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Economía UNAM

versión impresa ISSN 1665-952X

Resumen

HURTADO BRICENO, Alberto José  y  MORA MORA, José U.. Alternatives of monetary integration for Mercosur. Economía UNAM [online]. 2018, vol.15, n.44, pp.70-88. ISSN 1665-952X.  http://dx.doi.org/10.22201/fe.24488143e.2018.44.394.

This paper analyzes the alternatives of monetary integration forthe Common Market of the South (Mercosur) in order to recover the dynamics experienced during the previous decade. To this end, the costs and benefits of implementing a fixed exchange rate regime with an irrevocable intention or a single currency regime were analyzed by replacing national currencies with a currency fromthe region, from outside or created. From the level of correlation of the countries withinthe block with the country issuing the common currency, the level of impact of each alternative was identified. Empirical results reveal that the alternative of creating and implementing a new currency at a regional level is desirable, due to the positive correlation in terms of economic growth and depreciation rates of the currencies of the countries within the block, as well as the possibility of creating a community institution responsible for the common monetary policy with low inflationary bias, which will enhance the potency of economic convergence.

Palabras llave : Monetary Integration; Monetary Policy; Exchange Rate; Mercosur; E52; E61; F15; F33; F41.

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