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Business cycle synchronization and regional integration: a case study for Central America, Volume 1
 
Author:Fiess, Norbert; Country:Central America;
Date Stored:2005/05/15Document Date:2005/04/01
Document Type:Policy Research Working PaperSubTopics:Environmental Economics & Policies; Business in Development; Economic Theory & Research; Free Trade; Business Environment
Language:EnglishRegion:Latin America & Caribbean
Report Number:WPS3584Collection Title:Policy Research working paper series ; no.WPS 3584
Volume No:1  

Summary: In early January 2003, the United States and Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua launched official negotiations for the Central American Free Trade Agreement (CAFTA), a treaty that would expand NAFTA-style trade barrier reductions to Central America. With deeper trade integration between Central America and the United States, it is expected that there will be closer links in business cycles between Central American countries and the United States. The paper finds a relatively low degree of business cycle synchronization within Central America as well as between Central America and the United States. The business cycle synchronization is expected to increase only modestly with further trade expansion, making the coordination of macroeconomic policies within CAFTA somewhat less of a priority.

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