Modeling regional macroeconomic interactions: situation and perspectives for macroeconomic coordination in Latin America. Background paper prepared for the REDIMA workshop on Modeling Macroeconomic Coordination in the Andean Community, (Santiago, Chile 22 October 2003)""

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cepal.bibLevelDocumento Completo
cepal.callNumberLC/W.4
cepal.cityOfEventSantiago
cepal.dateOfEvent37916
cepal.divisionEngStatistics Division
cepal.divisionOldDivisión de Estadística y Proyecciones Económicas
cepal.divisionSpaDivisión de Estadísticas
cepal.docTypeDocumentos de proyectos e investigación
cepal.eventWorkshop on Modeling Macroeconomic Coordination in the Andean Community
cepal.idSade14466
cepal.jobNumberS0311811 S
cepal.physicalDescriptiongráficos, tablas
cepal.regionalOfficeSantiago
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicEngREGIONAL INTEGRATION
cepal.topicEngINTERNATIONAL TRADE
cepal.topicEngMACROECONOMICS
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.topicSpaINTEGRACIÓN REGIONAL
cepal.topicSpaCOMERCIO INTERNACIONAL
cepal.topicSpaMACROECONOMÍA
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.entityNU. CEPAL. División de Estadística y Proyecciones Económicas
dc.coverage.spatialEngLATIN AMERICA AND THE CARIBBEAN
dc.coverage.spatialSpaAMERICA LATINA Y EL CARIBE
dc.date.accessioned2014-01-02T15:19:55Z
dc.date.available2014-01-02T15:19:55Z
dc.date.issued2003
dc.descriptionIncludes bibliography
dc.description.abstractHubert Escaith is Director of Statistics and Economic Projections Division, ECLAC. The views expressed in this document, which has been reproduced without formal editing, are those of the authors and do not necessarily reflect the views of the Organization.. This paper was prepared for the REDIMA workshop on Modeling Macroeconomic Coordination in the Andean Community, Santiago, Chile 22 October 2003. Introduction The early 1990s opened a new era for the analysis of economic interactions between Latin America and Caribbean (LAC) countries. Two channels, real and financial, conveyed the transmission of shocks. Intra-regional trade recuperated strongly in the wave of trade liberalization and the resumption of economic growth after the "lost decade" that marked the 1980s. The first year of the 1990s decade coincided also with the large scale introduction of new financial instruments that allowed operators to trade riskier papers, opening the door to an active market of financial titles emitted by the so called "emerging economies". As a result of this innovation, and the settlement of the old debt problem through the Brady agreement, and an increasing flow of foreign direct investment, the net transfer of resources to the region became once again positive, and growth resumed. But growth resumption was accompanied by higher volatility, due to the nature of the new international financial market, where contagion and herding have become a prominent reality. As a result, shocks initiating in one country will have direct impacts upon trade and other real variables, financial spreads and exchange rates in its neighbouring geographical area, as well as upon the international business climate if the troubled country is large enough (e.g., Argentina, Brazil or Mexico). This common destiny, in spite of differences in policies or fundamentals from one country to another, is a clear symptom of the emergence of a subregional dimension as a result of trade integration and financial globalization. (Studart, 2002). Indeed, because of this common component, national macroeconomic stability (including real aspects) should now be treated as a regional public good. The existence of such externalities calls for more coordination of national economic policies in the region. Despite these interdependencies and notwithstanding major initiatives in promoting macroeconomic coordination in several LAC subregions, cooperation does not always emerge naturally, even when it would be optimal to do so. Reflecting on this situation, Escaith, Ghymers and Studarts (2002) states that "it is striking that there is no systematic, operational regional or subregional scheme to deal with these regional or subregional spillovers… Indeed, economic policies are still totally uncoordinated and all the decisions continue to be taken in close-knit national circles without considering any spillovers at all. The clearest symptom of this is the choice of exchange-rate regimes based on strictly national considerations." The paper is available in PDF format (Only english version).""
dc.formatTexto
dc.format.extent15 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/W.4
dc.identifier.urihttps://hdl.handle.net/11362/3754
dc.language.isoeng
dc.physicalDescription15 p. : gráfs., tabls.
dc.publisherECLAC
dc.publisher.placeSantiago
dc.relation.isPartOfSeriesDocumentos de Proyectos
dc.relation.isPartOfSeriesNo4
dc.rights.coarDisponible
dc.subject.unbisEngECONOMIC STABILIZATION
dc.subject.unbisEngINTRAREGIONAL TRADE
dc.subject.unbisEngMACROECONOMICS
dc.subject.unbisEngREGIONAL COOPERATION
dc.subject.unbisEngMONETARY SYSTEMS
dc.subject.unbisEngFINANCIAL RESOURCES
dc.subject.unbisSpaCOMERCIO INTRARREGIONAL
dc.subject.unbisSpaCOOPERACION REGIONAL
dc.subject.unbisSpaESTABILIZACION ECONOMICA
dc.subject.unbisSpaMACROECONOMIA
dc.subject.unbisSpaSISTEMAS MONETARIOS
dc.subject.unbisSpaRECURSOS FINANCIEROS
dc.titleModeling regional macroeconomic interactions: situation and perspectives for macroeconomic coordination in Latin America. Background paper prepared for the REDIMA workshop on Modeling Macroeconomic Coordination in the Andean Community, (Santiago, Chile 22 October 2003)""
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