<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-952X</journal-id>
<journal-title><![CDATA[Economía UNAM]]></journal-title>
<abbrev-journal-title><![CDATA[Economía UNAM]]></abbrev-journal-title>
<issn>1665-952X</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-952X2018000200070</article-id>
<article-id pub-id-type="doi">10.22201/fe.24488143e.2018.44.394</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Alternativas de integración monetaria para Mercosur]]></article-title>
<article-title xml:lang="en"><![CDATA[Alternatives of monetary integration for Mercosur]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hurtado Briceño]]></surname>
<given-names><![CDATA[Alberto José]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mora Mora]]></surname>
<given-names><![CDATA[José U.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de los Andes  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Venezuela</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Pontificia Universidad Javeriana  ]]></institution>
<addr-line><![CDATA[Cali ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>08</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>08</month>
<year>2018</year>
</pub-date>
<volume>15</volume>
<numero>44</numero>
<fpage>70</fpage>
<lpage>88</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-952X2018000200070&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-952X2018000200070&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-952X2018000200070&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo analiza las alternativas de integración monetaria que tiene el Mercado Común del Sur (MERCOSUR) como opción para recuperar el dinamismo de la década anterior. Para ello se analizaron los costos y beneficios de la implementación de un régimen de tipo de cambio fijo con intención irrevocable o un régimen de moneda única, mediante la sustitución de las monedas nacionales por una divisa de la región, fuera de esta o creada. A partir del nivel de correlación de los países del bloque con el país emisor de la moneda común se identificó el nivel de impacto de cada alternativa. Los resultados obtenidos permiten concluir que la alternativa de crear e implementar una nueva moneda a nivel regional es una opción deseable debido a la correlación positiva en el crecimiento económico y en las tasas de depreciación de las monedas de los países del bloque, así como por la posibilidad de crear una institución comunitaria responsable de la política monetaria común con bajo sesgo inflacionario.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[integración monetaria]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[tipo de cambio]]></kwd>
<kwd lng="es"><![CDATA[Mercosur]]></kwd>
<kwd lng="en"><![CDATA[Monetary Integration]]></kwd>
<kwd lng="en"><![CDATA[Monetary Policy]]></kwd>
<kwd lng="en"><![CDATA[Exchange Rate]]></kwd>
<kwd lng="en"><![CDATA[Mercosur]]></kwd>
<kwd lng="en"><![CDATA[E52]]></kwd>
<kwd lng="en"><![CDATA[E61]]></kwd>
<kwd lng="en"><![CDATA[F15]]></kwd>
<kwd lng="en"><![CDATA[F33]]></kwd>
<kwd lng="en"><![CDATA[F41]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Clarida]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Galí]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Gertler]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Science of Monetary Policy: A New Keynesian Perspective]]></article-title>
<source><![CDATA[Journal of Economic Literature]]></source>
<year>1999</year>
<volume>XXXVII</volume>
<page-range>1661-707</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Furceri]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Karras]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Is the Middle East an Optimum Currency Area? A Comparison of Costs and Benefits]]></article-title>
<source><![CDATA[Open Economies Review]]></source>
<year>2008</year>
<volume>19</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>479-91</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Giacalone]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Latin American Answers to Mega-Regional Projects: Options and Limits]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Roy]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<source><![CDATA[A New Atlantic Community: The European Union, the US and Latin America]]></source>
<year>2015</year>
<page-range>176-88</page-range><publisher-loc><![CDATA[Miami ]]></publisher-loc>
<publisher-name><![CDATA[The Miami-Florida European Union Center of Excellence]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hodrick]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Prescott]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Post-War U.S. Business Cycles: An Empirical Investigation]]></article-title>
<source><![CDATA[Discussion Papers]]></source>
<year>1981</year>
<numero>451</numero>
<issue>451</issue>
<publisher-name><![CDATA[Northwestern University]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hurtado]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Economía Política Internacional de la Integración Monetaria del Merc]]></article-title>
<source><![CDATA[Aldea Mundo Revista sobre Fronteras e Integración]]></source>
<year>2014</year>
<volume>19</volume>
<numero>37</numero>
<issue>37</issue>
<page-range>25-34</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Karras]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Prospect of Dollarization: Are the Americas an Optimum Currency Area?]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Tsoukis]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
<name>
<surname><![CDATA[Agiomirgianakis]]></surname>
<given-names><![CDATA[G.M.]]></given-names>
</name>
<name>
<surname><![CDATA[Biswas]]></surname>
<given-names><![CDATA[T]]></given-names>
</name>
</person-group>
<source><![CDATA[Aspects of Globalisation: Macroeconomic and Capital Market Linkages in the Integrated World Economy]]></source>
<year>2003</year>
<page-range>183-99</page-range><publisher-loc><![CDATA[Boston ]]></publisher-loc>
<publisher-name><![CDATA[Kluwer Academic Publishers]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Karras]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Costs and Benefits of Dollarization: Evidence from North, Central, and South America]]></article-title>
<source><![CDATA[Journal of Economic Integration]]></source>
<year>2002</year>
<volume>17</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>502-16</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Karras]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How homogenizing are monetary unions? Evidence from the U.S. states]]></article-title>
<source><![CDATA[North American Journal of Economics and Finance]]></source>
<year>2003</year>
<volume>14</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>381-97</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Karras]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Is there a yen optimum currency area? Evidence from 18 Asian and Pacific economies]]></article-title>
<source><![CDATA[Japan and the World Economy]]></source>
<year>2005</year>
<volume>17</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>456-69</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Karras]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Optimal stabilization policy in a monetary union: implications of the Mankiw-Weinzierl model]]></article-title>
<source><![CDATA[International Journal of Monetary Economics and Finance]]></source>
<year>2012</year>
<volume>5</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>139-52</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kydland]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Prescott]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Fortran Subroutine for Efficiently Computing HP-filtered time series]]></article-title>
<source><![CDATA[Research Memorandum]]></source>
<year>1989</year>
<publisher-name><![CDATA[Federal Reserve Bank of Minneapolis]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mora]]></surname>
<given-names><![CDATA[J. U]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[¿Dolarización individual o moneda común? evidencia para los países suramericanos]]></article-title>
<source><![CDATA[Revista Aportes para la Integración latinoamericana]]></source>
<year>2006</year>
<volume>XII</volume>
<numero>14</numero>
<issue>14</issue>
<page-range>88-106</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mora]]></surname>
<given-names><![CDATA[J. U]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La Alianza del Pacífico y Mercosur: Evidencias de Convergencia Económica]]></article-title>
<source><![CDATA[Revista Estudios Gerenciales]]></source>
<year>2016</year>
<volume>32</volume>
<numero>141</numero>
<issue>141</issue>
<page-range>309-18</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Purroy]]></surname>
<given-names><![CDATA[M. I]]></given-names>
</name>
</person-group>
<source><![CDATA[La utopía de la moneda común: el debate sobre integración monetaria y régimen cambiario]]></source>
<year>2014</year>
<page-range>268</page-range><publisher-name><![CDATA[CreateSpace Independent Publishing Platform]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Veiga]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Rios]]></surname>
<given-names><![CDATA[S. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Naidin]]></surname>
<given-names><![CDATA[L. C]]></given-names>
</name>
</person-group>
<source><![CDATA[Políticas comercial e industrial: o hiperativismo do primeiro biênio Dilma]]></source>
<year>2013</year>
<publisher-loc><![CDATA[Rio de Janeiro ]]></publisher-loc>
<publisher-name><![CDATA[CINDES]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
