Nominal anchors and macroeconomic coordination options in MERCOSUR

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cepal.bibLevelSección o Parte de un Documento
cepal.callNumberX/C 22(62/97)
cepal.docTypeRevistas
cepal.idSade20067
cepal.topicEngBALANCE OF PAYMENTS
cepal.topicSpaBALANZA DE PAGOS
cepal.workareaEngSTATISTICS
cepal.workareaSpaESTADÍSTICAS
dc.contributor.authorRodríguez Prada, Gonzalo
dc.coverage.spatialEngARGENTINA
dc.coverage.spatialSpaARGENTINA
dc.date.accessioned2014-01-02T18:41:53Z
dc.date.available2014-01-02T18:41:53Z
dc.date.issued1997-08
dc.descriptionIncludes bibliography
dc.description.abstractThis study deals with the question of macroeconomic coordination in the context of MERCOSUR, analysing the contribution that different types of nominal anchors (monetary and exchange-rate); could make to the achievement of convergence of nominal indicators and sustained economic growth. The possible gains in terms of well-being associated with policy coordination are explored, in order to make a rational evaluation of the proposals calling for greater monetary coordination. An analysis is made of the problem of selecting the nominal anchor most suitable for serving as the basis for cooperative agreements, in an economy affected by real and monetary upsets. In view of the structural differences that exist among the economies that make up MERCOSUR, it is concluded that a flexible form of macroeconomic coordination is needed in the context of this regional bloc. Special attention is given, in the context of a centre-periphery monetary coordination model, to the problems of sustainability of an asymmetrical-type monetary coordination mechanism based on use of the exchange rate as a nominal anchor. A proposal is then set forth for a sustainable form of macroeconomic coordination under a flexible exchange agreement based on a system of ranges of fluctuation backed up by nominal convergence criteria, structural reforms designed to make markets more flexible, and possible moderate controls on capital movements. The study ends with some considerations on the design of a strategy providing for the gradual abandonment by Argentina of the quasi currency board mechanism, in order to permit macroeconomic coordination in MERCOSUR.
dc.formatTexto
dc.format.extentpáginas. 153-171
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/G.1969-P
dc.identifier.urihttps://hdl.handle.net/11362/10607
dc.language.isoeng
dc.physicalDescriptionp. 153-171
dc.relation.isPartOfCEPAL Review
dc.relation.isPartOfNo62
dc.relation.isPartOfSeriesCEPAL Review
dc.subject.unbisEngBALANCE OF PAYMENTS
dc.subject.unbisEngBALANCE OF TRADE
dc.subject.unbisEngCASE STUDIES
dc.subject.unbisEngCURRENCY CONVERTIBILITY
dc.subject.unbisEngFINANCIAL POLICY
dc.subject.unbisEngFOREIGN EXCHANGE CONTROL
dc.subject.unbisEngMARKET ECONOMY
dc.subject.unbisEngMERCOSUR
dc.subject.unbisSpaMERCOSUR
dc.subject.unbisSpaBALANZA COMERCIAL
dc.subject.unbisSpaBALANZA DE PAGOS
dc.subject.unbisSpaCONTROL DE CAMBIOS
dc.subject.unbisSpaCONVERTIBILIDAD DE LA MONEDA
dc.subject.unbisSpaECONOMIA DE MERCADO
dc.subject.unbisSpaESTUDIOS DE CASOS
dc.subject.unbisSpaPOLITICA FINANCIERA
dc.titleNominal anchors and macroeconomic coordination options in MERCOSUR
dc.type.coarartículo
dspace.entity.typePublication
relation.isAuthorOfPublicationce8f7920-28f4-4bb9-8cf3-062c8c1bdd05
relation.isAuthorOfPublication.latestForDiscoveryce8f7920-28f4-4bb9-8cf3-062c8c1bdd05
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