Testing the Order of Integration with Low Power Tests. an Application to Argentine Macro-Variables

Carrera, Jorge; Féliz, Mariano; Panigo, Demian Tupac

doi:10.1080/15140326.2003.12040592

Cited by 3 publications

(3 citation statements)

References 33 publications

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“…So, shocks are more important and less symmetric for Mercosur countries. In spite of this, many authors (Licandro Ferrando, 2000;Carrera et al, 1998) have found that shocks became more symmetric during the last years, as the integration process went on.…”

Section: B How Asymmetric Are Shocks To Mercosur Countries?mentioning

confidence: 99%

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Macroeconomic Coordination Policies: Why and How?: From Europe to MERCOSUR

Moccero,

Winograd

2005

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This paper was prepared within the framework of "Deeper Integration of MERCOSUR: Dealing with Disparities", a joint initiative between the Integration and Regional Programs Department and the Operations Department 1 of the Inter-American Development Bank. Given the relatively lower political incentives for interdependence in MERCOSUR than in the European experience, economic disturbances and economic lobbies may prevail in times of crisis increasing the risks of derailing the integration process. The authors of this paper draw from the lessons from the European experience of macroeconomic coordination since the early days of the European Economic Community and discuss the main differences between MERCOSUR and the European Union regarding the economic and institutional environment. In the first section of the paper, they combine the lessons obtained from the European experience and the fundamental disparities to be faced in the MERCOSUR to design a specific macroeconomic policy coordination agenda for the region. In the second section they account for the European history of macroeconomic coordination, whereas the third section analyses the main disparities constraining the cooperation policies in MERCOSUR. In light of the previous sections, the fourth part of the study will discuss the appropriate design of macroeconomic coordination in the region, with the fifth section containing the conclusions.

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Section: B How Asymmetric Are Shocks To Mercosur Countries?mentioning

confidence: 99%

“…For an analysis of trade specialisation and the relationship between the two major partners in the block, Argentina and Brazil, see Miotti,Quenan and Winograd (1995, 1999 and 2004 Carrera et al (1998). show that a shock to one country has a greater impact on the other in the 1990s than in the 1980s.5 SeePotash (1969) and Rouquie (1978).…”

mentioning

confidence: 99%

Macroeconomic Coordination Policies: Why and How?: From Europe to MERCOSUR

Moccero,

Winograd

2005

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“…Uma maneira mais simples de estimar a simetria dos ciclos de negócios, também encontrada na literatura foi feita por Uma outra metodologia utilizada nesta literatura pode ser encontrada em Carrera et al [1998].…”

Section: A Correlação Dos Choquesunclassified

La Coordinación Macreconómica y la Cooperación Monetaria, Sus Costos, Beneficios y Aplicabilidad en Acuerdos Regionales de Integración

Bertone,

Jacobo,

De la Cuba

et al. 2004

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Random Walks and Half-Lives in Chilean and Mexican Peso Real Exchange Rates: 1980 – 2003

Mollick¹

2007

Journal of Applied Economics

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Several papers have shown that high-inflation contributes to mean reversion in real exchange rates. This paper studies the Chilean peso (CLP) and Mexican peso (MXN) real exchange rates over 1980-2003. Three datasets are used: two with quarterly and monthly bilateral data (against the U.S. dollar) with consumer and producer price indices and another with monthly real effective rate exchange rates (REER). Unit root tests do not reject the root in levels for both currencies. Half-lives, however, contrast markedly: at 5 years or infinity for the Chilean peso and between 1 and 3 years for the Mexican peso. These findings suggest that the sharp depreciations in MXN and Mexico's relatively higher inflation record may have amplified monetary forces in the dynamics of the real exchange rates.

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Testing the Order of Integration with Low Power Tests. an Application to Argentine Macro-Variables

Cited by 3 publications

References 33 publications

Macroeconomic Coordination Policies: Why and How?: From Europe to MERCOSUR

Macroeconomic Coordination Policies: Why and How?: From Europe to MERCOSUR

La Coordinación Macreconómica y la Cooperación Monetaria, Sus Costos, Beneficios y Aplicabilidad en Acuerdos Regionales de Integración

Random Walks and Half-Lives in Chilean and Mexican Peso Real Exchange Rates: 1980 – 2003

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