Regional public goods in finance, trade and infrastructure

This paper analyzes the potential for regional collective action in Latin America in the areas of finance, trade and infrastructure. Seven priority areas emerge. First, regional cooperation within increasingly important global financial and trade institutions (the G20, the Financial Stability Board, the Basle Committees, the IMF, the WTO, etc) may enhance the influence of the region in the pursuit of its common interests. Second, regional harmonization of financial markets regulations and cooperation in supervision could play a key role in achieving a safer and more efficient financial integration into the global economy. Integration of regional securities and insurance markets and setting up regional catastrophic insurance facilities may also bring significant efficiency gains. Third, some degree of collective pooling of reserves (through a Regional Monetary Fund) would also contribute to a safer and more efficient financial integration. Fourth, completing missing links in the "spaghetti-bowl" of regional (and extra regional) free trade areas (FTA's), deepening trade liberalization within them and, especially, harmonizing rules of origin and other trade practices under current overlapping FTA's, could render major efficiency benefits. Fifth, given that at present high freight costs are limiting trade expansion (especially intra-regional trade)...

• Autores: Perry, Guillermo
• Tipo de recurso: Work document
• Fecha de publicación: 2013
• Institución: Universidad de los Andes
• Repositorio: Séneca: repositorio Uniandes
• Idioma: eng
• OAI Identifier: oai:repositorio.uniandes.edu.co:1992/8434
• Acceso en línea: http://hdl.handle.net/1992/8434
• Palabra clave: Bienes públicos regionales; Instituciones regionales; Acción colectiva; Cooperación regional; Cooperación regional - América Latina; América Latina - Integración económica; F02, D02, G28, H41
• Rights: openAccess
• License: http://creativecommons.org/licenses/by-nc-nd/4.0/