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Perspectives for a Monetary Union between Argentina and Brazil

In: New Issues in Regional Monetary Coordination

Author

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  • Fernando J. Cardim Carvalho

Abstract

Besides some vague references contained in some official documents, the possibility of having the Common Market of the South (Mercosur) extended to include a monetary union between the four country members, and particularly between Argentina and Brazil, was first raised by Carlos Menem, then president of Argentina, during his last year in office. After a few years of relatively rapid growth, Argentina was going through the first stages of the deep recession from which it only began to recover in 2003. Several imbalances plagued the Argentine economy by the end of the 1990s, but the abandonment by Brazil of its semi-fixed exchange rate regime in January 1999, and the quick and steep devaluation of the real that followed it, dealt a lethal blow on the uno-a-uno exchange rate regime that Argentina had sustained since 1991.

Suggested Citation

  • Fernando J. Cardim Carvalho, 2006. "Perspectives for a Monetary Union between Argentina and Brazil," Palgrave Macmillan Books, in: Barbara Fritz & Martina Metzger (ed.), New Issues in Regional Monetary Coordination, chapter 6, pages 98-125, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50244-4_6
    DOI: 10.1057/9780230502444_6
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    Cited by:

    1. Fritz, Barbara & Mühlich, Laurissa, 2007. "South-south monetary integration: the case for a research framework beyond the theory of optimum currency area," Discussion Papers 2007/20, Free University Berlin, School of Business & Economics.
    2. Fritz, Barbara & Mühlich, Laurissa, 2006. "Regional Monetary Integration among Developing Countries: New Opportunities for Macroeconomic Stability beyond the Theory of Optimum Currency Areas?," GIGA Working Papers 38, GIGA German Institute of Global and Area Studies.
    3. Fernández Tucci, Candelaria, 2023. "Original sin and South-South cooperation: Insights for the Mercosur from the experience of the Asian Bond Market Initiative," IPE Working Papers 214/2023, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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