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Latin America’s trade relationships have been severely strained by the series of uncoordinated currency depreciations within the region since the Asian Crisis spilled over into Brazil in 1999 and by large swings in G-3 exchange rates. Large depreciations, whether forced by capital markets or unilaterally effected for competitive trade reasons, are equivalent to steep increases in tariffs facing trading partners; they damage trade relationships and distort trade-oriented economic growth. The sources of the unfolding regional crisis and its implications for intra-regional trade as well as trade with major external trading partners are examined. Implications for future regional economic integration are drawn.

Keywords: capital flows ; contagion ; exchange rates ; finance ; trade ; Western Hemisphere

Subject(s): International Relations/Trade

Issue Date: 2002

Publication Type: Journal Article

PURL Identifier: http://purl.umn.edu/23919 Published in: Estey Centre Journal of International Law and Trade Policy, Volume 03, Number 2 Page range: 256-275

Total Pages: 20

Record appears in: University of Saskatchewan > Estey Centre for Law and Economics in International Trade > Estey Centre Journal of International Law and Trade Policy





Autor: Ciuriak, Dan

Fuente: http://ageconsearch.umn.edu/record/23919?ln=en



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