Optimum Currency Area Theory," European Economy - Economic Papers 302, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  9. Itai Agur & Ettore Dorrucci & Francesco Mongelli, 2007. "Testing the Links between Institutional Integration and Trade Deepening: Clues from Europe," Open Economies Review, Springer, vol. 18(5), pages 599-612, November.
  10. repec:got:cegedp:135 is not listed on IDEAS
  11. König, Jörg & Ohr, Renate, 2012. "Messung ökonomischer Integration in der Europäischen Union: Entwicklung eines EU-Integrationsindexes," Center for European, Governance and Economic Development Research Discussion Papers 135, University of Goettingen, Department of Economics.
  12. repec:got:cegedp:138 is not listed on IDEAS

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