FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W1489056871> ?p ?o ?g. }

• W1489056871 endingPage "131" @default.
• W1489056871 startingPage "103" @default.
• W1489056871 abstract "1. Introduction In the past few decades there has been a progressive movement towards regionally-based free trade areas (FTAs) in North America, such as the North American Free Trade Agreement (NAFTA), Common Market for Eastern and Southern Africa (COMESA) in Africa, Asean Free Trade Area (AFTA) and South Asia Free Trade Agreement (SAFTA) in Asia, and Mercado Comun del Sur (Mercosur) in South America, among others. The possibility that Mercosur may eventually lead to a more ambitious integration project suggests the usefulness of analyzing the viability of a potential monetary union. Moreover, there has been renewed interest in the theory of Optimum Currency Areas (OCAs), since the creation of the European Monetary Union. There are a number of motives for Mercosur to form a monetary union. Firstly, the monetary policy of each country in Mercosur (Argentina, Brazil, Uruguay and Paraguay) has been relatively ineffective because of its little credibility. Instead of losing sovereignty over monetary policy, a regional central bank may actually adopt credible monetary policy that could react effectively to external shocks. Secondly, due to the poor macroeconomic management of member economies, their credit ratings for international debt are poor, and therefore the cost of such debt is very high. Thirdly, a monetary union provides the possibility of a reduction in the cost of central bank reserves and may create a currency that could be used by other foreign central banks as a reserve currency. Finally, bargaining as a regional bloc could be an advantage in international negotiations. According to the traditional literature by Mundell (1961) and McKinnon (1963), three criteria must hold to form an OCA. The first criterion relates to the degree of trade integration between the members of the currency union. Gains from monetary unification stem from lower transaction costs and the elimination of exchange rate volatility. Thus, the more a pair of countries trade, the more that pair will benefit from the reduction in the transaction costs. The second criterion is the high degree of business cycle synchronization. Losses come from the inability to pursue independent adjustment policies and their extent depends on the size and incidence of shocks. If these are symmetrically distributed across countries, symmetrical policy responses will be enough, eliminating the need for policy autonomy. Finally, the third criterion relates to the degree of labor mobility and wage flexibility in the economies. If the case of asymmetric shocks is considered and the possibility of independent monetary policy is foregone, labor mobility and wage flexibility would allow for a faster and less costly adjustment. The aforementioned literature on this subject treats these criteria as exogenous. However, more recent literature has further investigated this issue since many have asserted that trade linkages could affect business cycle comovements. Krugman (1991) pointed out that as trade linkages among countries increase a la Ricardian comparative advantage, the specialization effect prevails, generating less synchronized business cycles. On the contrary, the European Commission (1990) states that more trade is occurring within the same industries. Hence, the effect of an increase of trade integration should result in more synchronized shocks among the economies. Frankel and Rose (1998) analyzed the issue empirically. In particular they tested the hypothesis that more integration can be expected to lead to more highly correlated business cycles. They found evidence of a positive impact of increased regional trade on business cycle synchronization for 21 industrialized countries. This research aims at testing this hypothesis for the Mercosur countries (with the exclusion of Paraguay). More specifically, it analyzes empirically the impact of reduced trade barriers and increased trade on the synchronization of the business cycles. …" @default.
• W1489056871 created "2016-06-24" @default.
• W1489056871 creator A5005217292 @default.
• W1489056871 date "2012-01-01" @default.
• W1489056871 modified "2023-09-26" @default.
• W1489056871 title "The Impact of Trade Integration on Business Cycle Synchronization for Mercosur Countries" @default.
• W1489056871 cites W1483089206 @default.
• W1489056871 cites W1498201492 @default.
• W1489056871 cites W1533430026 @default.
• W1489056871 cites W1540782340 @default.
• W1489056871 cites W1557542085 @default.
• W1489056871 cites W1585668802 @default.
• W1489056871 cites W180979610 @default.
• W1489056871 cites W1966528315 @default.
• W1489056871 cites W1967003967 @default.
• W1489056871 cites W1970034177 @default.
• W1489056871 cites W1975078356 @default.
• W1489056871 cites W1995855257 @default.
• W1489056871 cites W1999586468 @default.
• W1489056871 cites W2033493129 @default.
• W1489056871 cites W2038154347 @default.
