Are the antiglobalizers right?: the issue of trade without a Walrasian auctioneer

This paper analyzes the determinants of expectational coordination on the perfect foresight equilibrium of an open economy in the class of one-dimensional models where the price is determined by price expectations. In this class of models, we relate autarky expectational stability conditions to regional integration ones, providing an intuitive open economy interpretation ofthe elasticities condition obtained by Guesnerie [11]. There, we show that the degree of structural heterogeneity trades-off the existence of standard efficiency gains -due to the increase in competition (spatial price stabilization)- and coordination upon the welfare enhancing free-trade equilibrium (stabilizing price expectations). This trade-off provides a new rationale for an exogenous price intervention at the international levei. Through the coordinational concern of the authority, trading countries are ab]e to fully reap the bene:fits from trade. We illustrate this point showing that classical measures evaluating ex-ante the desirability of economic integration (net welfare gains) do not always advise integration between two expectationally stable economies.

The distortion of currencies misalignments on trade Instruments: or why currencies wars are not over

The negotiations of mega agreements between the US and the Pacific countries (TPP) and between the US and the EU (TTIP) are raising the attention of experts on international trade law and economics. TPP and TTIP are proclaimed to be the designers of the rules for the XXI Century. Old trade instruments such as tariffs are said to be no more important for TTIP because tariffs are negligible among those partners but significant to for TPP. Another relevant agreement in negotiation is between the EU and Mercosul, where tariffs are the most important issue in discussion. The main purpose of this paper is to shows that tariff are important for all these agreements, not because of its nominal value, but because the impacts of exchange rate misalignments on tariffs are so significant that all concessions can be distorted by overvalued and by devaluated currencies. The article is divided into several sections: the first gives an introduction to the issue; the second explains the methodologies used to determine exchange rate misalignments and also presents some results for Brazil, US and China; the third summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of “misalignment tariffication” and examines the effects of exchange rate variations on tariffs and their consequences for the multilateral trading system; the fourth creates a methodology to estimate exchange rates against a basket of currencies (a virtual currency of the World) and a proposal to deal with persistent and significant misalignments related to trade rules. The fifth presents some estimates for the main PTAs. The conclusions are present in the last section

EU-Mercosur trade relations: impacts of exchange rate misalignments on tariffs

The issue of “trade and exchange rate misalignments” is being discussed at the G20, IMF and WTO, following an initiative by Brazil. The main purpose of this paper is to apply the methodology developed by the authors to exam the impacts of misalignment on tariffs in order to analyse the impacts of misalignments on the trade relations between two customs unions – the EU and Mercosur, as well as to explain how tariff barriers are affected. It is divided into several sections: the first summarises the debate on exchange rates at the WTO; the second explains the methodology used to determine exchange rate misalignments; the third and fourth summarises the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of ‘misalignment tariffication’; the fifth reviews the effects of exchange rate misalignments on tariffs and its consequences for the trade negotiations between the two areas; and the last concludes and suggests a way to move the debate forward in the context of regional arrangements

Trade regulation of exchange rates

O presente estudo busca analisar o quadro regulatório internacional referente a medidas cambiais que trazem impactos no comércio. O artigo pretende explorar como a questão do câmbio se relaciona à OMC e afeta seus instrumentos e princípios para, em seguida, buscar dispositivos nos Acordos da OMC que poderiam ser aplicados à questão cambial a fim de reequilibrar os impactos causados pelos desalinhamentos cambiais no comércio internacional

Eleições, política externa e integração regional

L'article examine le rapport entre les régimes politiques domestiques et l'intégration régionale. L'argument central montre que la thèse selon laquelle une convergence politique plus profonde avec les autres régimes de gauche de la région favoriserait encore plus l'intégration sud-américaine recèle un paradoxe qui n'a pas encore été traité dans les débats. Bien qu'il soit acceptable l'idée qui préconise que des gouvernements de gauche ont tendance à donner leur appui politique au régionalisme sud-américain, il est tout aussi vrai l'idée selon laquelle les régimes présidentiels de gauche sont moins favorables à la transnationalisation des normes et à la cession de souveraineté aux instances transnationales. L'article présente brièvement la révision de la littérature à propos de la relation entre politique interne (régimes politiques et des partis) et production de la politique externe et, au long de ce débat, il analyse le thème des accords commerciaux dans les élections sud-américaines, y compris le cas brésilien.

Latin America and the Caribbean in the World Economy 2001-2002

Includes bibliography

Latin America and the Caribbean in the World Economy 2004: 2005 trends

Includes bibliography

Panorama de la Inserción Internacional de América Latina y el Caribe 2008-2009: crisis y espacios de cooperación regional

Incluye Bibliografía

Latin America and the Caribbean in the World Economy 2010-2011: The region in the decade of the emerging economies

Incluye Bibliografía

Sustainable development 20 years on from the earth summit: progress, gaps and strategic guidelines for Latin America and the Caribbean

Includes bibliography

Las dimensiones sociales de la integración regional en América Latina

Incluye Bibliografía

China and Latin America and the Caribbean: building a strategic economic and trade relationship

Includes bibliography

Globalization and development

Includes bibliography

Espacios de convergencia y de cooperación regional: Cumbre de la Unidad de América Latina y el Caribe. Síntesis de las propuestas

Incluye Bibliografía

Input for the preparation of a regional agenda for the programme of action of the International Conference on Population and Development: towards 2014 and beyond

Spanish version available at the Library