Regional integration and macroeconomic coordination in Latin America

The contagion aspects of the financial and exchange-rate crises in recent years demonstrate the need to extend the domain of macroeconomic policy from the national dimension to the regional one. This paper presents the main concepts and challenges behind macroeconomic policy cooperation in Latin America and the Caribbean and evaluates them from a game-theory perspective. Under certain conditions related to the debate on optimal currency areas, entering into a cooperative dynamic will be beneficial for all participants. Moreover, it is shown that because the welfare gains from regional cooperat…

Economic policy, institutions and productive development in Latin America

ECLAC has submitted an overall assessment of the economic reforms implemented during the past 15 years to the Governments of the region and, based on that assessment, a proposal for strengthening the development process. The central message that emerges from this analysis is that the region needs to work towards forming closer linkages among its macroeconomy, microeconomy and institutional structure by reinforcing the complementarities between macroeconomic and microeconomic sources of competitiveness and fortifying the institutional framework for the development of production activity. Withou…

El Arco del Pacífico Latinoamericano después de la crisis

La presente publicación es un aporte de la Comisión Económica para América Latina y el Caribe (CEPAL), en respuesta a la solicitud del Gobierno de México, al quinto Foro Ministerial del Arco del Pacífico Latinoamericano y complementa el informe previo presentado a la cuarta reunión de dicho foro celebrada en Santiago en octubre de 2008. Este documento tiene por objeto brindar a los gobiernos una perspectiva actualizada del impacto de la crisis financiera internacional, tanto en los países asiáticos como en los latinoamericanos, sus implicancias para los futuros vínculos económicos y comerci…

Regional integration and public policy. Evaluation of the European experience and possible implications for Latin American integration