The impact of the Euro on Latin America - download pdf or read online

By Dort Verner

ISBN-10: 0821346202

ISBN-13: 9780821346204

"Trade among the eu Union (EU) and constructing international locations is important—around 22 percentage of the EU's exports visit constructing international locations, whereas 20 percentage of the EU's imports originate in these nations. extra in particular, alternate among Latin the USA and the european has ballooned in contemporary times..." What are the dangers and possibilities dealing with the Latin American and Caribbean (LAC) zone from the advent of the euro? Will the alternative of the ecu foreign money basket by means of the euro have genuine monetary results, or will or not it's little greater than an accounting phenomenon? This slender quantity makes an attempt to respond to these questions. In doing so it covers the present monetary state of affairs, offers monetary circulate, discusses the price and volatility of the euro, and the monetary implications of the euro, together with the banking procedure and international debt and reserve administration. total, the record offers a large photo of the potential impression of the euro at the LAC zone.

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7 But, as Levy-Yeyati and Sturzenegger (1999b) show, the elasticities are relatively small. The euro is already making Italy, Spain, and even France safer for investors and compressing risk premia. The decline in risk premia in turn is reflected in lower interest rates and should promote higher trend growth in these countries. Furthermore, the euro reinforces financial deregulation. S. capital markets), contributing to improved corporate governance and improving the performance of European companies.

Levy-Yeyati and Sturzenegger, 1999b) Debt Management An economy has to decide how much public foreign debt to hold and how to diversify among currency denominations and optimal structure of maturity. The stock of external debt amounted to US$618 billion in Latin America in 1997. Brazil and Mexico alone account for more than half of this figure (see Figure 7). Comparing the debt to GDP ratio shows large variations across countries; for example, the ratio is 19 percent, 29 percent, 17 percent, and 23 percent for Brazil, Argentina, Chile, and Mexico, respectively.

This will be easier to do with a single European currency. But the emergence of the euro and a major European capital market is not creating important new prospects in the near term for access to capital for the LAC region. S. dollar, and there has been considerable controversy among observers as to how far this effect could go and its implications. Will Latin American countries substantially diversify their reserve holdings? This is both an economic and in part a political question. mentioned above).

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The impact of the Euro on Latin America by Dort Verner

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