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Prospects for Regional Monetary Integration in Latin America: A View from the EU(1)

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  • Helidoro Temprano-Arroyo

    (European Commission, rue de la Loi 200, 1049 Brussels.)

Abstract

This paper assesses the advisability of regional monetary integration in Latin America by looking at the experience with EMU, and by applying the theory of optimum currency areas (OCA) and other criteria proposed by the more recent literature. The analysis based on the OCA criteria suggests that, with the possible exception of NAFTA, none of the regions examined should engage in monetary integration. The traditional OCA theory does not take into account, however, some relevant aspects such as the degree of de facto dollarisation, the existence of credibility problems and the endogeneity of some of its criteria. After extending the analysis to these factors, the picture changes somewhat, particularly regarding the advisability of dollar-based monetary integration in Central America. Comparative Economic Studies (2003) 45, 384–420. doi:10.1057/palgrave.ces.8100020

Suggested Citation

  • Helidoro Temprano-Arroyo, 2003. "Prospects for Regional Monetary Integration in Latin America: A View from the EU(1)," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 45(3), pages 384-420, September.
    • Handle: RePEc:pal:compes:v:45:y:2003:i:3:p:384-420
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    Cited by:

    1. Drazen Derado, 2009. "Financial Integration and Financial Crisis: Croatia Approaching The EMU," Financial Theory and Practice, Institute of Public Finance, vol. 33(3), pages 299-328.
    2. Schüren, Verena, 2010. "Monetärer Regionalismus in Asien und Lateinamerika: Formen monetärer Zusammenarbeit um den Mercosur und die ASEAN seit den Finanzkrisen der 1990er Jahre," PIPE - Papers on International Political Economy 5/2010, Free University Berlin, Center for International Political Economy.
    3. Nannette Lindenberg & Frank Westermann, 2012. "How strong is the case for dollarization in Central America? An empirical analysis of business cycles, credit market imperfections and the exchange rate," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 17(2), pages 147-166, April.

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