This study captures the lack of macroeconomic policy coordination among Mercosur countries, through the impact of real bilateral exchange rate volatility on trade. A sectoral gravity model is estimated under two different measures of exchange rate volatility. Results show that the reduction in exchange rate volatility can increase bilateral trade.

这项研究通过实际双边汇率波动对贸易的影响，抓住了南方共同市场国家之间缺乏宏观经济政策协调的问题。在两种不同的汇率波动测度下，估计了部门重力模型。结果表明，汇率波动率的降低可以增加双边贸易。