%0 Journal Article
%T Macroeconomic Synchronization and Policy Coordination After Regional Economic Integration in the Americas El impacto de la integraci車n econ車mica regional en la sincronizaci車n macroecon車mica y la coordinaci車n de pol赤ticas L＊impact de l＊int谷gration 谷conomique r谷gionale sur la synchronisation macro谷conomique et la coordination des politiques
%A Helen Chang
%J IdeAs : Id谷es d＊Am谷riques
%D 2011
%I Institut des Am谷riques
%X In spite of many significant differences between high-income and developing country partners in the North American Free Trade Agreement (NAFTA), business cycle synchronization has followed increased trade integration in the post-NAFTA period. There is also some preliminary support for some convergence between Dominican Republic-Central American Free Trade Agreement (CAFTA-DR) economies post-CAFTA-DR, although it is too soon to reach any significant conclusions. Macroeconomic synchronization has important implications for policy making because it indicates the need for and benefits from policy coordination. Policy coordination with high-income partners may benefit developing country partners by reducing macroeconomic volatility and increase stability, when macroeconomic variability is due to common shocks and not country-specific shocks. Idiosyncratic volatility would require monetary and fiscal policy autonomy rather than coordination. Examining policy coordination between NAFTA states and between CAFTA-DR members, I find little evidence for policy coordination before and after implementation of the FTA. For the developing partners in NAFTA and CAFTA-DR, even as trade integration shrinks the available policy options for member states, the costs of losing policy autonomy largely outweigh the benefits of coordination because of the idiosyncratic macroeconomic variability of the developing partners. A pesar de las numerosas diferencias significativas que existen entre los pa赤ses de renta alta y los pa赤ses en desarrollo miembros del Tratado de Libre Comercio de Am谷rica del Norte (TLCAN), la sincronizaci車n de los ciclos econ車micos ha seguido a una integraci車n comercial en aumento desde la entrada en vigor del TLCAN. Asimismo, existen pruebas de que algunas econom赤as del CAFTA-DR (Tratado de Libre Comercio entre Rep迆blica Dominicana, Centroam谷rica y Estados Unidos) muestran tambi谷n una cierta convergencia de los ciclos econ車micos pese a que es demasiado pronto para llegar a conclusiones relevantes en un periodo tan corto de tiempo. La sincronizaci車n macroecon車mica es importante para la toma de decisiones, dado que expresa la necesidad de coordinar pol赤ticas y muestra las ventajas de dicha coordinaci車n. La coordinaci車n de pol赤ticas con los socios con rentas elevadas puede beneficiar a los pa赤ses en desarrollo gracias a la reducci車n de la volatilidad macroecon車mica y al aumento de la estabilidad cuando la variabilidad macroecon車mica se debe a perturbaciones comunes y no a desajustes espec赤ficos de un pa赤s. La volatilidad idiosincr芍tica requerir赤a la autonom赤a de
%K NAFTA
%K CAFTA
%K policy coordination
%K macroeconomic synchronization
%K regional integration
%K economic volatility
%K TLCAN
%K CAFTA
%K integraci車n regional
%K coordinaci車n pol赤tica
%K sincronizaci車n macroecon車mica
%K volatilidad econ車mica
%K ALENA
%K ALEAC
%K int谷gration r谷gionale
%K coordination politique
%K synchronisation macro谷conomique
%K volatilit谷 谷conomique
%U http://ideas.revues.org/60