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Testing for convergence among Mercosur countries

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  • Juan Carlos Cuestas
  • Javier Ordóñez

Abstract

The aim of this paper is to analyse the existence of price convergence in Mercosur. Two variables are considered, Consumer Price Indices to assess convergence in the goods and services markets and real interest rates, to analyse convergence in the money markets. The univariate analysis points only to convergence in real interest rates, whilst the multivariate analysis provides evidence of common trends in both markets.

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File URL: http://www.ntu.ac.uk/research/document_uploads/85409.pdf
File Function: First version, 2007
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Bibliographic Info

Paper provided by Nottingham Trent University, Nottingham Business School, Economics Division in its series Working Papers with number 2007/1.

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Date of creation: May 2007
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Handle: RePEc:nbs:wpaper:2007/1

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Web page: http://www.ntu.ac.uk/nbs

Related research

Keywords: Mercosur; economic integration; unit roots; nonlinearities; co-trending.;

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  1. Bernard, A.B. & Durlauf, S.N., 1993. "Convergence in International Output," Working papers 93-7, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Eduardo Levy & Federico Sturzenegger, 2000. "Is EMU a Blueprint for Mercosur?," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(110), pages 63-99.
  3. Choudhry, Taufiq & McNown, Robert & Wallace, Myles, 1991. "Purchasing Power Parity and the Canadian Float in the 1950s," The Review of Economics and Statistics, MIT Press, vol. 73(3), pages 558-63, August.
  4. Kapetanios, George & Shin, Yongcheol & Snell, Andy, 2003. "Testing for a unit root in the nonlinear STAR framework," Journal of Econometrics, Elsevier, vol. 112(2), pages 359-379, February.
  5. Bierens, Herman J., 1997. "Testing the unit root with drift hypothesis against nonlinear trend stationarity, with an application to the US price level and interest rate," Journal of Econometrics, Elsevier, vol. 81(1), pages 29-64, November.
  6. Laureti, Lucio, 2001. "Purchasing power parity and integration: Empirical evidence in the Mediterranean countries," Journal of Policy Modeling, Elsevier, vol. 23(7), pages 731-751, October.
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