Regional integration in Latin America and dynamic gains from macroeconomic cooperation

Regional integration in Latin America and dynamic gains from macroeconomic cooperation

Includes bibliography

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Bibliographic Details
Main Authors: Escaith, Hubert, Paunovic, Igor
Other Authors: NU. CEPAL. División de Desarrollo Económico
Format: Texto biblioteca
Language:English
Published: ECLAC 2003-07
Subjects:COOPERACION REGIONAL, INTEGRACION ECONOMICA, MACROECONOMIA, TEORIA DE LOS JUEGOS, SISTEMAS MONETARIOS, RECURSOS FINANCIEROS, ECONOMIC INTEGRATION, GAME THEORY, MACROECONOMICS, REGIONAL COOPERATION, MONETARY SYSTEMS, FINANCIAL RESOURCES,
Online Access:https://hdl.handle.net/11362/5388
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spelling dig-cepal-11362-53882023-01-23T12:28:51Z Regional integration in Latin America and dynamic gains from macroeconomic cooperation Escaith, Hubert Paunovic, Igor NU. CEPAL. División de Desarrollo Económico COOPERACION REGIONAL INTEGRACION ECONOMICA MACROECONOMIA TEORIA DE LOS JUEGOS SISTEMAS MONETARIOS RECURSOS FINANCIEROS ECONOMIC INTEGRATION GAME THEORY MACROECONOMICS REGIONAL COOPERATION MONETARY SYSTEMS FINANCIAL RESOURCES Includes bibliography The objective of this paper is to present and illustrate from a game-theory perspective, the main concepts and challenges behind macroeconomic policy cooperation in Latin America and the Caribbean. Examples are taken from fiscal, monetary and exchange rate policies in a regional framework. Translating these concepts and examples into the economics of sub-regional integration, when countries have increasing commercial and financial relations, interact frequently and cannot escape from the consequences their decisions have on their partners, the paper contend that entering into a cooperative dynamic will be beneficial for all cooperative participants. Moreover, it is shown that because the welfare gains from regional cooperation are endogenous, cooperation will eventually become stable, even in the presence of a Prisoner's Dilemma. The concepts of static games are initially introduced to identify some of the costs and benefits of regional macroeconomic coordination. The arguments are developed using the example of tax and subsidy policies and the competition to attract foreign investment. Then, the document incorporates the dynamic aspects of cooperation, in particular the notion of time consistency. A review of the costs and benefits of regional coordination of macroeconomic policies is presented, from a dynamic point of view. The notion of endogenously determined criteria to form an optimal currency area is then introduced. We demonstrate that even when initial conditions are less than optimal, macroeconomic policy coordination within sub-regional integration schemes can lead to a stable cooperative situation. Nevertheless, at the initial stage of coordination, the benefits are uncertain and cooperation is unstable; consequently a formal institutional setting is necessary to start and coordinate the cooperative process, at least in its earlier stage. 2014-01-02T16:11:50Z 2014-01-02T16:11:50Z 2003-07 Texto Documento Completo 9211214114 https://hdl.handle.net/11362/5388 LC/L.1933-P en Serie Macroeconomía del Desarrollo 24 34 páginas. application/pdf AMERICA LATINA LATIN AMERICA ECLAC
institution CEPAL
collection DSpace
country Chile
countrycode CL
component Bibliográfico
access En linea
databasecode dig-cepal
tag biblioteca
region America del Sur
libraryname Biblioteca Hernán Santa Cruz
language English
topic COOPERACION REGIONAL
INTEGRACION ECONOMICA
MACROECONOMIA
TEORIA DE LOS JUEGOS
SISTEMAS MONETARIOS
RECURSOS FINANCIEROS
ECONOMIC INTEGRATION
GAME THEORY
MACROECONOMICS
REGIONAL COOPERATION
MONETARY SYSTEMS
FINANCIAL RESOURCES
COOPERACION REGIONAL
INTEGRACION ECONOMICA
MACROECONOMIA
TEORIA DE LOS JUEGOS
SISTEMAS MONETARIOS
RECURSOS FINANCIEROS
ECONOMIC INTEGRATION
GAME THEORY
MACROECONOMICS
REGIONAL COOPERATION
MONETARY SYSTEMS
FINANCIAL RESOURCES
spellingShingle COOPERACION REGIONAL
INTEGRACION ECONOMICA
MACROECONOMIA
TEORIA DE LOS JUEGOS
SISTEMAS MONETARIOS
RECURSOS FINANCIEROS
ECONOMIC INTEGRATION
GAME THEORY
MACROECONOMICS
REGIONAL COOPERATION
MONETARY SYSTEMS
FINANCIAL RESOURCES
COOPERACION REGIONAL
INTEGRACION ECONOMICA
MACROECONOMIA
TEORIA DE LOS JUEGOS
SISTEMAS MONETARIOS
RECURSOS FINANCIEROS
ECONOMIC INTEGRATION
GAME THEORY
MACROECONOMICS
REGIONAL COOPERATION
MONETARY SYSTEMS
FINANCIAL RESOURCES
Escaith, Hubert
Paunovic, Igor
Regional integration in Latin America and dynamic gains from macroeconomic cooperation
description Includes bibliography
author2 NU. CEPAL. División de Desarrollo Económico
author_facet NU. CEPAL. División de Desarrollo Económico
Escaith, Hubert
Paunovic, Igor
format Texto
topic_facet COOPERACION REGIONAL
INTEGRACION ECONOMICA
MACROECONOMIA
TEORIA DE LOS JUEGOS
SISTEMAS MONETARIOS
RECURSOS FINANCIEROS
ECONOMIC INTEGRATION
GAME THEORY
MACROECONOMICS
REGIONAL COOPERATION
MONETARY SYSTEMS
FINANCIAL RESOURCES
author Escaith, Hubert
Paunovic, Igor
author_sort Escaith, Hubert
title Regional integration in Latin America and dynamic gains from macroeconomic cooperation
title_short Regional integration in Latin America and dynamic gains from macroeconomic cooperation
title_full Regional integration in Latin America and dynamic gains from macroeconomic cooperation
title_fullStr Regional integration in Latin America and dynamic gains from macroeconomic cooperation
title_full_unstemmed Regional integration in Latin America and dynamic gains from macroeconomic cooperation
title_sort regional integration in latin america and dynamic gains from macroeconomic cooperation
publisher ECLAC
publishDate 2003-07
url https://hdl.handle.net/11362/5388
work_keys_str_mv AT escaithhubert regionalintegrationinlatinamericaanddynamicgainsfrommacroeconomiccooperation
AT paunovicigor regionalintegrationinlatinamericaanddynamicgainsfrommacroeconomiccooperation
_version_ 1756040258695200768

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