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Macroeconomic Coordination in Latin America

Does It Have a Future?

  • Author: UN, ECLAC
  • Publication date: January 2006
  • Page count: 52
  • Language(s) in this book: English
  • Sales number: 05.II.G.177

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This paper examines shows that in Latin America the progress achieved on macroeconomic coordination has been poor. Demand for coordination is weakened by the lack of synchronization between economic cycles in the different countries. The heterogeneous productive structures in the region explain in part this situation; but one of the main reasons, is the low level of trade interdependence. It is clear that macroeconomic coordination and convergence in Latin America entails greater difficulties than those confronted by Europe in its early stages of the integration process. These difficulties reinforce the importance of gradualism in the approach to macroeconomic coordination in the region.