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Mexico Beyond NAFTA: Perspectives for the European Debate by Lionella Punzo

By Lionella Punzo

With eu financial Union good underway, Europe is beginning to examine within reach nations and culturally nearer continents to outline its innovations for the longer term. during this booklet, chapters through top Mexican economists are matched with reactions from ecu colleagues. they give a unique perspective at the severe overview of the North American unfastened alternate sector (NAFTA) procedure, and its implications for the economies of the 2 continents.

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Additional info for Mexico Beyond NAFTA: Perspectives for the European Debate (Routledge Studies in the Modern World Economy)

Example text

Whale, B. (1939) ‘Central banks and the state’, Manchester School 10: 38–49. 1 Luis Miguel Galindo and Horacio Catalán Mexico, the United States and Canada have been members of the North American Free Trade Agreement (NAFTA) since 1 January 1994. Since then the flow of trade and capital movements between these countries has increased in spite of the Mexican financial instability. This situation has raised the issue of the pros and cons of further financial integration which might include a monetary union or the use of the dollar as the main currency for the three NAFTA members.

The existence of severe structural imbalances was overlooked and, rather than being resolved, they became more acute, thereby making it more difficult for the Mexican economy to achieve a strong and persistent expansion. 7 In other words, everything would be subject to the fixing of the exchange rate. 8 Once these conditions began to disappear, the gold standard collapsed in the face of pressures from structural imbalances in foreign trade and from domestic social upheaval. Within such a system, external shocks would force the government to expand – or to reduce – its expenditure or taxes in order to modify the level of economic activity in accordance with the goal of maintaining unaltered the nominal exchange rate.

1991), Garber and Svensson (1995), and Obstfeld (1995). In 1998, inflation in Mexico was approximately ten times greater than in the US. Although in Argentina interest rates initially fell, they remained at a high level (11 percent in real terms during the second semester of 1998), while the trade deficit exceeded six billion dollars (Economic Commission for Latin America and the Caribbean 1998). See Ibarra (1996). A key element in establishing the regime of pegged exchange rates of the Bretton Woods system can be attributed to the generalized prevalence of controls on capital movements.

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