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      • SCOPUSKCI등재

        Panama`s Entrance into the Central American Common Market The Macroeconomic Effects

        ( Luis Rene Caceres ) 세종대학교 경제통합연구소 1996 Journal of Economic Integration Vol.11 No.1

        Panama and the Central American countries have discussed their economic integration for a long time, but thus far no viable mechanism has been agreed on. Their mutual trade remains based on preferential trade agreements on a reduced number of products. One factor that may inhibit advancing on their trade relationships is the lack of studies that quantij5t the impacts of deeper economic integration. This paper presents a six country interdependence model, representing each of the Central American countries plus Panama. Panama`s entrance into the Central American Common Market is simulated by an increase in its marginal propensity to export to Central America. An equation that expresses the increment in the GDP vector due to such change is derived. The model is calibrated with 1992 national accounts and trade data. The results indicate that Panama and Central America would gain from establishing a reciprocal free trade regime in the framework of the Central American Common Market.

      • KCI등재

        Economic Integration and Unemployment in Mercosur

        ( Luis Rene Caceres ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2011 Journal of Economic Integration Vol.26 No.1

        This paper quantifies the interdependence in labor markets that exists in the Mercosur countries. Two sets of panel data are constructed: one formed by the aggregation of annual time series data from Argentina and Brazil, and another with data from Uruguay and Paraguay. These two sets of data are used to estimate a Var model that includes the following variables: economic growth, real effective exchange rates, and unemployment rates. Another Var is estimated including the change in the wage levels in place of the unemployment rates. The results indicate that strong cross border effects ensue between countries such that national unemployment rates drop in response to shocks of economic growth and devaluation in other member countries. The paper ends with a series of recommendations on the design of regional stabilization policies.

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