Business Cycle Synchronization and Regional Integration : A Case Study for Central America
In early January 2003, the United States and Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua launched official negotiations for the Central American Free Trade Agreement (CAFTA), a treaty that would expand NAFTA-style trade barrier reductions to Central America. With deeper trade integration between Central America and the United States, it is expected that there will be closer links in business cycles between Central American countries and the United States. The paper finds a relatively low degree of business cycle synchronization within Central America as well as between Central America and the United States. The business cycle synchronization is expected to increase only modestly with further trade expansion, making the coordination of macroeconomic policies within CAFTA somewhat less of a priority.
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Bibliographic Details
| Main Author: |
Fiess, Norbert |
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| Format: | Policy Research Working Paper
biblioteca
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| Language: | English |
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| Published: |
World Bank, Washington, DC
2005-04
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| Subjects: | ACCOUNT,
APPAREL,
ASYMMETRIC SHOCKS,
BILATERAL RELATIONSHIPS,
BUSINESS CYCLE,
BUSINESS CYCLE FLUCTUATIONS,
BUSINESS CYCLE SYNCHRONIZATION,
BUSINESS CYCLES,
BUSINESS CYCLES SYNCHRONIZATION,
CENTRAL AMERICA,
CENTRAL AMERICAN,
CENTRAL BANK,
COMPETITIVE ADVANTAGES,
CURRENCY,
CURRENCY AREA,
CURRENCY UNION,
DEEPER TRADE INTEGRATION,
ECONOMIC ACTIVITY,
ECONOMIC INTEGRATION,
ECONOMIC TIME SERIES,
EMPIRICAL EVIDENCE,
EMPIRICAL STUDIES,
EQUILIBRIUM,
EXCHANGE RATE,
EXCHANGE RATES,
EXPORT GROWTH,
EXPORT,
EXPORTS,
FREE TRADE,
FREE TRADE AREA,
IDIOSYNCRATIC SHOCKS,
IMPACT OF TRADE,
IMPACT OF TRADE INTEGRATION,
IMPACT OF TRADE LIBERALIZATION,
IMPORTS,
INDUSTRIAL PRODUCTION,
INDUSTRY TRADE,
MACROECONOMIC POLICIES,
MACROECONOMIC SYNCHRONIZATION,
MEASURE OF TRADE,
MONETARY COORDINATION,
MONETARY POLICY,
MONETARY UNIFICATION,
PRODUCERS,
REAL GDP,
REGIONAL INTEGRATION,
REGIONAL TRADE,
REPORTING,
SPECIALIZATION,
STRUCTURAL CHANGE,
TRADE AGREEMENT,
TRADE BARRIERS,
TRADE DATA,
TRADE EXPANSION,
TRADE FLOWS,
TRADE INTENSITY,
TRADE PATTERNS,
TRADE STRUCTURE,
TRANSACTION COSTS, |
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| Online Access: | http://documents.worldbank.org/curated/en/2005/04/5800513/business-cycle-synchronization-regional-integration-case-study-central-america
http://hdl.handle.net/10986/8949
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