• W1489056871 cites W2039593791 @default.
• W1489056871 cites W2045938492 @default.
• W1489056871 cites W2057701085 @default.
• W1489056871 cites W2069408601 @default.
• W1489056871 cites W2108818539 @default.
• W1489056871 cites W2109904929 @default.
• W1489056871 cites W2125259708 @default.
• W1489056871 cites W2139483566 @default.
• W1489056871 cites W2141617825 @default.
• W1489056871 cites W2145012575 @default.
• W1489056871 cites W2153434277 @default.
• W1489056871 cites W2167233488 @default.
• W1489056871 cites W2493081869 @default.
• W1489056871 cites W2501142262 @default.
• W1489056871 cites W2970959035 @default.
• W1489056871 cites W3023543722 @default.
• W1489056871 cites W3121479806 @default.
• W1489056871 cites W3121906893 @default.
• W1489056871 cites W3122693904 @default.
• W1489056871 cites W3123379813 @default.
• W1489056871 cites W3124033637 @default.
• W1489056871 cites W3124486197 @default.
• W1489056871 cites W3124924340 @default.
• W1489056871 cites W3125079591 @default.
• W1489056871 cites W3125146190 @default.
• W1489056871 cites W3141210914 @default.
• W1489056871 cites W598658053 @default.
• W1489056871 cites W77569013 @default.
• W1489056871 hasPublicationYear "2012" @default.
• W1489056871 type Work @default.
• W1489056871 sameAs 1489056871 @default.
• W1489056871 citedByCount "5" @default.
• W1489056871 countsByYear W14890568712012 @default.
• W1489056871 countsByYear W14890568712013 @default.
• W1489056871 countsByYear W14890568712014 @default.
• W1489056871 countsByYear W14890568712015 @default.
• W1489056871 crossrefType "posted-content" @default.
• W1489056871 hasAuthorship W1489056871A5005217292 @default.
• W1489056871 hasConcept C126285488 @default.
• W1489056871 hasConcept C141121606 @default.
• W1489056871 hasConcept C155202549 @default.
• W1489056871 hasConcept C162324750 @default.
• W1489056871 hasConcept C18547055 @default.
• W1489056871 hasConcept C2776218795 @default.
• W1489056871 hasConcept C2777435780 @default.
• W1489056871 hasConcept C506295513 @default.
• W1489056871 hasConcept C556758197 @default.
• W1489056871 hasConcept C90924733 @default.
• W1489056871 hasConceptScore W1489056871C126285488 @default.
• W1489056871 hasConceptScore W1489056871C141121606 @default.
• W1489056871 hasConceptScore W1489056871C155202549 @default.
• W1489056871 hasConceptScore W1489056871C162324750 @default.
• W1489056871 hasConceptScore W1489056871C18547055 @default.
• W1489056871 hasConceptScore W1489056871C2776218795 @default.
• W1489056871 hasConceptScore W1489056871C2777435780 @default.
• W1489056871 hasConceptScore W1489056871C506295513 @default.
• W1489056871 hasConceptScore W1489056871C556758197 @default.
• W1489056871 hasConceptScore W1489056871C90924733 @default.
• W1489056871 hasIssue "1" @default.
• W1489056871 hasLocation W14890568711 @default.
• W1489056871 hasOpenAccess W1489056871 @default.
• W1489056871 hasPrimaryLocation W14890568711 @default.
• W1489056871 hasRelatedWork W124095577 @default.
• W1489056871 hasRelatedWork W1530844552 @default.
• W1489056871 hasRelatedWork W1550458669 @default.
• W1489056871 hasRelatedWork W1555648218 @default.
• W1489056871 hasRelatedWork W1578560213 @default.
• W1489056871 hasRelatedWork W1974143379 @default.
• W1489056871 hasRelatedWork W1999567127 @default.
• W1489056871 hasRelatedWork W2484852830 @default.
• W1489056871 hasRelatedWork W2621630093 @default.
• W1489056871 hasRelatedWork W2922905101 @default.
• W1489056871 hasRelatedWork W2924030933 @default.
• W1489056871 hasRelatedWork W2990875963 @default.
• W1489056871 hasRelatedWork W3016930317 @default.
• W1489056871 hasRelatedWork W3121499994 @default.
• W1489056871 hasRelatedWork W3121694107 @default.

• next