Economic and commercial convergence in Latin America. How are these countries doing so far?

•Having a common market in latin america might be feasible.•Despite venezuela and Nicaragua, the rest of the countries show signs of convergence.•An economic convergence index is built based on the maastricht criteria.•Convergence is significant during the last decade. This paper aims to analyze eco...

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Bibliographic Details
Published inStructural change and economic dynamics Vol. 57; pp. 239 - 250
Main Authors Hurtado Briceño, Alberto José, Zerpa de Hurtado, Sadcidi, Mora, José U. Mora
Format Journal Article
LanguageEnglish
Published Elsevier B.V 01.06.2021
Subjects
Commercial convergence
Economic convergence
Mercosur
Pacific alliance
Regional integration
Sica
Commercial convergence
Sica
Mercosur
F42
F53
Regional integration
Pacific alliance
F33
F44
F15
Economic convergence
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Summary:•Having a common market in latin america might be feasible.•Despite venezuela and Nicaragua, the rest of the countries show signs of convergence.•An economic convergence index is built based on the maastricht criteria.•Convergence is significant during the last decade. This paper aims to analyze economic and commercial convergence in the three active integration agreements in the region: Central American Integration System, Southern Common Market, and Pacific Alliance. To this end, we estimated the Economic Convergence Index and correlations among the main macroeconomic aggregates. The empirical evidence reveals that, apart from Venezuela, Latin American countries have a high potential to form a common market. This potential derives more from the dynamics of their economies than from the political blocs or agreements that States want to pursue.
ISSN:0954-349X
1873-6017
DOI:10.1016/j.strueco.2021.03.012