Prerequisites for creating a monetary union in UNASUR. A discussion on the basis of the optimum currency area theory

      Аннотация: In view of the creation of the Union of South American Nations (UNASUR) and the Banco del Sur, this book analyses whether the UNASUR members fulfil the preconditions to form a stable monetary union. Based on a model developed by Bayoumi and Eichengreen, it constructs an optimum currency area (OCA) index vis-?-vis Brazil. In comparison to the European Monetary Union, it then assesses which countries of UNASUR have been converging towards a South American monetary union to draw implications for policy making.

Ключевые слова: Latin America, monetary union, UNASUR, Optimum Currency Area Theory, OCA, Waehrungsunion