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The Path of European Institutional and Economic Integration: What Lessons for Latin America?

Author

Listed:
  • Paolo Mongelli, Francesco

    (ECB)

  • Dorrucci, Ettore

    (ECB)

Abstract

What lessons can be drawn from the European experience with regional integration that started in the 1950s, for regional integration in Latin America, which is still in its early stages? We present here a new indicator of institutional integration and study how it developed vis-à-vis diverse measures of economic integration. We find that Latin America is currently less economically integrated not only than the European Union today, but in some cases even than the EU at the beginning of its regional integration process. A cluster analysis illustrates that the link between institutional and economic integration has worked both ways throughout the European experience. The more institutional integration went beyond the creation of a customs union and moved towards a common market and an economic and monetary union, the deeper economic integration turned out. Increasing economic integration in turn corroborated and sustained the process of institutional integration.

Suggested Citation

  • Paolo Mongelli, Francesco & Dorrucci, Ettore, 2005. "The Path of European Institutional and Economic Integration: What Lessons for Latin America?," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 20, pages 217-251.
    • Handle: RePEc:ris:integr:0313
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    Citations

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    Cited by:

    1. Abdullah Al-Hassan & Mary E. Burfisher & Mr. Julian T Chow & Ding Ding & Fabio Di Vittorio & Dmitriy Kovtun & Arnold McIntyre & Ms. Inci Ötker & Marika Santoro & Lulu Shui & Karim Youssef, 2020. "Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration," IMF Working Papers 2020/008, International Monetary Fund.
    2. Stephen McKnight & Marco Robles Sánchez, 2014. "Is a monetary union feasible for Latin America? Evidence from real effective exchange rates and interest rate pass-through levels," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 29(2), pages 225-262.
    3. Rutger Teulings, 2017. "Brexit and The Impact of Gradual Economic Integration on Export," Tinbergen Institute Discussion Papers 17-075/VI, Tinbergen Institute.
    4. Gunnella, Vanessa & Lebastard, Laura & Lopez-Garcia, Paloma & Serafini, Roberta & Mattioli, Alessandro Zona, 2021. "The impact of the euro on trade: two decades into monetary union," Occasional Paper Series 283, European Central Bank.
    5. Kai-yin Woo & Shu-kam Lee & Paul Kwok Shum, 2021. "Evidence on PPP with China along the belt and road using the three-regime TAR cointegration tests," Empirical Economics, Springer, vol. 60(5), pages 2391-2405, May.

    More about this item

    Keywords

    Regional integration in Europe and Latin America; intra-regional exchange rate variability; optimum currency area;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

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