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The Economics of Common Currencies (Collected Works of Harry Johnson) by Alexander K. Swoboda, Harry G. Johnson

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Chapter 12

OPTIMUM CURRENCY AREAS AND LATIN AMERICA

ALEXANDRE KAFKA

University of Virginia

I shall comment on three problems: (1) the outlook for currency integration in Latin America, (2) the impact on Latin America of the emergence of a new European currency and (3) the impact on Latin America of new moves towards increased currency flexibility, with special reference to Latin American currency integration.

I

Latin America is obviously not an optimum currency area either now or for the foreseeable future. The same is true of its subdivisions, like the Latin American Free Trade Area (LAFTA) and, it seems, even the Central American Common Market (CACOM). In fact, many Latin American countries are only gradually acquiring the characteristics of ...

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