Regional Integration in Europe and Latin America
Monetary and Financial Aspects
Originally published in 2004. This comprehensive collection provides an innovative analysis and a comparison between economic and financial integration in Europe and Latin America, addressed from a global, regional and country-specific perspective. It constitutes a valuable overview focusing on three topics: regional integration and monetary cooperation in Europe and Latin America, exchange rate strategies and financial sector structure. The collection is the outcome of a Workshop and high-level Seminar organized by the Banco de España and the European Central Bank that brought together senior European and Latin American central bankers, as well as senior representatives from international institutions. The 31 contributors presented high quality papers, allowing the reader to take advantage of a rigorous economic analysis that uses first-hand information and draws useful lessons for the future.
Table of Contents
Contents: Introduction and Overview: European and Latin American experiences in regional integration, Pierre van der Haegen and Jos iñals. Part I: Regional Integration and Monetary Cooperation: The quest for nominal and real convergence through integration in Europe and Latin America, Enrique Alberola, Ana Buisán and Santiago Fernández de Lis; Latin America's integration processes in the light of the EU's experience with EMU, Heliodoro Temprano Arroyo; What do data tell us about the viability of a monetary union in the Andean community? Are the costs small?, Jos . Pineda S. and Ramón E. Pineda S; Monetary regimes and Mercosur, Aloisio Araujo and Marcia Leon. Part II: Exchange Rate Strategies in Latin America: What lessons for Latin America from European institutional and economic integration?, Ettore Dorrucci, Stefano Firpo, Marcel Fratzscher and Francesco Paolo Mongelli; Fear of floating or fear of inflation? The role of the exchange rate pass-through, Armando Baqueiro, Alejandro Díaz de León and Alberto Torres; Sudden stops and exchange rate strategies in Latin America, Arturo Galindo and Alejandro Izquierdo; Exchange rate strategies for emerging economies: lessons from the Chilean experience, Pablo García S.; Exchange rate regime and monetary policy under an economy with partial dollarization: the case of Peru, Adrián Armas. Part III: Financial Sector Structure: Latin American financial development in perspective, Alicia García Herrero, Javier Santillán, Sonsoles Gallego, Lucía Cuadro and Carlos Egea; The Chilean financial system: evolution, structure and challenges, Jos . Garrido and Claudio González; Financial reform, crisis and consolidation in Colombia, Jos arío Uribe and Hernando Vargas; Financial liberalization, crisis and national currency destruction in Ecuador, Pedro Páez P z; Participants in the seminar of the Eurosystem and Latin American Central Banks; Index.
Pierre van der Haegen, European Central Bank