Author:
Valencia Alberto Merced Castro,Zúñiga Marco Antonio Torres
Abstract
This article examines the evolution of the monetary policy of the economies that make up the North American Free Trade Agreement (NAFTA), for the period 1980-2015. Based on an empirical analysis, which includes the scrutiny of stylized facts of the monetary variables of Canada, the United States and Mexico, causality tests Granger quality and error correction models (VEC), it is concluded that, in parallel to the trade integration process of these countries, the monetary side of NAFTA exhibits divergences and convergences that imply an asymmetric integration of the economy Mexican with the United States and, to a lesser extent, with Canada.
Publisher
South Florida Publishing LLC
Reference25 articles.
1. Aizenman, J. y J. Lee (2005), "International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence", documento de trabajo n°11366, Cambridge, MA: National Bureau of Economic Research.
2. Aizenman, J. y M. M. Hutchison (2010), "Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss during the 2008-09 Crisis", documento de trabajo nº 16260, Cambridge, MA: National Burau of Economic Research.
3. Alberola, E. y J. M. Serena (2010), "Evolución y perspectivas sobre los desequilibrios globales en el nuevo escenario internacional", Revista de Economía, Madrid, nº 855; pp. 27-41.
4. Calvo, A. G. y C. M. Reinhart (1999), "Fear of Floating", documento de trabajo n°7993, Cambridge, MA: National Bureau of Economic Research.
5. Chinn, M. D. y S. Wei, "A Faith-Based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment? documento de trabajo nº14420, Cambridge: MA: National Bureau of Economic Research.