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European Integration: what lessons for other regions? The case of Latin America

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Author Info
Ettore Dorrucci () (European Central Bank, Kaiserstrasse 29, Postfach 16 03 19, 60066 Frankfurt am Main, Germany.)
Marcel Fratzscher () (European Central Bank, Kaiserstrasse 29, Postfach 16 03 19, 60066 Frankfurt am Main, Germany.)
Francesco Paolo Mongelli () (European Central Bank, Kaiserstrasse 29, Postfach 16 03 19, 60066 Frankfurt am Main, Germany.)
Stefano Firpo () (European Central Bank, Kaiserstrasse 29, Postfach 16 03 19, 60066 Frankfurt am Main, Germany.)

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Abstract

This paper tests for the hypothesis that institutional integration interacts with economic integration at the regional level. In particular, we ask what lessons can be drawn from the European experience with regional integration for Latin America. Several indicators of institutional and economic integration for both the EU and Latin America are presented. 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 whole EU 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. JEL Classification: E42; F15; F33; F41.

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Paper provided by European Central Bank in its series Working Paper Series with number 185.

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Length: 51 pages
Date of creation: Oct 2002
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Handle: RePEc:ecb:ecbwps:20020185

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Related research
Keywords: Regional integration in Europe and Latin America; intra-regional 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.:
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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. Aldaz-Carroll, Enrique, 2006. "Regional approaches to better standards systems," Policy Research Working Paper Series 3948, The World Bank. [Downloadable!]
  2. Kim, Soyoung & Lee, Jong-Wha & Park, Cyn-Young, 2009. "Emerging Asia: Decoupling or Recoupling," Working Papers on Regional Economic Integration 31, Asian Development Bank. [Downloadable!]
  3. Gloria O. Pasadilla, 2008. "Financial services integration in East Asia: Lessons from the European Union," Working Papers 5308, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada.. [Downloadable!]
    Other versions:
  4. 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. [Downloadable!] (restricted)
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