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Macroeconomic Coordination and Policy Problems of Regional Blocs: Reflections on the Mercosur Experiment

In: Regional Integration and Economic Development

Author

Listed:
  • Maria Luiza Falcão Silva
  • Joaquim Pinto Andrade
  • Thomas S. Torrance

Abstract

The international economy has undergone in the last few years a deep transformation. It is important to recall briefly that the international economy has shifted from being a bipolar model, led by the United States and the former Soviet Union, to being a multipolar model with three great economic powers- the European Union (EU), Japan, and the United States — plus Russia and China competing for the leadership of international trade. The formation of global markets is a matter of immense concern for the economic and political survival of many developing countries. “Stimuli from global markets causes the formation of regional markets, and the eventual success or failure of these markets” (Thorstensen and Lozardo, 1995, p.3). As a result several countries are converging to consolidate regional economic blocs, trading agreements and preferences, and monetary unification.

Suggested Citation

  • Maria Luiza Falcão Silva & Joaquim Pinto Andrade & Thomas S. Torrance, 2001. "Macroeconomic Coordination and Policy Problems of Regional Blocs: Reflections on the Mercosur Experiment," Palgrave Macmillan Books, in: Neantro Saavedra-Rivano & Akio Hosono & Barbara Stallings (ed.), Regional Integration and Economic Development, chapter 7, pages 68-90, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51317-4_7
    DOI: 10.1057/9780230513174_7
    as

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