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Interdependencia y regímenes cambiarios en Mercosur: un modelo macroeconómico de equilibrio general computado para su medición
[Interdependence under different exchange rate regimes in the Mercosur. A macroeconomic computable general equilibrium model]

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Author Info

  • Carrera, Jorge Eduardo
  • Cicowiez, Martín
  • Lacunza, Hernán
  • Saavedra, Marcelo

Abstract

Mercosur is currently going through an intermediate integration stage in which macroeconomic interdependence acquires more importance. Then, the need arises to adopt strategic definitions with regard to the future of the process itself. The study examines macroeconomic interdependence with a macroeconomic computable general equilibrium model. This enables an estimation of the sign and extent of transmission of shocks originating either in a Mercosur country or in the rest of the world. The results of the model simulations show that interdependence has important effects. We discuss the possibility of implementing a process of cooperation as an alternative to play Nash in some key policies.

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File URL: http://mpra.ub.uni-muenchen.de/7845/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7845.

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Date of creation: Dec 2005
Date of revision: 2005
Handle: RePEc:pra:mprapa:7845

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Related research

Keywords: exchange rate regimes; Mercosur; CGE models; shocks simulations; policy coordination; channel of transmission;

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References

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  1. Harrison, Glenn W & Vinod, H D, 1992. "The Sensitivity Analysis of Applied General Equilibrium Models: Completely Randomized Factorial Sampling Designs," The Review of Economics and Statistics, MIT Press, vol. 74(2), pages 357-62, May.
  2. Shoven,John B. & Whalley,John, 1992. "Applying General Equilibrium," Cambridge Books, Cambridge University Press, number 9780521266550, October.
  3. Cooper, Richard N., 1985. "Economic interdependence and coordination of economic policies," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 23, pages 1195-1234 Elsevier.
  4. Carrera, Jorge Eduardo, 2004. "Hard peg and monetary unions.Main lessons from the Argentine experience," MPRA Paper 7843, University Library of Munich, Germany, revised 2007.
  5. Giavazzi, Francesco & Pagano, Marco, 1988. "The advantage of tying one's hands : EMS discipline and Central Bank credibility," European Economic Review, Elsevier, vol. 32(5), pages 1055-1075, June.
  6. Ilan GOLDFAJN & Gino OLIVARES, 2001. "Can Flexible Exchange Rates Still “Work” In Financially Open Economies?," G-24 Discussion Papers 8, United Nations Conference on Trade and Development.
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