Back Matter
  • 1 https://isni.org/isni/0000000404811396, International Monetary Fund
  • | 2 https://isni.org/isni/0000000404811396, International Monetary Fund

IX. References

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1

Norman Loayza and Humberto Lopez are Economist and Country Economist respectively at The World Bank. We would like to thank Tomas Baliño, Paul Beckerman, Eliana Cardoso, Alexander Hoffmaister, Eswar Prasad, Maxwell Watson, and participants at seminars at the World Bank and the 1998 LACEA Conference in Buenos Aires for their comments. Karen Craig provided excellent editorial assistance. All remaining errors are our responsibility.

2

Bayoumi and Prased (1997) use the degree of comovement among United States regions as a benchmark However, as they point out, the comparison is not completely fair because of the unifed language and cultural heritage of the United States and the fact that the United States has operated as a currency area for already 200 years.

3

Another way of assessing the importance of large countries is to pair each country in Latin America with the (GDP-weighted) average for the rest of the region (Table 9). Because of the size of Brazil (40 percent of regional GDP), the results are essentially similar to those corresponding to this country.

4

Notice, however, that this comparison may be misleading owing to the fact some of the European countries with larger agricultural sectors, such as Portugal and Greece, are missing from the sample.

Sectorial Macroeconomic Interdependencies: Evidence for Latin America, East Asia and Europe
Author: Norman Loayza, J. Humberto Lopez, and Mr. Angel J. Ubide