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Does Mercosur Need a Single Currency?

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Author Info
Barry Eichengreen (Professor of Economics and Political Science, UC Berkeley)

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Abstract

The issue of whether Mercosur needs closer macroeconomic policy harmonization, and in particular an exchange-rate stabilization agreement or even a single currency is discussed. Three views are offered on the links between exchange rates and regional integration. The option for monetary union is also considered.

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Publisher Info
Paper provided by Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley in its series Center for International and Development Economics Research, Working Paper Series with number 1018.

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Date of creation: 01 Oct 1998
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Handle: RePEc:cdl:ciders:1018

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Keywords: Mercosur; single currency; Argentina-Brazil trade; exchange rate variability;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. Barry Eichengreen & Tamim Bayoumi, 1996. "Is Asia an Optimum Currency Area? Can It Become One? Regional, Global and Historical Perspectives on Asian Monetary Relations," Center for International and Development Economics Research, Working Paper Series 1033, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
    Other versions:
  3. Bayoumi, Tamim & Eichengreen, Barry, 1998. "Exchange rate volatility and intervention: implications of the theory of optimum currency areas," Journal of International Economics, Elsevier, vol. 45(2), pages 191-209, August. [Downloadable!] (restricted)
    Other versions:
  4. Engel, Charles & Rogers, John H, 1996. "How Wide Is the Border?," American Economic Review, American Economic Association, vol. 86(5), pages 1112-25, December. [Downloadable!] (restricted)
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  5. E.O. Svensson, Lars, 1994. "Why exchange rate bands? : Monetary independence in spite of fixed exchange rates," Journal of Monetary Economics, Elsevier, vol. 33(1), pages 157-199, February. [Downloadable!] (restricted)
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  6. Andrew Crockett, 1994. "Monetary policy implications of increased capital flows," Proceedings, Federal Reserve Bank of Kansas City, pages 331-377.
  7. Marcelo de Paiva Abreu & Afonso S. Bevilaqua, 1995. "Macroeconomic coordination and economic integration: lessons for a Western Hemisphere Free Trade Area," Textos para discussão 340, Department of Economics PUC-Rio (Brazil). [Downloadable!]
  8. Svensson, Lars E.O., 1998. "Open-Economy Inflation Targeting," Seminar Papers 638, Stockholm University, Institute for International Economic Studies. [Downloadable!]
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  9. McCallum, John, 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns," American Economic Review, American Economic Association, vol. 85(3), pages 615-23, June. [Downloadable!] (restricted)
  10. Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR, CES, MSH, vol. 13(26), pages 65-113, 04. [Downloadable!] (restricted)
  11. Mussa, Michael, 1979. "Empirical regularities in the behavior of exchange rates and theories of the foreign exchange market," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 11(1), pages 9-57, January. [Downloadable!] (restricted)
  12. Barry Eichengreen., 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers C93-021, University of California at Berkeley.
  13. Eichengreen, Barry & Ghironi, Fabio, 1995. "European Monetary Unification: The Challenges Ahead," CEPR Discussion Papers 1217, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  14. Honkapohja, Seppo & Pikkarainen, Pentti, 1992. "Country Characteristics and the Choice of the Exchange Rate Regime: Are Mini-skirts Followed by Maxis?," CEPR Discussion Papers 744, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  15. Holly, Sean, 1995. "Exchange Rate Uncertainty and Export Performance: Supply and Demand Effects," Scottish Journal of Political Economy, Scottish Economic Society, vol. 42(4), pages 381-91, November.
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jean-Pierre Allegret & Alain Sand-Zantman, 2007. "Disentangling business cycles and macroeconomic policy in Mercosur: a VAR and unobserved components model approaches," Post-Print halshs-00238495_v1, HAL. [Downloadable!]
  2. Eichengreen, Barry & Taylor, Alan M, 2003. "The Monetary Consequences of A Free Trade Area of the Americas," CEPR Discussion Papers 3909, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  3. Pedro Raffy Vartanian, 2008. "Choques monetários e cambiais sob regimes de câmbio flutuante nos países membros do Mercosul: há indícios de convergência macroeconômica?," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807211410580, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
  4. Martin Gonzalez-Rozada & Jose Maria Fanelli, 2004. "Business Cycles and Macroeconomic Policy Coordination in Mercosur," Econometric Society 2004 Latin American Meetings 328, Econometric Society. [Downloadable!]
    Other versions:
  5. Sebastian Edwards, 2006. "Monetary unions, external shocks and economic performance: A Latin American perspective," International Economics and Economic Policy, Springer, vol. 3(3), pages 225-247, December. [Downloadable!] (restricted)
    Other versions:
  6. Nelson H. Barbosa-Filho, 2005. "Terms-Of-Trade Fluctuations And Their Implications For Exchange- Rate Coordination In Mercosur," International Trade 0503002, EconWPA, revised 22 Mar 2005. [Downloadable!]
  7. Felipe Morandé & Klaus Schmidt-Hebbel, 2000. "Chile's Peso: Better Than (Just) Living with the Dollar?," Working Papers Central Bank of Chile 68, Central Bank of Chile. [Downloadable!]
    Other versions:
  8. Jean-Pierre Allegret & Alain Sand-Zantman, 2007. "Modeling the impact of real and financial shocks on Mercosur: the role of the exchange rate regime," Post-Print halshs-00142506_v1, HAL. [Downloadable!]
  9. Honohan, Patrick & Lane, Philip R., 2000. "Will the Euro trigger more monetary unions in Africa?," Policy Research Working Paper Series 2393, The World Bank. [Downloadable!]
    Other versions:
  10. Sophie Chauvin, 2001. "Exit Options for Argentina with a Special Focus on Their Impact on External Trade," Working Papers 2001-07, CEPII research center. [Downloadable!]
  11. Eduardo Levy & Federico Sturzenegger, 2000. "Is EMU a Blueprint for Mercosur?," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(110), pages 63-99. [Downloadable!]
  12. Barbara Fritz & Laurissa Mühlich, 2006. "Regional Monetary Integration among Developing Countries: New Opportunities for Macroeconomic Stability beyond the Theory of Optimum Currency Areas?," GIGA Working Paper Series 38, GIGA German Institute of Global and Area Studies. [Downloadable!]
  13. Jean-Pierre Allegret & Alain Sand-Zantman, 2009. "Modeling the Impact of Real and Financial Shocks on Mercosur: The Role of the Exchange Rate Regime," Open Economies Review, Springer, vol. 20(3), pages 359-384, July. [Downloadable!] (restricted)
  14. Cordeiro, Jose Luis, 2008. "Monetary Systems in Developing Countries: An Unorthodox View," IDE Discussion Papers 154, Institute of Developing Economies, Japan External Trade Organization(JETRO). [Downloadable!]
  15. FELIPE LARRAÍN B. & JOSÉ TAVARES, 2003. "Regional Currencies Versus Dollarization: Options for Asia and the Americas," Journal of Policy Reform, Taylor and Francis Journals, vol. 6(1), pages 35-49, March. [Downloadable!] (restricted)
  16. Strachman, Eduardo & Vasconcelos, Marcos Roberto, 2001. "An institutional analysis of some monetary issues in developing economies," MPRA Paper 15128, University Library of Munich, Germany, revised May 2009. [Downloadable!]
  17. Christian Ariel Volpe Martincus & Andrea Molinari, 2005. "Regional Business Cycles and National Economic Borders - What are the Effects of Trade in Developing Countries?," ERSA conference papers ersa05p93, European Regional Science Association. [Downloadable!]
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