Prospects for Regional Monetary Integration in Latin America: A View from the EU(1)

Helidoro Temprano-Arroyo ()
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Helidoro Temprano-Arroyo: European Commission, rue de la Loi 200, 1049 Brussels.

Comparative Economic Studies, 2003, vol. 45, issue 3, 384-420

Abstract: This paper assesses the advisability of regional monetary integration in Latin America by looking at the experience with EMU, and by applying the theory of optimum currency areas (OCA) and other criteria proposed by the more recent literature. The analysis based on the OCA criteria suggests that, with the possible exception of NAFTA, none of the regions examined should engage in monetary integration. The traditional OCA theory does not take into account, however, some relevant aspects such as the degree of de facto dollarisation, the existence of credibility problems and the endogeneity of some of its criteria. After extending the analysis to these factors, the picture changes somewhat, particularly regarding the advisability of dollar-based monetary integration in Central America. Comparative Economic Studies (2003) 45, 384–420. doi:10.1057/palgrave.ces.8100020

Date: 2003
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