A step further in the Theory of Regional Economic Integration. A look at The Unasur’s integration strategy

      Аннотация: This book includes three research articles. The included studies evaluate the South American regional integration project from complementary viewpoints. The focus is on the potential impacts of political and physical integration policies in the attainment of economic integration.The two fist research articles provide empirical evidence respectively on short-term and long-term synchronization patterns between South American economies. Both articles complement each other to the extent that short-term synchronization does not necessarily imply economic convergence, which is a long-term matter.As regards the third study, it further assesses the South American integration strategy by studying the economic integration spillovers of the physical integration initiative undertaken by the region.While the first and second articles are purely empiric investigations, the third one consists in a theoretical evaluation. It is noteworthy that each study deals with a specific issue. So, every article can be separately read.

Ключевые слова: South America, UNASUR, Cointegration tests, economic convergence, regional economic integration, open economy general equilibrium models, structural vector autoregression models, vector error correction models.