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La integración monetaria y financiera. Lecciones de la Unión Europea

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  • Roberto Urrunaga
  • Jessica Silva

Abstract

El artículo discute el proceso de integración de la Unión Europea, con énfasis en los aspectos financieros, y cuestiona el establecimiento de la moneda única como un objetivo indispensable, al menos desde el punto de vista económico. El análisis de la integración financiera se concentra en la verificación del cumplimiento de la paridad de las tasas de interés y en el proceso de convergencia de las mismas. El principal resultado es que tanto la paridad como la convergencia se han cumplido en gran medida, y sólo recientemente para las tasas de interés de largo plazo, mientras que no ha ocurrido lo mismo para las tasas de corto plazo, lo que puede ser fuente de algunos inconvenientes y estaría reflejando cierto escepticismo sobre el éxito inmediato de la moneda única. Por otro lado, se plantea que el establecimiento de la moneda única restará autonomía a las políticas fiscales y, en particular, a las políticas tributarias, lo que parece no ser del agrado de las autoridades de los diversos países miembros de la Unión que han evitado fijar compromisos al respecto.

Suggested Citation

  • Roberto Urrunaga & Jessica Silva, 1998. "La integración monetaria y financiera. Lecciones de la Unión Europea," Apuntes. Revista de ciencias sociales, Fondo Editorial, Universidad del Pacífico, vol. 25(42), pages 31-52.
    • Handle: RePEc:pai:apunup:es-42-02
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    References listed on IDEAS

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    1. Paul Krugman, 1995. "Currencies and Crises," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262611090, December.
    2. Russo, Massimo, 1998. "Policy coordination in the European Union (from the EMS to EMU)," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34386, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416-416.
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