Regional integration in Latin America and dynamic gains from macroeconomic cooperation

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cepal.bibLevelDocumento Completo
cepal.callNumberINT UN/EC 65(24/2003)
cepal.callNumberLC/L.1933-P
cepal.divisionEngEconomic Development Division
cepal.divisionSpaDivisión de Desarrollo Económico
cepal.docTypeSeries
cepal.idSade12780
cepal.jobNumberS037429 E
cepal.physicalDescriptiontablas
cepal.regionalOfficeSantiago
cepal.saleNumber03.II.G.92
cepal.topicEngINTERNATIONAL TRADE
cepal.topicEngREGIONAL INTEGRATION
cepal.topicEngMACROECONOMICS
cepal.topicEngFISCAL AFFAIRS
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicSpaCOMERCIO INTERNACIONAL
cepal.topicSpaINTEGRACIÓN REGIONAL
cepal.topicSpaMACROECONOMÍA
cepal.topicSpaASUNTOS FISCALES
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.workareaEngINTERNATIONAL TRADE AND INTEGRATION
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaEngSTATISTICS
cepal.workareaSpaCOMERCIO INTERNACIONAL E INTEGRACIÓN
cepal.workareaSpaDESARROLLO ECONÓMICO
cepal.workareaSpaESTADÍSTICAS
dc.contributor.authorEscaith, Hubert
dc.contributor.authorPaunovic, Igor
dc.contributor.entityNU. CEPAL. División de Desarrollo Económico
dc.coverage.spatialEngLATIN AMERICA
dc.coverage.spatialSpaAMERICA LATINA
dc.date.accessioned2014-01-02T16:11:50Z
dc.date.available2014-01-02T16:11:50Z
dc.date.issued2003-07
dc.descriptionIncludes bibliography
dc.description.abstractThe objective of this paper is to present and illustrate from a game-theory perspective, the main concepts and challenges behind macroeconomic policy cooperation in Latin America and the Caribbean. Examples are taken from fiscal, monetary and exchange rate policies in a regional framework. Translating these concepts and examples into the economics of sub-regional integration, when countries have increasing commercial and financial relations, interact frequently and cannot escape from the consequences their decisions have on their partners, the paper contend that entering into a cooperative dynamic will be beneficial for all cooperative participants. Moreover, it is shown that because the welfare gains from regional cooperation are endogenous, cooperation will eventually become stable, even in the presence of a Prisoner's Dilemma. The concepts of static games are initially introduced to identify some of the costs and benefits of regional macroeconomic coordination. The arguments are developed using the example of tax and subsidy policies and the competition to attract foreign investment. Then, the document incorporates the dynamic aspects of cooperation, in particular the notion of time consistency. A review of the costs and benefits of regional coordination of macroeconomic policies is presented, from a dynamic point of view. The notion of endogenously determined criteria to form an optimal currency area is then introduced. We demonstrate that even when initial conditions are less than optimal, macroeconomic policy coordination within sub-regional integration schemes can lead to a stable cooperative situation. Nevertheless, at the initial stage of coordination, the benefits are uncertain and cooperation is unstable; consequently a formal institutional setting is necessary to start and coordinate the cooperative process, at least in its earlier stage.
dc.formatTexto
dc.format.extent34 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.isbn9211214114
dc.identifier.unSymbolLC/L.1933-P
dc.identifier.urihttps://hdl.handle.net/11362/5388
dc.language.isoeng
dc.physicalDescription34 p. : tabls.
dc.publisherECLAC
dc.publisher.placeSantiago
dc.relation.isPartOfSeriesSerie Macroeconomía del Desarrollo
dc.relation.isPartOfSeriesNo24
dc.rights.coarDisponible
dc.subject.unbisEngECONOMIC INTEGRATION
dc.subject.unbisEngGAME THEORY
dc.subject.unbisEngMACROECONOMICS
dc.subject.unbisEngREGIONAL COOPERATION
dc.subject.unbisEngMONETARY SYSTEMS
dc.subject.unbisEngFINANCIAL RESOURCES
dc.subject.unbisSpaCOOPERACION REGIONAL
dc.subject.unbisSpaINTEGRACION ECONOMICA
dc.subject.unbisSpaMACROECONOMIA
dc.subject.unbisSpaTEORIA DE LOS JUEGOS
dc.subject.unbisSpaSISTEMAS MONETARIOS
dc.subject.unbisSpaRECURSOS FINANCIEROS
dc.titleRegional integration in Latin America and dynamic gains from macroeconomic cooperation
dc.type.coarlibro
dspace.entity.typePublication
relation.isAuthorOfPublication2d3a05af-e757-44e7-806c-4be8c1a0c087
relation.isAuthorOfPublicatione844df22-1821-4499-8e70-f5c58801e136
relation.isAuthorOfPublication.latestForDiscovery2d3a05af-e757-44e7-806c-4be8c1a0c087
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