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Beyond the original sin: a new regional financial architecture in South America


  • Alcino F. Camara-Neto
  • Matías Vernengo


The paper provides an evaluation of the possibilities for a New Regional Financial Architecture (NRFA) in South America within the context of the "original sin." It is argued that conventional explanations of the "impossible trinity" are limited, and that once the geography of money is properly introduced in the analysis, then the trade-offs faced by peripheral countries in South America are deemed to be considerably harsher than those at the center. The paper deals with the pros and cons of the NRFA in reducing the severity of the constraints faced by the countries in the region, and provides some preliminary conclusions about the political viability of the NRFA.

Suggested Citation

  • Alcino F. Camara-Neto & Matías Vernengo, 2009. "Beyond the original sin: a new regional financial architecture in South America," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(2), pages 199-212, December.
  • Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:199-212

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