Biblioteca Digital de VanguardiaThe euro and the EMU: lessons for Mercosur
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 appro...
| Autores principales: | , , , |
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| Formato: | artículo científico |
| Lenguaje: | Inglés |
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Universidad Central de Venezuela
2003
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| Materias: | |
| Acceso en línea: | http://www.redalyc.org/articulo.oa?id=36490109 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/43936 |
| _version_ | 1782337835888541696 |
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| author | Philip Arestis Fernando Ferrari-Filho Luiz Fernando de Paula Malcolm Sawyer |
| author_facet | Philip Arestis Fernando Ferrari-Filho Luiz Fernando de Paula Malcolm Sawyer |
| author_sort | Philip Arestis |
| collection | Repositorio |
| description | 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. |
| format | artículo científico |
| id | clacso-CLACSO43936 |
| institution | CLACSO, Repositorio Digital |
| language | Inglés |
| publishDate | 2003 |
| publisher | Universidad Central de Venezuela |
| record_format | greenstone |
| spelling | clacso-CLACSO439362022-03-17T15:42:50Z The euro and the EMU: lessons for Mercosur Philip Arestis Fernando Ferrari-Filho Luiz Fernando de Paula Malcolm Sawyer Economía y Finanzas Economic and monetary union Mercosur optimum currency area 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 2022-03-17T15:42:50Z 2022-03-17T15:42:50Z artículo científico http://www.redalyc.org/articulo.oa?id=36490109 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/43936 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 (Venezuela) Num.1 Vol.IX |
| spellingShingle | Economía y Finanzas Economic and monetary union Mercosur optimum currency area Philip Arestis Fernando Ferrari-Filho Luiz Fernando de Paula Malcolm Sawyer The euro and the EMU: lessons for Mercosur |
| title | The euro and the EMU: lessons for Mercosur |
| title_full | The euro and the EMU: lessons for Mercosur |
| title_fullStr | The euro and the EMU: lessons for Mercosur |
| title_full_unstemmed | The euro and the EMU: lessons for Mercosur |
| title_short | The euro and the EMU: lessons for Mercosur |
| title_sort | euro and the emu: lessons for mercosur |
| topic | Economía y Finanzas Economic and monetary union Mercosur optimum currency area |
| url | http://www.redalyc.org/articulo.oa?id=36490109 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/43936 |