Reactivating the dynamism in Mercosur: A monetary approach

Considering the monetary approach, this article analyzes the feasibility of creating a new currency in the Southern Common Market (MERCOSUR) as an option to recover the dynamism observed in the previous decade. The hypothesis suggests that the creation of a new currency is desirable if it is possibl...

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Autores:
Mora, José
Hurtado Briceño, Alberto José
Zerpa de Hurtado, Sadcidi
Tipo de recurso:
Article of investigation
Fecha de publicación:
2020
Institución:
Universidad Cooperativa de Colombia
Repositorio:
Repositorio UCC
Idioma:
OAI Identifier:
oai:repository.ucc.edu.co:20.500.12494/33728
Acceso en línea:
https://hdl.handle.net/20.500.12494/33728
Palabra clave:
Integración monetaria
Política monetaria
Tipo de cambio
Mercosur
Monetary integration
Monetary policy
Exchange rate
Mercosur
Rights
openAccess
License
NINGUNA
id COOPER2_f437c39a02987e68ac53619d8b75b655
oai_identifier_str oai:repository.ucc.edu.co:20.500.12494/33728
network_acronym_str COOPER2
network_name_str Repositorio UCC
repository_id_str
dc.title.spa.fl_str_mv Reactivating the dynamism in Mercosur: A monetary approach
title Reactivating the dynamism in Mercosur: A monetary approach
spellingShingle Reactivating the dynamism in Mercosur: A monetary approach
Integración monetaria
Política monetaria
Tipo de cambio
Mercosur
Monetary integration
Monetary policy
Exchange rate
Mercosur
title_short Reactivating the dynamism in Mercosur: A monetary approach
title_full Reactivating the dynamism in Mercosur: A monetary approach
title_fullStr Reactivating the dynamism in Mercosur: A monetary approach
title_full_unstemmed Reactivating the dynamism in Mercosur: A monetary approach
title_sort Reactivating the dynamism in Mercosur: A monetary approach
dc.creator.fl_str_mv Mora, José
Hurtado Briceño, Alberto José
Zerpa de Hurtado, Sadcidi
dc.contributor.author.none.fl_str_mv Mora, José
Hurtado Briceño, Alberto José
Zerpa de Hurtado, Sadcidi
dc.subject.spa.fl_str_mv Integración monetaria
Política monetaria
Tipo de cambio
Mercosur
topic Integración monetaria
Política monetaria
Tipo de cambio
Mercosur
Monetary integration
Monetary policy
Exchange rate
Mercosur
dc.subject.other.spa.fl_str_mv Monetary integration
Monetary policy
Exchange rate
Mercosur
description Considering the monetary approach, this article analyzes the feasibility of creating a new currency in the Southern Common Market (MERCOSUR) as an option to recover the dynamism observed in the previous decade. The hypothesis suggests that the creation of a new currency is desirable if it is possible to increase the growth rate of real gross domestic product (GDP) and to reduce price volatility. Empirical evidence suggests that the alternative of creating and implementing a new currency in the bloc is desirable and highly feasible due to the positive correlations observed among their countries’ business cycles and domestic currency depreciation rates, as along with the possibility of creating a central bank responsible for the common monetary policy with low inflationary bias.
publishDate 2020
dc.date.issued.none.fl_str_mv 2020-01-10
dc.date.accessioned.none.fl_str_mv 2021-03-26T18:52:16Z
dc.date.available.none.fl_str_mv 2021-03-26T18:52:16Z
dc.type.none.fl_str_mv Artículos Científicos
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dc.identifier.issn.spa.fl_str_mv 1578-4487
dc.identifier.uri.none.fl_str_mv https://hdl.handle.net/20.500.12494/33728
dc.identifier.bibliographicCitation.spa.fl_str_mv Mora, J., Hurtado, A. y Zerpa, S. (2020). Reactivating the dynamism in Mercosur: A monetary approach. Applied Econometrics and International Development, 20(1), 81-96. https://ideas.repec.org/a/eaa/aeinde/v20y2020i1_6.html
identifier_str_mv 1578-4487
Mora, J., Hurtado, A. y Zerpa, S. (2020). Reactivating the dynamism in Mercosur: A monetary approach. Applied Econometrics and International Development, 20(1), 81-96. https://ideas.repec.org/a/eaa/aeinde/v20y2020i1_6.html
url https://hdl.handle.net/20.500.12494/33728
dc.relation.isversionof.spa.fl_str_mv https://ideas.repec.org/a/eaa/aeinde/v20y2020i1_6.html
dc.relation.ispartofjournal.spa.fl_str_mv Applied Econometrics and International Development
dc.relation.references.spa.fl_str_mv Baxter, M. and King, R. G. (1999). "Measuring Business Cycles: Approximate BandPass Filters for Economic Time Series". Review of Economics and Statistics, 81, November, 575-593.
