Macroeconomic trajectories of growth and volatility in MERCOSUR: empirical analysis

To determine whether the nature of economic integration is or is not a vector of macroeconomic volatility, it is essential, in the first place, to study the characteristics of different growth regimes in the MERCOSUR countries using stylized facts as evidence. The aim of this article is to assess the executions of the zone during its different phases (period 1960-2002). In this way, we shall be able to analyze the advances and limits of each growth regime during the course of the past four decades. For the period 1991-2000, MERCOSUR and its development modes will be more specifically considered, with an emphasis on the importance of the regime of change and its impact on macroeconomic volatility. Reprinted by permission of the Institute for Economic Research, directed by Alicia Girón, and Problemas del Desarrollo, edited by Leticia Campos (Universidad Nacional Autónoma de México