¿Es factible una unión monetaria para América Latina? Evidencia de los tipos de cambio reales efectivos y los niveles de pass-through de las tasas de interés
This paper assesses the feasibility of forming a common currency in Latin America. First, we examine the cointegration and Granger causality of real effective exchange rates and find evidence supporting a monetary union comprised of Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, and Paraguay....
| Main Authors: | , |
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| Format: | Online |
| Language: | English |
| Editor: |
El Colegio de México, A.C.
2014
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| Subjects: | |
| Online Access: | https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/69 |
| Journal: |
Estudios Económicos |
| Summary: | This paper assesses the feasibility of forming a common currency in Latin America. First, we examine the cointegration and Granger causality of real effective exchange rates and find evidence supporting a monetary union comprised of Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, and Paraguay. Second, we examine the degree of heterogeneity in the transmission of monetary policy within the hypothetical monetary union. Considerable asymmetries in the pass-through levels of interest rates are found to exist indicating the need for substantial reforms before a Latin American monetary union could take place. |
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