This comprehensive collection provides an innovative analysis and a comparison between economic and financial integration in Europe and Latin America from a global, regional and country-specific perspective. It constitutes a valuable overview focusing on three topics: regional integration and monetary cooperation in Europe and Latin America, exchange rate strategies and financial sector structure. The 31 contributors present high quality papers, allowing the reader to take advantage of a rigorous economic analysis that uses first-hand information and draws useful lessons for the future.

List of Figures

vii

List of Tables

xiii

List of Boxes

xvi

List of Contributors

xvii

Acknowledgements

xix

INTRODUCTION AND OVERVIEW

European and Latin American Experiences in Regional Integration

Pierre van der Haegen and José Viñals

(22)

PART I: REGIONAL INTEGRATION AND MONETARY COOPERATION

1 The Quest for Nominal and Real Convergence through Integration in Europe and Latin America

Enrique Alberola, Ana Buisán and Santiago Fernández de Lis

(40)

2 Latin America's Integration Processes in the Light of the EU's Experience with EMU

Heliodoro Temprano Arroyo

(66)

3 What do Data Tell Us about the Viability of a Monetary Union in the Andean Community? Are the Costs Small?

José G. Pineda S. and Ramón E. Pineda S.

131

(14)

4 Monetary Regimes and Mercosur

Aloisio Araujo and Marcia Leon

145

(26)

PART II: EXCHANGE RATE STRATEGIES IN LATIN AMERICA

5 What Lessons for Latin America from European Institutional and Economic Integration?

Ettore Dorrucci, Stefano Firpo, Marcel Fratzscher and Francesco Paolo Mongelli

171

(48)

6 Fear of Floating or Fear of Inflation? The Role of the Exchange Rath Pass-Through

Armando Baqueiro, Alejandro Diaz de León and Alberto Torres

219

(24)

7 Sudden Stops and Exchange Rate Strategies in Latin America

Arturo Galindo and Alejandro Izquierdo

243

(32)

8 Exchange Rate Strategies for Emerging Economies: Lessons from the Chilean Experience

Pablo Garcia S.

275

(36)

9 Exchange Rate Regime and Monetary Policy Under an Economy with Partial Dollarization: The Case of Peru

Adrián Armas

311

(22)

PART III: FINANCIAL SECTOR STRUCTURE

10 Latin American Financial Development in Perspective

Alicia Garcia-Herrero, Javier Santillán, Sonsoles Gallego, Lucia Cuadro and Carlos Egea

333

(64)

11 The Chilean Financial System: Evolution, Structure and Challenges

José M. Garrido and Claudio González

397

(22)

12 Financial Reform, Crisis and Consolidation in Colombia

José Dario Uribe and Hernando Vargas

419

(28)

13 Financial Liberalization, Crisis and National Currency Destruction in Ecuador

Pedro Páez Pérez

447

(54)

Participants in the Seminar of the Eurosystem and Latin American Central Banks

501

(6)

Index

507

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