Comparative analysis on the feasibility of a South American monetary union
Abstract
This paper presents an evaluation of how feasible would the establishment of a monetary union amongst the South American countries considering the methodology of the macroeconomic convergence degree. The empirical results indicate that a monetary union in South America is possible only if the governments commit themselves to establish and fulfill the rules of previous agreements on regional economic integration with the purpose of improving not only multilateral trade but also economic cooperation among them. According to the economic convergence index, it was found that South American economies, excluding Bolivia, have degrees of convergence similar to the corresponding for members of EMU, excluding Portugal and Ireland. Brazil is the economy that exhibits the best (the lowest) convergence index while Bolivia reveals the highest. The analysis of partial correlations does not show results as promising as the ones shown by the degree of convergence. On the contrary, these contrast with the ones obtained for European countries.Download Info
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Article provided by Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela in its journal Economía.
Volume (Year): 26-27 (2001-2002)
Issue (Month): 17-18 (January-December)
Pages: 53-72
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Postal: Facultad de Ciencias Económicas y Sociales. Instituto de Investigaciones Económicas y Sociales. Campus Universitario Liria, Edificio G, Tercer Nivel. Mérida 5101, Estado Mérida, Venezuela
Phone: +58 74 401111 ext. 1081
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Web page: http://iies.faces.ula.ve/
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Keywords: Monetary unions; economic integration; macroeconomic convergence; index of economic convergence; monetary policy.;References
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