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Le Mercosur peut-il devenir une zone monétaire optimale (ZMO) ?

Author

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  • Jérôme Trotignon

    (GATE - Groupe d'analyse et de théorie économique - UL2 - Université Lumière - Lyon 2 - ENS LSH - Ecole Normale Supérieure-Lettres et Sciences Humaines - CNRS - Centre National de la Recherche Scientifique)

Abstract

The consistency of the project of a single currency for Mercosur depends on Argentina's and Brazil's compliance with the optimality criteria of the OCA theory. The exogenous approach that consists in evaluating them before the creation of a monetary union yields mixed results : fulfilment of Kenen's criterion and its derived forms, non-fulfilment of that of MacKinnon and that of the correlation of cycles. By defending the ex-post achievement of the last two, Frankel and Rose pave the way to an endogenous approach to the optimality of a currency area. If the criteria of financial integration and of macro-economic coherence are evaluated from the angle of their present achievement but also of their possible endogenousness, the judgement given on the viability of the project becomes more favourable.

Suggested Citation

  • Jérôme Trotignon, 2001. "Le Mercosur peut-il devenir une zone monétaire optimale (ZMO) ?," Post-Print halshs-00151380, HAL.
    • Handle: RePEc:hal:journl:halshs-00151380
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00151380v1
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    References listed on IDEAS

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    1. Richard N. Cooper, 1976. "Worldwide versus Regional Integration: Is there an Optimum Size of the Integrated Area?," International Economic Association Series, in: Fritz Machlup (ed.), Economic Integration: Worldwide, Regional, Sectoral, chapter 2, pages 41-60, Palgrave Macmillan.
    2. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
    3. Masson,Paul R. & Taylor,Mark P. (ed.), 1993. "Policy Issues in the Operation of Currency Unions," Cambridge Books, Cambridge University Press, number 9780521434553, November.
    4. repec:dau:papers:123456789/608 is not listed on IDEAS
    5. Andrew K. Rose, 1999. "One Money, One Market: Estimating the Effect of Common Currencies on Trade," NBER Working Papers 7432, National Bureau of Economic Research, Inc.
    6. Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, vol. 108(449), pages 1009-1025, July.
    7. Mr. James M. Boughton, 1991. "The CFA Franc Zone: Currency Union and Monetary Standard," IMF Working Papers 1991/133, International Monetary Fund.
    8. Andrew K. Rose, 2000. "One money, one market: the effect of common currencies on trade," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 15(30), pages 08-45.
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    Cited by:

    1. BESSO, CHRISTOPHE RAOUL & chameni, celestin, 2016. "Analyse De La Vulnerabilite Macroeconomique De La Zone Franc [Analysis Of The Macroeconomic Vulnerability Of The Franc Zone]," MPRA Paper 75143, University Library of Munich, Germany.

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