The integration of national economies of a different level of development and an opposite quality of system will have a more profound influence in shaping the world of tomorrow. Therefore a theory of economic integration must be formulated which transcends the existing systems, i.e. a theory of...

This paper studies the relationship between a set of commodity prices in a small open economy like Uruguay and the corresponding international and regional prices. The empirical methodology used is the multivariate cointegration procedure based on maximum likelihood methods introduced by...