Symmetry of External Shock responses within the Andean Community of Nations: A SVAR Approach
AbstractThis article studies the symmetry in reactions of the Andean Community of Nations (CAN) economies to external shocks in order to analyze the group’s evolution towards economic integration. The undertaking of a Monetary Union project in South America enhances the usefulness of evaluating shocks within this region according to the Optimal Currency Area Theory. A Structural VAR model with non-recursive contemporaneous restrictions is built for each economy and a correlation analysis is performed. The results evidence that the CAN has evolved positively towards structural convergence.
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Bibliographic InfoPaper provided by Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure in its series Working Papers with number 1140.
Date of creation: 2011
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More information through EDIRC
Latin American countries; Monetary Union; OCA Theory; Structural VAR;
Other versions of this item:
- Andrea Bonilla, 2012. "Symmetry of External Shock responses within the Andean Community of Nations : A SVAR Approach," Working Papers halshs-00657939, HAL.
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-01-18 (All new papers)
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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CEPR Reports and Issue Briefs
2010-11, Center for Economic and Policy Research (CEPR).
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