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| Format: | Artículo científico |
| Language: | pt |
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Universidade Federal do Rio Grande do Sul
2015
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| Online Access: | https://www.redalyc.org/articulo.oa?id=744181002005 |
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Table of Contents:
- FINANCIAL AND MONETARY COOPERATION IN SOUTH AMERICA: MAKING THE CASE FOR A DEEPER INTEGRATION AMONG THE UNASUR COUNTRIES Fernando Ferrari-Filho Luiza Peruffo Relaciones Internacionales South America UNASUR countries Finance and monetary integration The international financial crisis and the ‘great recession’ have substantially altered the dynamic process of the international economy. On the one hand, it has accentuated the asymmetry that exists between the economic size of emerging countries and their current role in the international monetary system (IMS). On the other hand, there is little space for substantial reforms in the global financial architecture inherited from the post-War period, particularly regarding to the Bretton Woods Institutions. In view of these developments, regional integration has become a second best strategy for the developing countries, specifically for South America countries. In this article, we investigate the existing mechanisms of monetary and financial cooperation in South America and question if they can ensure progress in regional integration. The historical and institutional analysis of the existing mechanisms in South America reveals a fragmentation of the region. Although the region has an extensive network of mechanisms for regional monetary and financial cooperation, such mechanisms are linked to different cooperation agreements. At the same time, our findings suggest that there is some evidence of macroeconomic convergence in UNASUR that justify a deeper integration among them. Thus, this article proposes the creation of a Regional Market Maker to UNASUR to boost trade and financial relations, discipline and standardize macroeconomic policies and prevent any disruptive situation resulting from financial and exchange rate crises. 2015 artículo científico 2178-8839 https://www.redalyc.org/articulo.oa?id=744181002005 pt http://www.redalyc.org/revista.oa?id=7441 Conjuntura Austral application/pdf Universidade Federal do Rio Grande do Sul Conjuntura Austral (Brasil) Num.31 Vol.6