Clarida, R.; Galí, J. and Gertler, M. (1999). “The Science of Monetary Policy: A New Keynesian Perspective”. Journal of Economic Literature, XXXVII, December, 1661- 1707.
Furceri, D. and Karras, G. (2008) “Is the Middle East an Optimum Currency Area? A Comparison of Costs and Benefits”. Open Economies Review, 19(4), September, 479- 491. DOI: 10.1007/s11079-007-9046-4
Giacalone, R. (2015). Latin American Answers to Mega-Regional Projects: Options and Limits. In J. Roy (Eds.), A New Atlantic Community: The European Union, the US and Latin America. Miami: The Miami-Florida European Union Center of ExcellenceJean Monnet Chair of the University of Miami, 176-188.
Hurtado, A. (2014) “Economía Política Internacional de la Integración Monetaria del Mercosur”. Aldea Mundo Revista sobre Fronteras e Integración, 19(37), enero-junio, 25-34. Retrieved from: http://www.saber.ula.ve/bitstream/123456789/40853/1/articulo2.pdf
Hurtado, A. and Mora, J. U. (2018). “Alternativas de integración monetaria para Mercosur”. Revista Economía UNAM, 15(44), 70-88. Retrieved from: http://www.revistas.unam.mx/index.php/ecu/article/view/65154/57136
Hurtado, A., Zerpa de Hurtado, S. and Mora, J. U. (2018). “Enfoques teóricometodológicos sobre la Unificación Monetaria en MERCOSUR. Reapertura del debate”. Revista Aportes para la Integración Latinoamericana, XXIV(38), junio,1-15.
Hurtado, A., Zerpa de Hurtado, S. and Mora, J. U. (2019). “Enfoques teóricos sobre la unificación monetaria en MERCOSUR y lecciones derivadas de la experiencia de la Unión Europea”. Revista Economía del Caribe, (23), enero-junio, 70-87. Retrieved from: http://rcientificas.uninorte.edu.co/index.php/economia/article/viewFile/10974/pdf_563
Karras, G. (2002) “Costs and Benefits of Dollarization: Evidence from North, Central, and South America”. Journal of Economic Integration, 17(3), September, 502-516.
Karras, G. (2003). “The Prospect of Dollarization: Are the Americas an Optimum Currency Area?” In C. Tsoukis, G.M. Agiomirgianakis, and T. Biswas (Eds.) Aspects of Globalisation: Macroeconomic and Capital Market Linkages in the Integrate
Karras, G. (2005) “Is there a yen optimum currency area? Evidence from 18 Asian and Pacific economies”. Japan and the World Economy, 17(4), December, 456-469.
Karras, G. (2012) “Optimal stabilization policy in a monetary union: implications of the Mankiw-Weinzierl model”. International Journal of Monetary Economics and Finance, 5(2), June,139-152.
Kenen, P. (1969). “The theory of optimum currency areas: an eclectic view”. En Mundell, R. y Swoboda, A. (Eds). Monetary problems of the international economy. Chicago: Universidad de Chicago Press, 41-60.
Lavagna, R. and Giambiagi, F. (1998). Hacia la creación de una moneda común: una propuesta de convergencia coordinada de políticas macroeconómicas en el Mercosur. BNDES. Recuperado de: http://www.bndes.gov.br/SiteBNDES/export/sites/default /bndes_pt/Galerias/Arquivos/conhecimento/ensaio/ensaio6.pdf
McKinnon, R. (1963). “Optimum currency areas”. American Economic Review, LIII (4),
Mora, J. U. (2006) “¿Dolarización individual o moneda común? evidencia para los países suramericanos”. En Revista Aportes para la Integración latinoamericana, XII(14), julio, 88- 106.
Mora, J. U. (2016) “La Alianza del Pacífico y Mercosur: Evidencias de Convergencia Económica”. En Revista Estudios Gerenciales, 32 (141), septiembre-diciembre, 309- 318. Retrieved from: https://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/vi ew/2324/pdf
Mundell, Robert (1961). “A theory of optimum currency areas”. American Economic Review, LI (4), November, 509- 517.
