Continental Trading Blocs
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| Author | : Jeffrey A. Frankel |
| Publisher | : |
| Total Pages | : 68 |
| Release | : 1993 |
| Genre | : International economic integration |
| ISBN | : |
Using the gravity model, we find evidence of three continental trading blocs: the Americas, Europe and Pacific Asia. Intra-regional trade exceeds what can be explained by the proximity of a pair of countries, their sizes and GNP/capitas, and whether they share a common border or language. We then turn from the econometrics to the economic welfare implications. Krugman has supplied an argument against a three-bloc world, assuming no transport costs, and another argument in favor, assuming prohibitively high transportation costs between continents. We complete the model for the realistic case where intercontinental transport costs are neither prohibitive nor zero. If transport costs are low, continental Free Trade Areas can reduce welfare. We call such blocs super-natural. Partial liberalization is better than full liberalization within regional Preferential Trading Arrangements, despite the GATT's Article 24. The super-natural zone occurs when the regionalization of trade policy exceeds what is justified by natural factors. Estimates suggest that trading blocs like the current EC are super-natural.
| Author | : Richard A. Gibb |
| Publisher | : |
| Total Pages | : 282 |
| Release | : 1996 |
| Genre | : |
| ISBN | : |
| Author | : Jeffrey A. Frankel |
| Publisher | : |
| Total Pages | : 44 |
| Release | : 1993 |
| Genre | : |
| ISBN | : |
| Author | : Mr.Jeffrey A. Frankel |
| Publisher | : International Monetary Fund |
| Total Pages | : 18 |
| Release | : 1998-02-01 |
| Genre | : Business & Economics |
| ISBN | : 145184266X |
Continental trade blocs are emerging in many parts of the world almost in tandem. If trade blocs are required to satisfy the McMillan criterion of not lowering trade volume with outside countries, they have to engage in a dramatic reduction of trade barriers against non-member countries. That may not be politically feasible. On the other hand, in a world of simultaneous continental trade blocs, an open regionalism in which trade blocs undertake relatively modest external liberalization can usually produce Pareto improvement.
| Author | : Ernesto Stein |
| Publisher | : |
| Total Pages | : 60 |
| Release | : 1994 |
| Genre | : Trade blocs |
| ISBN | : |
| Author | : Jeffrey A. Frankel |
| Publisher | : Peterson Institute for International Economics |
| Total Pages | : 402 |
| Release | : 1997 |
| Genre | : Business & Economics |
| ISBN | : |
Covers trends from 1957 to 1995.
| Author | : Gibb |
| Publisher | : |
| Total Pages | : 302 |
| Release | : |
| Genre | : |
| ISBN | : 9780471965466 |
| Author | : Richard Gibb |
| Publisher | : |
| Total Pages | : 312 |
| Release | : 1994 |
| Genre | : Business & Economics |
| ISBN | : |
Regional specialists systematically examine the topic of economic regionalism along with its wider theoretical and empirical perspectives. Analyzes some of the arguments and issues surrounding trading bloc formation, particularly whether regionalism is a result of, or a response to, a major change in the nature of contemporary capitalism. Explores the character, structure and components of existing trading bloc arrangements. Reviews the prospects and potential for NAFTA and concludes by gathering together the many conflicting trends evident in the regionalism versus multilateralism debate.
| Author | : |
| Publisher | : |
| Total Pages | : 170 |
| Release | : 1992 |
| Genre | : |
| ISBN | : |
| Author | : Jeffrey A. Frankel |
| Publisher | : University of Chicago Press |
| Total Pages | : 295 |
| Release | : 2007-12-01 |
| Genre | : Business & Economics |
| ISBN | : 0226260224 |
Regional economic arrangements such as free trade areas (FTAs), customs unions, and currency blocs, have become increasingly prevalent in the world economy. Both pervasive and controversial, regionalization has some economists optimistic about the opportunities it creates and others fearful that it may corrupt fragile efforts to encourage global free trade. Including both empirical and theoretical studies, this volume addresses several important questions: Why do countries adopt FTAs and other regional trading arrangements? To what extent have existing regional arrangements actually affected patterns of trade? What are the welfare effects of such arrangements? Several chapters explore the economic effects of regional arrangements on patterns of trade, either on price differentials or via the gravity model on bilateral trade flows. In addition, this book examines the theoretical foundation of the gravity model. Making extensive use of the gravity model of bilateral trade, several chapters explore the economic effects of regional arrangements. In addition, this book examines the theoretical foundation of the gravity model.
