External vulnerabilities and economic integration. Is the Union of South American Nations a promising project?

Andrea Bonilla Bolanos (bonilla@gate.cnrs.fr)
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Andrea Bonilla Bolanos: Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France
Authors registered in the RePEc Author Service: Andrea Gabriela Bonilla-Bolaños

No 1238, Working Papers from Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon

Abstract: This article addresses the reactions of the Union of South American Nations (UNASUR) economies to external shocks. Because it was conceived as a political alliance, the UNASUR is likely to be a promising integration project. Thus, assessing the union from an economic perspective is essential. Using a structural vector autoregression (SVAR) approach, this study assesses the external monetary, commercial and -financial vulnerability of the bloc members, together with their preferences for stabilization tools (monetary or fi-scal instruments) and the level of convergence. The results reveal mutual weaknesses to overcome and a considerable synchronization level within the UNASUR. Evidence of positive integration prospects is found.

Keywords: Time stability; Risk Preferences; Personality Theory; Experimental economics (search for similar items in EconPapers)
JEL-codes: C9 D8 D9 (search for similar items in EconPapers)
Date: 2012
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ftp://ftp.gate.cnrs.fr/RePEc/2012/1238.pdf (application/pdf)

Related works:
Journal Article: EXTERNAL VULNERABILITIES AND ECONOMIC INTEGRATION: IS THE UNION OF SOUTH AMERICAN NATIONS A PROMISING PROJECT? (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:gat:wpaper:1238

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