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Monetary Integration Issues in Latin America: A Multivariate Assessment

Author

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  • Jean-Pierre Allegret
  • Alain Sand-Zantman

Abstract

This paper assesses the monetary consequences of the Latin-American integration process. Over the period 1991-2007, we analyze a sample of five Latin-American countries focusing on the feasibility of a monetary union between L.A. economies. To this end, we study the issue of business cycle synchronization with the occurrence of common shocks. First, we assess the international disturbances influence on the domestic business cycles. Second, we analyze the impact of the adoption of different exchange rate regimes on the countries' responses to shocks. Key words: Business cycles, OCA, Bayesian VAR, Latin American countries.JEL: C32, E32, F42.

Suggested Citation

  • Jean-Pierre Allegret & Alain Sand-Zantman, 2008. "Monetary Integration Issues in Latin America: A Multivariate Assessment," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(3), pages 279-308.
    • Handle: RePEc:voj:journl:v:55:y:2008:i:3:p:279-308:id:252
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    More about this item

    Keywords

    Business cycles; OCA; Bayesian VAR; Latin American Countries;
    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
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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