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Central America

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  • Markus Rodlauer
  • Alfred Schipke
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    Abstract

    Central America has received growing attention as a region that is integrating successfully into the global economy. This paper examines—among other things—the macroeconomic and fiscal implications of the Free Trade Agreement with the United States (CAFTA-DR), noting that the agreement will provide a boost to the integration process. To maximize the benefits in terms of faster sustainable growth, poverty reduction, and social progress, however, the region also needs to press ahead with ambitious structural reforms to entrench macroeconomic stability and ensure an attractive environment for investment, while stepping up regional cooperation in the areas of taxes and tax administration, financial systems, and statistics.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 243.

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    Length: 146
    Date of creation: 14 Jul 2005
    Date of revision:
    Handle: RePEc:imf:imfocp:243

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    Keywords: Statistics; Tax administration; exchange rate; exchange rate regimes; exchange rate regime; free trade; trade diversion; balance of payments; trade flows; trade liberalization; terms of trade; trade agreement; economic integration; free trade agreement; increased trade; trade agreements; external shocks; exchange rates; regional integration; exchange rate arrangements; real exchange rate; international trade; intermediate goods; output growth; free trade agreements; exchange rate variability; external tariff; trade shocks; world economy; terms-of-trade shocks; domestic shocks; trade openness; currency unions; bilateral exchange rates; exchange rate flexibility; monetary union; trade integration; political economy; investment flows; tax incentives; output volatility; common market; industry trade; trading partner; tariff reductions; interest groups; preferential access; bilateral trade; regional trade; exchange arrangements; trade taxes; impact of trade; exchange rate movements; import duty; exchange rate risk; direct revenue loss; nominal exchange rate; currency substitution; foreign exchange; flexible exchange rate; international standards; tariff lines; indirect taxes; domestic consumption; currency areas; fixed exchange rate; exchange restrictions; transport costs; global integration; prudential requirements; tariff rate; intellectual property; duty-free access; exchange rate policy; world trade; history of exchange rate; open economy; currency depreciation; exchange rate changes; optimum currency areas; commodity prices; trading partners; tariff reduction; dispute resolution; intermediate inputs; standard vat rate; preferential trade agreements; bilateral exchange rate; tariff revenues; income distribution; floating exchange rate; apparel exports; open economies; third-country imports; exchange rate volatility; producer price index; tariff rates; transition period; trade relations; regional trade agreements; floating exchange rate regime; regulatory framework; oil prices; direct revenue losses; elasticity of substitution; nontariff barriers; dynamic effects; tariff structure; trade data; trade structure; preferential trade; effects of trade liberalization; domestic taxes; partner countries; open trade; importing country; fixed exchange rate regime; international accounting standards; trade regimes; free trade zones; trade intensity; export growth; anti-poverty policy; impact of trade liberalization; average trade; world trade organization; aggregate trade; average incomes; exchange rate policies; impact of trade diversion; unemployment rate; agricultural exports; trade effect; trade creation; domestic ones; import duties; domestic savings; tariff revenue; current account balance; per capita income; transition periods; official exchange rate; exchange rate system; market orientation; vertical specialization; world markets; exchange of information; economic cooperation; nominal exchange rates; foreign trade; pre-nafta; agricultural trade; factor markets; equilibrium model; flexible exchange rates; prudential supervision; value of imports; intellectual property rights; domestic investment; tariff structures; dispute settlement; flexible exchange rate regime; transmission of shocks; real exchange rate depreciation; export market; foreign investment; integration efforts; exchange rate data; current exchange rate; exchange rate depreciation; fixed exchange rate regimes; exchange rate arrangement; normal approach; internal trade; foreign exchange market; tariff schedule; trade reform; fixed capital formation; alternative exchange rate regimes; import quotas; export share; foreign exchange markets; liberal regimes; international standard; import tariff; market integration; global trade; asset market; increasing integration; export processing zones; preferential treatment; preliminary assessment; bilateral free trade; economic interdependence; external debt ratios; tariff schedules; trade volumes; export sector; fixed exchange rates; changes in trade; real exchange rates; inflexible exchange rate; trade barriers; integration effects; domestic producers; equilibrium [model; multiple currency practices; liberalization of trade; price stability; trade preferences; trade patterns; competitive advantage; eliminating tariffs; fixed investment; flexible exchange rate regimes; bilateral free trade agreements; process of trade integration; export diversification; trade models; open trade regime; exchange rate systems; most-favored-nation; dynamic growth; trade volume; agricultural imports; import tariffs; internal market; competition policy; domestic price; foreign exchange rates; investment goods; tariff data; multilateral organizations; import demand; tariff barriers; de facto exchange rate regimes; preferential arrangement; multinational corporations; alternative exchange rate; trade capacity; commodity composition; perfect competition; quota tariff; policy regimes; global welfare; international trade agreements; tariff-inclusive price; domestic market; supply chain; preferential market access; political costs; optimal exchange rate regime; uniform vat; sales taxes; increasing trade; unilateral preference programs; exchange rate guarantee; real exchange rate changes; average tariff; trade blocs; trade tax revenue; trade changes; bilateral agreement; trade share; price fluctuations; inflexible exchange rate regime; trade reforms; balance of payments crises; adjustment to shocks; domestic demand; average tariffs; increased openness; mutual funds; imported good; investor confidence; exchange markets; nominal bilateral exchange rates; import items; regional trade integration; tariff cuts; export sectors; world prices; open market; value-added tax; import subsidy; trade growth; world market; tariff-free access; transport cost; open trade regimes; trade regime; tariff cut; national borders; exchange rate rule; equal treatment; economic convergence; trade stance; external financing; classification of exchange rate; protection of intellectual property rights; import costs; export taxes; global market; global competition; rules of origin; trade negotiations; anti-poverty policies; domestic banking system; export processing; global trade analysis; reduction of barriers; value of exports; competition policies;

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    Cited by:
    1. Claudia Dziobek & Florina Tanase, 2008. "Institutional arrangements for producing macroeconomic statistics in countries subscribing to the Special Data Dissemination Standard (SDDS)," IFC Bulletins chapters, in: Bank for International Settlements (ed.), The IFC's contribution to the 56th ISI Session, Lisbon, August 2007, volume 28, pages 323-326 Bank for International Settlements.
    2. Abalkina, Anna, 2006. "Роль Многосторонних Банков Развития В Содействии Экономической Интеграции
      [The Role of Multilateral Development Banks in Promoting
      ," MPRA Paper 49967, University Library of Munich, Germany, revised 2006.
    3. Eric Parrado & Luis Ignacio Jácome, 2007. "The Quest for Price Stability in Central America and the Dominican Republic," IMF Working Papers 07/54, International Monetary Fund.
    4. Carlos Felipe Jaramillo & Daniel Lederman & Maurizio Bussolo & David Gould & Andrew Mason, 2006. "Challenges of CAFTA : Maximizing the Benefits for Central America," World Bank Publications, The World Bank, number 7127, October.

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