Luiz Inácio Lula da Silva, Brazil's president-elect, is resuscitating the dream of a Latin American single currency.
Luiz Inácio Lula da Silva, Brazil's president-elect, is resuscitating the dream of a Latin American single currency. It's an idea that plays well on the campaign trail, but it would be a disaster in practice.The tensions between economics and politics tend to run high in Latin America, which has a long history of disastrous monetary policy.
The current status quo, where most countries have free-floating and relatively stable national currencies, is by historical standards pretty successful. Dismantling it for political reasons would be a very bad idea.The theory of optimal currency areas was first fleshed out in 1961, in work that eventually won aFree movement of laborBroadly synchronous business cycles.
Open borders, however, where someone from, say, Paraguay would be free to live and work in Chile, are a non-starter.As for business cycles,
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