Le Mercosur peut-il devenir une zone monétaire optimale (ZMO) ?

Jérôme Trotignon ()
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Jérôme Trotignon: GATE - Groupe d'analyse et de théorie économique - UL2 - Université Lumière - Lyon 2 - ENS LSH - Ecole Normale Supérieure Lettres et Sciences Humaines - CNRS - Centre National de la Recherche Scientifique

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Abstract: The consistency of the project of a single currency for Mercosur depends on Argentina's and Brazil's compliance with the optimality criteria of the OCA theory. The exogenous approach that consists in evaluating them before the creation of a monetary union yields mixed results : fulfilment of Kenen's criterion and its derived forms, non-fulfilment of that of MacKinnon and that of the correlation of cycles. By defending the ex-post achievement of the last two, Frankel and Rose pave the way to an endogenous approach to the optimality of a currency area. If the criteria of financial integration and of macro-economic coherence are evaluated from the angle of their present achievement but also of their possible endogenousness, the judgement given on the viability of the project becomes more favourable.

Keywords: asymmetric shock; endogenous criterion; monetary union; preventive criterion; resorption criterion; choc asymétrique; convergence; critère de résorption; critère endogène; critère préventif; union monétaire (search for similar items in EconPapers)
Date: 2001
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00151380
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Published in 2001

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