Regional trade blocs in the world economic system. he rapid growth of regional trading relationships in Europe, Asia, and Latin America has raised policy concerns about their impact on excluded countries and on the global trading system. Some observers worrythat the multilateral system may be fracturing into discriminatory regional blocs. Others are hopeful that regional.

Regional trade blocs in the world economic system

Economic Integration and Trading Blocs

Regional trade blocs in the world economic system. This book explores whether the world economy is breaking up into regional trading and currency blocs centred on the European Community, Japan and the United States. Frankel uses trade, investment and financial data to assess this issue. He concludes with an analysis of how trends in regional economic integration can.

Regional trade blocs in the world economic system


The rapid growth of regional trading relationships in Europe, Asia, and Latin America has raised policy concerns about their impact on excluded countries and on the global trading system. Some observers worry that the multilateral system may be fracturing into discriminatory regional blocs. Others are hopeful that regional agreements will go beyond what was achieved in the Uruguay Round and instead become building blocks for further global liberalization and WTO rules in new areas.

Jeffrey Frankel shows through extensive empirical analysis that the new breed of preferential trade arrangements are indeed concentrating trade regionally. He then assesses whether regional blocs are "natural" or "supernatural"—that is, whether they enhance or reduce global welfare.

He concludes that a move to complete liberalization within blocs, with no reduction in barriers between blocs, would push the trading system into the supernatural zone of an excessive degree of regionalization. More balanced patterns of liberalization, however, give favorable outcomes. He considers regionalism at two levels: Frankel's study also assesses the political and economic dimensions of regionalization and its implications for world economic prospects and public policy.

In conclusion, Frankel proposes several policy prescriptions for pursuing partial regional liberalization among blocs as a stepping stone toward global free trade. Once in a long while, an economist shows all of us how it's supposed to be done—how to combine innovative theory and ingenious empirical work to make sense of a truly important policy issue. Jeff Frankel's work on trading blocs does it all. Introduction to Regional Trading Arrangements. Simple Measures of Regional Concentration in Trade.

Importance of Geographical Proximity in Trade. The Gravity Model of Bilateral Trade. Estimated Effects of Trading Blocks. Extensions of the Empirical Analysis.

Natural and Supernatural Trading Blocs. Has Regionalization Entered the Supernatural Zone? All prices, titles, and availability dates are subject to change without notice. Customer Service Please visit the Columbia University Press website for detailed information on ordering. Book Description The rapid growth of regional trading relationships in Europe, Asia, and Latin America has raised policy concerns about their impact on excluded countries and on the global trading system.

Paul Krugman, Stanford University. Contents Preface Acknowledgments 1. Introduction to Regional Trading Arrangements 2. Simple Measures of Regional Concentration in Trade 3. Importance of Geographical Proximity in Trade 4. The Gravity Model of Bilateral Trade 5. Estimated Effects of Trading Blocks 6. Extensions of the Empirical Analysis 7. Natural and Supernatural Trading Blocs 9.


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