Suchergebnisse

Recent integration efforts have been hampered by the inconsistency of macroeconomic policies. In this paper a model of shared sovereignty is discussed. Special emphasis is given to the exchange rate as a means to achieve macroeconomic stability

Coordination of economic policies among the countries participating in Mercosul - Argentina, Brazil, Paraguay and Uruguay - is discussed, emphasizing exchange policies and the relationship to regional monetary integration. After dealing with terminology, coordination of exchange policies is examined more specifically, taking into account that monetary integration implies some level of rigidity in exchange rates and of convertibility of regional currencies. Finally, suggestions are made of possible steps in order to progress in coordination among Mercosul countries

This article compares the Asian and Latin American experiences with monetary cooperation. It is argued that in the latter such cooperation has hardly progressed, due to low degree of regional integration, the recurrent use of multilateral institutional resources to deal with external shocks and the lack of clear objectives: monetary cooperation is some times seen as a means to foster integration, but also as a means to provide long term funds and as a source of liquidity in foreign currencies. In Asia, differently, cooperation has apparently not been so instrumental to regional integration, but has proven to be quite important as a means to build a regional capital market as well as a mechanism to deal with external shocks. (Rev Econ Polit/GIGA)

Nowadays, influenced by the European experience, several Brazilian economies have given special attention to the possibility of a currency union among the countries of Mercosul. This paper makes a brief analysis of the main theoretical aspects that represent the basis for the proposition of a currency area. Besides this, the paper shows two distinct views in the national literature concerning the hypothesis of the creation of a currency area for the Mercosul. The main conclusion of this article is that the proposal mentioned above is not feasible, because the costs of macroeconomic coordination are too high. (Rev econ polit/DÜI)