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Macroeconomic coordination and commercial integration in MERCOSUR

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  • Afonso S. Bevilaqua

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    (Department of Economics PUC-Rio)

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    Abstract

    Commercial integration in the Mercosur area has increased substantially in the last few years and it is expected to continue to grow rapidly in the near future. However, given the historical record of policy management in the region, especially in Brazil and Argentina, the main partners of this integration initiative, it is not clear whether macroeconomic policies will provide the required conditions of sustainability for such a rapid trade expansion. This paper discusses the relationship between macroeconomic coordination and commercial integration in the context of Mercosur. After examining the impact of policy instability on trade flows within the region in recent years, it evaluates the prospects for closer coordination of macroeconomic policies in the future.

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    File URL: http://www.econ.puc-rio.br/pdf/td378.pdf
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    Bibliographic Info

    Paper provided by Department of Economics PUC-Rio (Brazil) in its series Textos para discussão with number 378.

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    Length: 25 pages
    Date of creation: Oct 1997
    Date of revision:
    Handle: RePEc:rio:texdis:378

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    1. Maurice Obstfeld & Kenneth Rogoff, 1995. "The Mirage of Fixed Exchange Rates," NBER Working Papers 5191, National Bureau of Economic Research, Inc.
    2. Grobar, Lisa Morris, 1993. "The effect of real exchange rate uncertainty on LDC manufactured exports," Journal of Development Economics, Elsevier, vol. 41(2), pages 367-376, August.
    3. Frankel, Jeffrey & Stein, Ernesto & Wei, Shang-jin, 1995. "Trading blocs and the Americas: The natural, the unnatural, and the super-natural," Journal of Development Economics, Elsevier, vol. 47(1), pages 61-95, June.
    4. Marcelo de Paiva Abreu & Afonso S. Bevilaqua, 1995. "Macroeconomic coordination and economic integration: lessons for a Western Hemisphere Free Trade Area," Textos para discussão 340, Department of Economics PUC-Rio (Brazil).
    5. Trefler, Daniel, 1993. "Trade Liberalization and the Theory of Endogenous Protection: An Econometric Study of U.S. Import Policy," Journal of Political Economy, University of Chicago Press, vol. 101(1), pages 138-60, February.
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    Cited by:
    1. Eichengreen, Barry, 2002. "Lessons of the Euro for the Rest of the World," Institute of European Studies, Working Paper Series qt16g425jb, Institute of European Studies, UC Berkeley.

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