Nogueira, U. (19 de julio de 1998). El Mercosur monetario. Clarín. Buenos Aires, Argentina. Retrieved from: http://edant.clarin.com/suplementos/economico/1998/07/19/o-04401e.htm
Purroy, M. I. (2014) La utopía de la moneda común: el debate sobre integración monetaria y régimen cambiario. CreateSpace Independent Publishing Platform, p. 268.
Ramírez, L. M. (2017). Punto de inflexión para el MERCOSUR en razón de las negociaciones económicas internacionales. En N. Mellado y J. C. Fernández (Eds.). Desafíos para el regionalismo latinoamericano en el contexto internacional del siglo XXI. La Libertad, El Salvador: Editorial Delgado, 149-175
Veiga, P.; Rios, S. P. and Naidin, L. C. (2013). Políticas comercial e industrial: o hiperativismo do primeiro biênio Dilma. Rio de Janeiro: CINDES, Texto 35. Retrieved from: http://www.cindesbrasil.org/site/index.php?option=com_jdownloads&Itemid=0& view=finish&cid=713&catid=7
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spelling Mora, JoséHurtado Briceño, Alberto JoséZerpa de Hurtado, Sadcidi20-12021-03-26T18:52:16Z2021-03-26T18:52:16Z2020-01-101578-4487https://hdl.handle.net/20.500.12494/33728Mora, J., Hurtado, A. y Zerpa, S. (2020). Reactivating the dynamism in Mercosur: A monetary approach. Applied Econometrics and International Development, 20(1), 81-96. https://ideas.repec.org/a/eaa/aeinde/v20y2020i1_6.htmlConsidering the monetary approach, this article analyzes the feasibility of creating a new currency in the Southern Common Market (MERCOSUR) as an option to recover the dynamism observed in the previous decade. The hypothesis suggests that the creation of a new currency is desirable if it is possible to increase the growth rate of real gross domestic product (GDP) and to reduce price volatility. Empirical evidence suggests that the alternative of creating and implementing a new currency in the bloc is desirable and highly feasible due to the positive correlations observed among their countries’ business cycles and domestic currency depreciation rates, as along with the possibility of creating a central bank responsible for the common monetary policy with low inflationary bias.https://scienti.minciencias.gov.co/cvlac/visualizador/generarCurriculoCv.do?cod_rh=0001753768https://orcid.org/0000-0003-3660-8299https://scienti.minciencias.gov.co/gruplac/jsp/visualiza/visualizagr.jsp?nro=00000000003164alberto.hurtadob@campusucc.edu.co81-96Universidad Cooperativa de Colombia, Facultad de Ciencias Económicas, Administrativas y Contables, Comercio Internacional, BogotáComercio InternacionalBogotáhttps://ideas.repec.org/a/eaa/aeinde/v20y2020i1_6.htmlApplied Econometrics and International DevelopmentBaxter, M. and King, R. G. (1999). "Measuring Business Cycles: Approximate BandPass Filters for Economic Time Series". Review of Economics and Statistics, 81, November, 575-593.Clarida, R.; Galí, J. and Gertler, M. (1999). “The Science of Monetary Policy: A New Keynesian Perspective”. Journal of Economic Literature, XXXVII, December, 1661- 1707.Furceri, D. and Karras, G. (2008) “Is the Middle East an Optimum Currency Area? A Comparison of Costs and Benefits”. Open Economies Review, 19(4), September, 479- 491. DOI: 10.1007/s11079-007-9046-4Giacalone, R. (2015). Latin American Answers to Mega-Regional Projects: Options and Limits. In J. Roy (Eds.), A New Atlantic Community: The European Union, the US and Latin America. Miami: The Miami-Florida European Union Center of ExcellenceJean Monnet Chair of the University of Miami, 176-188.Hurtado, A. (2014) “Economía Política Internacional de la Integración Monetaria del Mercosur”. Aldea Mundo Revista sobre Fronteras e Integración, 19(37), enero-junio, 25-34. Retrieved from: http://www.saber.ula.ve/bitstream/123456789/40853/1/articulo2.pdfHurtado, A. and Mora, J. U. (2018). “Alternativas de integración monetaria para Mercosur”. Revista Economía UNAM, 15(44), 70-88. Retrieved from: http://www.revistas.unam.mx/index.php/ecu/article/view/65154/57136Hurtado, A., Zerpa de Hurtado, S. and Mora, J. U. (2018). “Enfoques