Financial integration in MERCOSUR

This research seeks to answer the following questions: what is the degree of financial integration of MERCOSUR countries? What is the degree of development of the financial markets of this block compared to other blocks? And what lessons can be drawn from other experiences of financial integration and empirical evidence regarding the determinants of financial integration? The results indicate that the level of financial integration in the block is almost nil and that the financial systems of the countries of the block are underdeveloped and inefficient in the international comparison. The empirical evidence collected, including the analysis of European experience, indicates that some of the key factors for greater regional financial integration are: a gradual process of harmonization of legal systems, consolidation of trade integration, progress in coordination of macroeconomic policies, greater financial openness and greater development of domestic financial systems.
Keywords: financial integration, MERCOSUR.
JEL classification code: F36.


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