The euro and the EMU: lessons for Mercosur
Fuente:
Redalyc
Salvato in:
| Autore principale: | |
|---|---|
| Natura: | Artículo científico |
| Lingua: | en |
| Pubblicazione: |
Universidad Central de Venezuela
2003
|
| Soggetti: | |
| Accesso online: | |
| Tags: |
Aggiungi Tag
Nessun Tag, puoi essere il primo ad aggiungerne!!
|
| _version_ | 1876431632382033920 |
|---|---|
| author | Philip Arestis |
| author_facet | Philip Arestis |
| contents | The euro and the EMU: lessons for Mercosur Philip Arestis Fernando Ferrari-Filho Malcolm Sawyer Luiz Fernando de Paula Economía y Finanzas Mercosur optimum currency area Economic and monetary union Academic debate in South America favours a MERCOSUR monetary union based on the euro and the Economic and Monetary Union (EMU), and inspired by the theory of Optimal Currency Area (OCA). This paper aims to discuss whether the adoption of a single currency in the EMU mould of monetary union, is appropriate and feasible for the MERCOSUR. Three lessons are derived for MERCOSUR from the euro and the EMU experience: the adoption of the EMU model of monetary union would imply deflationary policies; there is the dilemma of sequencing between political union and economic integration; and the necessity of accounting seriously the concerns of the OCA literature. The paper also shows that there is no evidence that macroeconomic convergence is evident in MERCOSUR, since the area only minimally achieved some basic criteria defined by the OCA literature. 2003 artículo científico 1315-3617 https://www.redalyc.org/articulo.oa?id=36490109 en http://www.redalyc.org/revista.oa?id=364 Revista Venezolana de Análisis de Coyuntura application/pdf Universidad Central de Venezuela Revista Venezolana de Análisis de Coyuntura (República Bolivariana de Venezuela) Num.1 Vol.IX |
| format | Artículo científico |
| id | redalyc_36490109 |
| institution | Redalyc |
| language | en |
| publishDate | 2003 |
| publisher | Universidad Central de Venezuela |
| spellingShingle | The euro and the EMU: lessons for Mercosur Philip Arestis Economía y Finanzas Mercosur optimum currency area Economic and monetary union The euro and the EMU: lessons for Mercosur Philip Arestis Fernando Ferrari-Filho Malcolm Sawyer Luiz Fernando de Paula Economía y Finanzas Mercosur optimum currency area Economic and monetary union Academic debate in South America favours a MERCOSUR monetary union based on the euro and the Economic and Monetary Union (EMU), and inspired by the theory of Optimal Currency Area (OCA). This paper aims to discuss whether the adoption of a single currency in the EMU mould of monetary union, is appropriate and feasible for the MERCOSUR. Three lessons are derived for MERCOSUR from the euro and the EMU experience: the adoption of the EMU model of monetary union would imply deflationary policies; there is the dilemma of sequencing between political union and economic integration; and the necessity of accounting seriously the concerns of the OCA literature. The paper also shows that there is no evidence that macroeconomic convergence is evident in MERCOSUR, since the area only minimally achieved some basic criteria defined by the OCA literature. 2003 artículo científico 1315-3617 https://www.redalyc.org/articulo.oa?id=36490109 en http://www.redalyc.org/revista.oa?id=364 Revista Venezolana de Análisis de Coyuntura application/pdf Universidad Central de Venezuela Revista Venezolana de Análisis de Coyuntura (República Bolivariana de Venezuela) Num.1 Vol.IX |
| title | The euro and the EMU: lessons for Mercosur |
| topic | Economía y Finanzas Mercosur optimum currency area Economic and monetary union |
| url | https://www.redalyc.org/articulo.oa?id=36490109 |