teóricometodológicos sobre la Unificación Monetaria en MERCOSUR. Reapertura del debate”. Revista Aportes para la Integración Latinoamericana, XXIV(38), junio,1-15.Hurtado, A., Zerpa de Hurtado, S. and Mora, J. U. (2019). “Enfoques teóricos sobre la unificación monetaria en MERCOSUR y lecciones derivadas de la experiencia de la Unión Europea”. Revista Economía del Caribe, (23), enero-junio, 70-87. Retrieved from: http://rcientificas.uninorte.edu.co/index.php/economia/article/viewFile/10974/pdf_563Karras, G. (2002) “Costs and Benefits of Dollarization: Evidence from North, Central, and South America”. Journal of Economic Integration, 17(3), September, 502-516.Karras, G. (2003). “The Prospect of Dollarization: Are the Americas an Optimum Currency Area?” In C. Tsoukis, G.M. Agiomirgianakis, and T. Biswas (Eds.) Aspects of Globalisation: Macroeconomic and Capital Market Linkages in the IntegrateKarras, G. (2005) “Is there a yen optimum currency area? Evidence from 18 Asian and Pacific economies”. Japan and the World Economy, 17(4), December, 456-469.Karras, G. (2012) “Optimal stabilization policy in a monetary union: implications of the Mankiw-Weinzierl model”. International Journal of Monetary Economics and Finance, 5(2), June,139-152.Kenen, P. (1969). “The theory of optimum currency areas: an eclectic view”. En Mundell, R. y Swoboda, A. (Eds). Monetary problems of the international economy. Chicago: Universidad de Chicago Press, 41-60.Lavagna, R. and Giambiagi, F. (1998). Hacia la creación de una moneda común: una propuesta de convergencia coordinada de políticas macroeconómicas en el Mercosur. BNDES. Recuperado de: http://www.bndes.gov.br/SiteBNDES/export/sites/default /bndes_pt/Galerias/Arquivos/conhecimento/ensaio/ensaio6.pdfMcKinnon, R. (1963). “Optimum currency areas”. American Economic Review, LIII (4),Mora, J. U. (2006) “¿Dolarización individual o moneda común? evidencia para los países suramericanos”. En Revista Aportes para la Integración latinoamericana, XII(14), julio, 88- 106.Mora, J. U. (2016) “La Alianza del Pacífico y Mercosur: Evidencias de Convergencia Económica”. En Revista Estudios Gerenciales, 32 (141), septiembre-diciembre, 309- 318. Retrieved from: https://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/vi ew/2324/pdfMundell, Robert (1961). “A theory of optimum currency areas”. American Economic Review, LI (4), November, 509- 517.Nogueira, U. (19 de julio de 1998). El Mercosur monetario. Clarín. Buenos Aires, Argentina. Retrieved from: http://edant.clarin.com/suplementos/economico/1998/07/19/o-04401e.htmPurroy, M. I. (2014) La utopía de la moneda común: el debate sobre integración monetaria y régimen cambiario. CreateSpace Independent Publishing Platform, p. 268.Ramírez, L. M. (2017). Punto de inflexión para el MERCOSUR en razón de las negociaciones económicas internacionales. En N. Mellado y J. C. Fernández (Eds.). Desafíos para el regionalismo latinoamericano en el contexto internacional del siglo XXI. La Libertad, El Salvador: Editorial Delgado, 149-175Veiga, P.; Rios, S. P. and Naidin, L. C. (2013). Políticas comercial e industrial: o hiperativismo do primeiro biênio Dilma. Rio de Janeiro: CINDES, Texto 35. Retrieved from: http://www.cindesbrasil.org/site/index.php?option=com_jdownloads&Itemid=0& view=finish&cid=713&catid=7Integración monetariaPolítica monetariaTipo de cambioMercosurMonetary integrationMonetary policyExchange rateMercosurReactivating the dynamism in Mercosur: A monetary approachArtículos Científicoshttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionNINGUNAinfo:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2PublicationLICENSElicense.txtlicense.txttext/plain; charset=utf-84334https://repository.ucc.edu.co/bitstreams/f78ae434-a482-42d2-99de-88c413c847d2/download3bce4f7ab09dfc588f126e1e36e98a45MD5220.500.12494/33728oai:repository.ucc.edu.co:20.500.12494/337282024-08-10 17:59:26.417metadata.onlyhttps://repository.ucc.edu.coRepositorio Institucional Universidad Cooperativa de 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